Observations on Financial Technology
Written by Josh Meyer, CFP® Wednesday, 04 May 2011
Advisor Tech Tools has reached over 500 registered users and we wanted to give a peak at what they are using for their tech tools. Compare our results to the 2010 Financial Planning Technology Survey to see which solution you should consider learning more about.
The biggest surprise to us is the fact Salesfoce is right behind Junxure and Redtail in the CRM category. There are many tailored solutions to advisors in this category, yet Salesforce has quickly risen to be a choice amongst advisors. As our user base grows, this ranking might change, but it is an interesting trend nonetheless.
- 1. Schwab PortfolioServices
- 2. (tie) Adhesion Wealth Advisor Solutions
- 2. (tie) AllBackOffice Consulting
- 2. (tie) BOSS (Back Office Support Services)
- 2. (tie) Morningstar Back Office Services
- 3. Advent OnDemand
- 4. AssetBook
- 1. PortfolioCenter
- 2. Advent Axys
- 3. Albridge Wealth Reporting
- 4. AssetBook
- 1. Junxure
- 2. Redtail
- 3. Salesforce
- 4. Other (which we sincerely hope is not Outlook since it is not a CRM)
- 1. ByAllAccounts
- 2. (tie) Advisor Exchange
- 2. (tie) AllData Advisor
- 1. MoneyGuidePro
- 2. eMoney Advisor
- 3. (tie) NaviPlan Extended
- 3. (tie) Money Tree Silver Financial Planner
- 1. Tamarac
- 2. Total Rebalance Expert
- 3. iRebal
- 4. ASI Portfolio Rebalancing Solution (Schwab Advisor Services)
- 1. Morningstar Principia
- 2. Morningstar Advisor Workstation
- 3. Morningstar Office
- 1. Redtail Imaging
- 2. (tie) Docupace
- 2. (tie) Laserfiche
- 2. (tie) Worldox
- 1. Advisor Products
- 2. Make It a Great Day
- 3. Emerald
- 1. eMoney Advisor
- 2. ClientView Live
- 3. AdvisorVault
- 1. Charles Schwab Advisor Services
- 2. Fidelity Institutional Wealth Services
- 3. TD Ameritrade Institutional
Are you using one of the solutions above and want to comment on its' effectiveness in your office? Register on our site for free to voice your opinion and also receive access to our Integration Station; the only solution that allows you to see which applications integrate, how, and how well.
Written by Josh Meyer, CFP® Monday, 11 April 2011
As an advisor, you spend thousands of dollars a year on technology to help make your life, and your clients’ finances better. Outside of the people that support your office, technology is probably the next most important factor to your success. Where would you be without your computer, portfolio accounting software, or financial planning software? Why not show off the technology you use to your clients’? Not only will it help them appreciate the effort and investment you are putting into serving them better, it might also make them appreciate you even more for being “cutting edge” and “keeping up with the times”. An advisor in this RIABiz article stated his client was happy they were keeping up with the latest technology by using the iPad.
Some ideas for showing off your software and technology:
- Describe the process of daily data downloads with your clients’. We don’t suggest going over every detail (they’ll probably fall asleep) but let them know the rigourous process that is taken everyday to make sure their data is accurate. Better yet, if you’re outsourcing the portfolio accounting process, you may let your clients’ know how this process lets you have more face time with them.
- If you have a rebalancer, we suggest showing how by systematically rebalancing portfolios, you’re able to give your clients’ a huge tax benefit (tax loss harvesting, avoiding gains, etc.). Some rebalancers even have reports that will quantity these benefits to your client.
- If you’ve always just printed out reports from your financial planning program, you may try actually showing your financial planning program to your clients’. You may be able to create a more interactive discussion by changing inputs, numbers, and assumptions on the fly with your client, instead of showing a static report. Your client may appreciate the power of the program you’re using. With all the “do-it-yourself” financial planning programs out there an individual can use, you want to showcase why the tools you are using are much better (if not only because you’re the driver!).
- If you use integrated technology, why not show your client how you can seamlessly look at data about them in various programs with the click of a button?
Think about how you feel when you walk into an Apple store; usually overwhelmed and excited. If you can show your clients you are cutting edge, they’ll be sure to talk about you to their friends and associates, as well as be reassured they are in good hands. Sure, it might be a little “hype” but everyone wants to know they are dealing with someone with that uses the latest and greatest technology, even if they understand it or not.
Written by Josh Meyer, CFP® Wednesday, 30 March 2011
We're pleased to announce the addition of our newest Reviews category: Mobile Applications. Advisors are looking more to working wirelessly and many new applications are coming out due to the demand. If you've used one of the listed applications, please be sure to write a review for other advisors to read.
Page 1 of 3