[Editor’s note: This story was originally published in March 2018. It has since been updated and republished.]
It seems like things can’t get any better for financial advisers. Just look at the strong performances of operators like Charles Schwab Corporation (NYSE:SCHW), TD Ameritrade Holding Corp. (NASDAQ:AMTD) and Morgan Stanley (NYSE:MS).
But hey, there is always room for improvement, right?
Certainly. After all, your smartphone can be an effective tool in improving your business. It can actually take it to the next level.
So then, what are some apps for financial advisors to consider? Let’s take a look at five:
Top Apps For Financial Advisors #1: EZ Financial Calculators
Clients can often throw you curve balls with their questions. The good news is that the EZ Financial Calculators app can be a big help.
In terms of investments, you can easily estimate savings for college and retirement planning, as well as evaluate the differences between IRAs and Roth IRA.
But the app is more than just about investments. For example, you can make calculations for mortgage/auto loans and credit cards.
Something else: Tou can email the results to your clients.
The tax season is in full swing. And with the recent passage of the sweeping tax law, it’s a good bet you’ll get lots of questions from clients about the implications.
One app that can help is Intuit Inc.’s (NASDAQ:INTU) TaxCaster. It has an easy-to-use interface that quickly estimates your tax obligations.
But it can also be useful with looking at scenarios. Just some include: What if you invest in an IRA? What if you are planning on purchasing a home? Or what will be the impact if you make charitable contributions?
The app also provides a forecast of the impact of the new tax law for 2018 taxes.
For financial advisors, travel is a key part of the job. But of course, the planning can be a time waster.
This is where TripIt comes. If anything, it’s kind of like an AI (Artificial Intelligence) system! All you have to do is email your travel emails to [email protected] and the app will crunch all the numbers –creating a master itinerary, which is synced to your calendar. You can also allow TripIt to automatically import info from Gmail, Microsoft Corporation (NASDAQ:MSFT) Outlook and Yahoo! Mail.
All this is for free. But for a fee of $48.99 per year, you can get real-time flight alerts, point tracking, refund notifications and access to alternative flights.
Still using pen and paper for taking notes? Well, it’s time to use an app.
One of the standouts is Microsoft OneNote. Interestingly enough, you are not just restricted to typing in your notes. You can also record audio/video and even draw on the app.
OneNote has features to make it easy to put together do-to lists and there are robust features to search, sort and copy pages. And yes, you can have separate notebooks for each of your clients, which is very handy. Oh, and another nice feature is the seamless integration with Microsoft Office.
Expensify’s tag line says it all: “Expense reports that don’t suck!”
The company was one of the first to jump on the mobile revolution by allowing users to take photos of their receipts and storing them. The app not only meant saving lots of time but eliminating manual errors.
Over the years, Expensify has continued to add more functionality to the app. For example, you can now do automatic credit card reconciliations and implement company card management. There is also mileage and time tracking.
Tom Taulli is the author of High-Profit IPO Strategies, All About Commodities and All About Short Selling. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.