Which CRM is Right for You? Envestnet|Tamarac’s Advisor CRM

Some of the most popular posts on this blog come from two series of articles: Which Portfolio Rebalancing Software is Right for You? and Which Financial Planning Software is Right For You?

Adding to this trend, I’m launching a new series called, Which CRM Software is Right for You?  In it, I will be reviewing Customer Relationship Management applications designed for financial advisors, including both stand alone packages and those that are integrated with a wealth management platform.

Since I was at the Envestnet 2014 Advisor Summit last week, I thought it would be appropriate to start this series off with a review of their aptly-named Advisor CRM® 2014 application, which is offered as part of the Tamarac Advisor Xi platform.  This new version is targeted at RIA’s and was recently released as a completely redesigned web-based application.

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Is WealthTrace the Right Financial Planning Software for You?

“If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.”
Edmund Burke

The market for financial planning software has exploded over the past five years with new entrants bringing innovative approaches for managing client’s wealth and planning their retirement.  As part of my series on financial planning software, I reviewed WealthTrace, which is a relatively new player looking to find a niche in between existing products. (See Which Financial Planning Software is Right For You?)

The firm was launched three years ago by CEO Doug Carey, a Chartered Financial Analyst (CFA), former portfolio manager and financial software developer, after he became frustrated by how difficult financial planning software was to use.

They offer two versions of their product; one for advisors and another for individual consumers.   Currently, they have over 300 paid users of the consumer version, with the advisor version supporting around 300 trial users and 50 or so paying clients, Carey reported.

What is your company’s approach to financial planning?

At WealthTrace, one of their goals is to make it as simple as possible for the user to see the results of changes to the plan, Carey responded.  And those results should be front and center on the screen and easy to access.  Also, they believe clients have other goals besides running out of money and their system should help to address these goals, he said. Continue reading

Financial Planning in 10 Minutes or Less with goalgamiPro

Origami is the Japanese traditional art of paper folding and is made up of two smaller words; “ori”, meaning to fold and “gami” meaning paper.

goalgamiPro (which starts with a lowercase ‘g’) is not an ancient art form, but the name of a software product developed by Advisor Software Inc. (ASI).  It is designed to be a “lite” financial planning tool that enables advisors to create financial plans in as little as ten minutes.

I recently spoke with Neal Ringquist, President and COO of Advisor Software Inc. about their software and how ASI is planning on revolutionizing the financial planning process.

While origami began sometime in the 6th century C.E., goalgamiPro has a more recent origin.  It was launched 12 months ago and was designed to fill the gap between calculators and widgets on the low end and comprehensive planning software on the high end.  goalgamiPro is a quick planning solution and already has around 500 users. It produces modular, single page reports that have questions as the title, such as “What is my plan” and “How do I pay for retirement?” And take just ten minutes to produce. Continue reading

5 Ways a Web Portal Can Excite Your Clients

This is a summary of part of a panel discussion from the Tools and Technology Today (T3) Conference that took place February 11-13, 2013 in Miami, FL. The original subject of the panel was Advent/BlackDiamond integration, but it morphed into more of a discussion of how firms are leveraging their CRM systems to become the central integration hub of their business.Junxure logo

In this article, I’m focusing on the experiences of Jennifer S. Henderson, CEO, Pinnacle Wealth Planning Services, who described how her firm implemented Junxure’s ClientView Live web portal.

Searching for a One-Stop Shop

Pinnacle had been trying for many years to find a robust solution that they could implement as a one-stop shop for their client-facing experience, Henderson explained. The critical first step is to find the one piece of software that will become the anchor for your overall solution, she advised. Continue reading

Which Financial Planning Software is Right For You?

This is a summary of panel discussion from the Tools and Technology Today (T3) Conference that took place February 11-13, 2013 in Miami, FL.

Moderator: Linda Brady, EnvestNet

Panelists:

I liked the composition of this particular panel.  Two of the well-established vendors that dominate the market matched with two upstarts looking to innovate their way to the top.  It made for a livelier discussion.

What is your firm’s approach to financial planning?

One of the goals of inStream Solutions is to amplify the ambitions of how software can help a wealth management firm, Murguia announced.  It’s difficult for advisors to justify their fees when they are always in a reactive mode, he claimed, so the inStream software can proactively guide clients through their life cycle to help them to make the right decisions in everything that intersects finance.

The investment-centric approach is dying on the vine, Murguia proclaimed, since building model portfolios has become a commoditized business.  Advisors who insist on staying investment-centric will probably succumb to LearnVest or someone similar, he said.  The advice industry has to  compete against retirement calculators and other free tools since advisors are using them on the side anyway.  Planning software should not only identify opportunities but also help coordinate them to keep advisors from having to go to a third party system, he said.

The folks at Zywave believe that there is both an art and science to financial planning, Strachan asserted.  They provide the science and the advisor provides the art.  Their software avoids complex optimization strategies in order to emphasize the advisor’s skills and their value added to the process, she stressed.

Tishkevich believes that the future of advice is in mobile since it can deliver effective engagement and improves client communication.  His firm released a mobile app called RetireLogix, which is available for both iOS and Android.  The app can be branded to become a sort of personal digital business card, he noted.

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