There are many tools for financial advisors need to remain competitive. By staying abreast of the current tools, financial advisors can streamline their offices.
Technology solves a multitude of financial advisory problems. If there’s a way to simplify a task, there’s a tool to do it. But only you can give that personal, client-directed advice. So, the more you streamline and automate procedures, the more time you have to serve your clientele.
Tools for Financial Advisors #1: CRM System
The must-have tool for financial advisors is a Customer Relationship Management — or CRM system. Choosing the best one for your practice is an important step.
Before wading into the pool of CRM systems, figure out what your business requires and how the CRM system integrates with other technology. Then, start your search with these five offerings; Wealthbox CRM, Salesforce, Redtail Technology (the most popular choice according to a 2017 survey) and Junxure.
After your CRM is in place, you’ll need other add-ons to boost efficiency. If you’re an established firm and looking to improve productivity, an out-of-the-box solution might work for you.
Tools for Financial Advisors #2: All-in-one Efficiency Management
This out-of-the-box streamlining solution is available for advisors seeking the do-it-for-you (DIFY) solution.
New Heights Solutions, LLC is an efficiency firm for financial planners. New Heights uses their expertise in process, efficiency, technology and financial planning to structure a streamlined business. Their services run the gamut from handling prospects, billing, sending client communications, bookkeeping, practice efficiency, improving workflow systems within CRM, and social media and blog management.
For DIFY financial planners the New Heights systems are customizable while keeping costs low. Plans begin at $400 per month with a la carte options as well.
Tools for Financial Advisors #3: Ultimate System Integrator
For the do-it-yourself financial advisor, Zapier is an alternative. This internet-based software program let’s you build integrations and workflows between your existing software tools, no IT degree required. For example, Zapier can take your appointment scheduling tool and client contact information and integrate it with your CRM contact list. The software meshes with scores of apps and programs.
Zapier saves time and money while improving efficiency. Best of all, Zapier starts out free. And paid programs begin at just $20.00 per month.
Tools for Financial Advisors #4: Affordable Scheduling Tool
Youcanbook.me is an affordable scheduling tool that integrates with Zapier. At just $10 per month per calendar this work horse integrates with your calendar and only offers appointments at the times you specify. With over 25 million bookings completed, Youcanbook.me provides a personalized booking page, handles time zones and sends notifications, reminders and SMS.
Hence, you can use this or a comparable scheduling tool to free up time for more important client-centered activities.
Tools for Financial Advisors #5: Groovejar Converts Website Visitors Into Clients
While most pop-up sign-up forms convert at approximately three percent, Groovejar promises to triple your leads.
The internet is competitive. And Groovejar can grow your business by encouraging prospects to return to your website and ultimately sign up for your services. The $39.00 monthly fee is fully refundable if you don’t see progress in the first 45 days.
Naturally, this app assumes you have a website filled with interesting content. It also integrates with Zapier and promises easy set-up.
Tools for Financial Advisors #6: Make Compliance Easy
The financial advisory business is fraught with regulation. MyRIACompliance’s mission is to relieve your compliance burden, although not cheaply. MyRIACompliance starts at $225 per month.
The product is data driven and takes an RIA firm’s form ADV and uses that data to meet compliance requirements. The software ensures compliance with state and national registrations and regulations. The product can be organized to confirm that policies, procedures and checklists are formed and followed.
Tools for Financial Advisors #7: White Label Robo-Advisor
After all, if you’re spending your time inputting trades and creating individualized portfolios, you have less time for the face-to-face with your clients. White label robo-advisors vary in price and services, so find one that fits your needs.
With these tools, you can set up practices and procedures for your financial advisory office to free up time for important client interactions. Start with these seven ideas, invest in their set up and implementation and profit from a well-organized financial advisory office.
Barbara A. Friedberg, MBA, MS is a veteran portfolio manager, expert investor, and former university finance instructor. She is editor/author of Personal Finance; An Encyclopedia of Modern Money Management and two additional money books. She is CEO of Robo-Advisor Pros.com, a robo-advisor review and information website. Additionally, Friedberg is publisher of the well-regarded investment website Barbara Friedberg Personal Finance.com. Follow her on twitter @barbfriedberg and @roboadvisorpros. As of this writing, she does not hold a position in any of the aforementioned securities.