Tech and practice management news you should know.
Rebalancing with an automated system can save an adviser time
Written by David Janowski, InvestmentNews Friday, 15 June 2012
No, it is not Earth-shattering but does represent just one more finding that buttresses automated rebalancing use among advisers.
The financial technology provider Scivantage, and CEB TowerGroup (Corporate Executive Board bought research and analysis firm TowerGroup in 2009) announced today some of the results and the availability of their joint report titled, “The Importance of Automating Rebalancing.”
Among the findings:
That automated rebalancing saves an adviser over 250 hours a year compared to what they would spend manually rebalancing client accounts — in other words manual rebalancing on average takes 350 hours of an advisers time versus 100 hours when done using an automated system on average. [NOTE: I have yet to get an answer regarding how many advisers were interviewed/surveyed to come up with this calculation] Read More..
Billing Made Easier
Written by Joel Bruckenstein, FA Magazine Friday, 08 June 2012
One message that i heard loud and clear at the Technology Leadership Forum held in conjunction with the 2012 Technology Tools for Today Conference was that many firms, particularly larger ones, are struggling with their billing workflows and processes. Coincidentally, I was recently introduced to billPort, an application from Arcons Technology Inc. (http://www.arconstech.com/) that is specifically designed to address this. Read More..
The Right Fit
Written by David Lawrence, FA Magazine Friday, 08 June 2012
Client relationship management software (CRM) is generally regarded as a must-have solution for financial advisors. In a perfect world, CRM software can not only warehouse client data and historical information, but perform necessary tasks related to the client experience. Yet despite sales claims from some vendors, CRM software is not a one-size-fits-all solution. That being said, there are a few that may come close. But to find the right solution for your financial practice, you may need to do your homework. Read More..
Black Diamond is setting its sights on smaller advisors and other things I learned over breakfast with Reed Colley
Written by Brooke Southall, RIABiz Friday, 08 June 2012
Since being acquired at this time last year by Advent Software, Black Diamond has increased its assets administered by 75% to $110 billion and it now serves 350 advisory firms.
The growth in assets has been fueled largely by the growing mix of RIAs that are willing to entrust their data to the cloud that Black Diamond inhabits, though 75% of its clients have less than $200 million. About 80% of these RIAs are pre-existing and the firm wins about 20% from breakaways. Read More..
Schwab shifts its strategy on its massive Intelligent Integration
Written by Lisa Shidler, RIABiz Friday, 08 June 2012
Schwab Advisor Services has shifted strategies on its giant Intelligent Integration initiative, and rather than picking the best of breed in technology categories, the firm is looking to select the industry’s top platforms.
It’s no secret that Schwab has been slow it roll out its new technology project — which centers on CRM integrations — but Neesha Hathi, vice president of technology solutions, explained at a phone press conference on Wednesday that the company’s strategy for choosing technology has shifted. See: Schwab taps Tamarac as its next integration partner. Read More..
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