As a general guideline for selecting software one should try and focus on customization. This is important because it allows the user to be flexible in his or her approach and also be able to change as circumstances warrant. The basic questions that initially need to be addressed are the type of asset, data requirements, and potential changes over time. There are asset and industry specific software tools available. For example, equities and other securities have separate analytical requirements than an investment in say gold or land. The main goal is to select a system that fits your needs and requirements.

For most purposes, the most useful software is a simple spreadsheet program. Spreadsheets allow the investor to customize the software to his or her specifications. The investor can classify, organize, and calculate their investment potential over a period of time. Furthermore, the functionality of spreadsheets allows one to make projections, correlations, regressions, and chart the results. Spreadsheets are generally the most robust and customizable tools for asset managers.

At times, data maintenance can become arduous. In such instances a database program can be very useful for storing, retrieving, collating, and presenting large data sets. There are also specialized software packages for developing professional, detailed presentation slides.

The spreadsheet, database, and presentation software programs are the basic tools. However, depending on the asset class, there are typically software packages for that specific purpose. For example, equities have various data and analytical sites which allow the investor to screen through the thousands of potential investment possibilities.

Another type of software that might get overlooked, but is important just the same, is the word processor. This software allows the user to keeps notes and records. This is vital because not everyone can recall all the information one gathers during the research phase of the investment process. A word processing program also allows one to review their investment process in order to learn from possible mistakes or repeat a successful investment.

In short, the tools used by the asset manager are only as good as the information that is sourced. The software programs are tools and the better the tool, often times, better the result.

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