CRM Review: AdviceAmerica ClientVision

This is my first in-depth review of an application targeted for financial advisers.  Please post your comments on things like image quality, layout, and descriptions to help me improve the review process.

After exchanging several tweets with Bradd Delmuto (@bdelmuto), I attended a demonstration of AdviceAmerica, Inc.’s new ClientVision CRM utility.  Bradd was very helpful in coordinating a live demo with Gary Kinghorn, director of product management for AdviceAmerica.  Gary walked me through many of the features of this new program that I’ll share with you below.

First, some background.  AdviceAmerica has been around since 1999 and financial advisers may recognize the company for its AdvisorVision product, a web-based financial planning software tool now in its 7th major release.  For more on the company’s AdvisorVision offering, read Joel Bruckenstein’s review in the November 2006 edition of Financial Advisor Magazine.

Update: AdvisorVision 7.0 was reviewed in July 2009 by Joel Bruckenstein in this Morningstar Advisor article.

Do Advisers Need Another CRM?

ClientVision is certainly not the first adviser-targeted CRM solution, but it is the first to be tightly integrated into Microsoft’s Outlook 2007.  This is a clever integration strategy by the company.  Since Outlook is so ubiquitous in the PC world, a large number of advisers already use the program for much of their client’s basic information management (see more about Financial Planning’s 2008 software survey), despite its significant shortcomings.  What ClientVision aims to do is enhance the functionality of Outlook by incorporating some smarter CRM-style features that are easy to use.

ClientVision Basics

ClientVision is a web-based CRM product, so all data entered into the system is stored, maintained, and backed up by AdviceAmerica’s network of servers.  However, unlike most popular web-based CRMs, ClientVision isn’t used through a standard web browser.  It is integrated into the Outlook 2007 Contacts utility.

To enter ClientVision’s interface, users must first open an existing contact record in Outlook.

Then the “CV” icon in the toolbar can be clicked to retrieve the contact information stored over the Internet from the ClientVision system.  This opens the ClientVision Personal Information screen where much of the same contact details are displayed, although ClientVision supports more data than Outlook’s main window.  For example, ClientVision accepts the client’s date of birth, employment status, Social Security Number, tax filing status, and also equivalent spouse or co-client information.

How are the contact details kept in sync between Outlook Contacts and ClientVision?  Good question.  ClientVision supports both a manual and an automatic synchronization routine.  At any time data can be manually synced between the programs, or users can specify an automatic synchronization in any increment of minutes.

What I didn’t verify is which system takes precedence for data.  I suspect ClientVision data takes precedence, so if a client phone number changes, it should be updated in ClientVision and then synchronized to Outlook Contacts, not the other way around.

ClientVision Financials

ClientVision menu holds a whole host of items that expand the functionality of the program

Buttons are defined to display data such as risk assessments, liabilities, expenses, goals, income, assets, and life insurance.

The asset information is particularly useful as it can be used to quickly display the client’s security holdings and show stock and mutual fund details.

New positions can be added directly from the assets window or through one of the supported custodian interfaces through ClientVision’s “data adapters” to avoid manual entry.  There are around 5 such adapters with popular custodians/data aggregators including Pershing, Albridge, and DST FANMail.  While useful for quick snapshots of asset information, advisers are likely to continue to use separate Portfolio Management Software systems to maintain detailed cost basis and investment return information, so I don’t imagine ClientVision will take the place of other PMS systems anytime soon.

Activity History

Probably the most useful feature enhanced by ClientVision is the ability to log activity history for a client.  Activity history can be used to record information regarding activities such as phone calls, meetings, emails, etc.  Emails are easily saved to a client’s record by using the “Send to CV” icon in the Outlook toolbar.

Other client activity information can be added directly within the activity view.

In addition to activity history, ClientVision also supports electronic document storage.  Most standard file types are supported and are easily uploaded to ClientVision.  Uploaded documents are identified by predefined categories of Will, Financial Plan, Insurance Policy, Trust Document, Power of Attorney, Account Application, Beneficiary Designation, Tax Document, or Other.

Currently there is no defined storage limit to documents uploaded to ClientVision, but I imagine as more users begin to use the storage feature with large files, AdviceAmerica may revisit its policies on storage limits in the future.

Miscellaneous Features

 

ClientVision also integrates with the Outlook Tasks interface, so it provides a way to view all tasks associated with a client and also view to whom the tasks are assigned.  Outlook task categories can be used to replicate some of this functionality, but anyone that has tried to standardize category naming conventions in a practice knows this is a difficult proposition.  Note that current functionality stops at simple tasks and does not extend to workflow management, so if an adviser’s new client intake process consists of 14 separate tasks, they must all be entered manually in ClientVision.  Still, ClientVision’s interface makes task management much more, well, manageable.

ClientVision also offers an array of built-in client reports.  These reports include Portfolio Holdings, Cash Flow, Current Asset Mix, Financial Overview, and Net Worth.  Client-formatted reports can also be generated by the system.

Lastly, as the program is web-based, ClientVision offers access to all data contained in the system through the use of a web browser.  Advisers can securely access any information stored within ClientVision by signing in to the program over the Internet.

Cost

Pricing for ClientVision is very straightforward.  At the time of this post’s publication, AdviceAmerica charges $399 per year for the standalone application (note: users must also have Outlook 2007 installed).  Advisers who currently use AdviceAmerica’s AdvisorVision can purchase the ClientVision upgrade for $199 per year.

Feature Requests

ClientVision certainly expands the existing Outlook Contacts functionality into a more CRM-like application.  But there are several features not currently present that may leave advisers wanting more.

First, an integrated client appointment and calendar interface would be extremely useful.  Many adviser offices currently use the Outlook Calendar to schedule client meetings, staff meetings, and professional events since it can be easily shared among all staff through the Microsoft Exchange platform.  ClientVision could enhance the use of the calendar by showing all upcoming meetings specific to each client over the next, say, 12 months, and keep those meetings synchronized with the main shared calendar.

Next, ClientVision does not provide the ability to search through the client activity history entered into the system.  Adding a search tool would greatly enhance usability, both from a relationship management and a compliance perspective.  Advisers often need to retrieve notes from an archived phone conversation or client meeting for compliance purposes.  Other times its important to quickly identify quality touch-point information, such as which universities the client’s children attend or the client’s favorite domestic microbrewery.

Finally, as mentioned earlier, ClientVision does not offer robust workflow definition and monitoring.  Workflow management is present in much more expensive applications (e.g. Triggered Action Sequences in Junxure), but it is often overkill for a sole practitioner or small office to go through the process of defining and maintaining workflow processes.  Mileage varies considerably in the use of workflow, so think about this as it applies to your office environment.

Summary

ClientVision is a slick web-based utility that adds CRM functionality to the existing framework of Outlook 2007.  If you’re like most advisers out there with considerable contact information already stored in Outlook, ClientVision provides an inexpensive way to segue into several more advanced ways to improve relationship management without having to learn a completely new interface.

ClientVision isn’t as robust as other CRM tools with document management and workflow processing, but for the price, advisers are hard-pressed to find other programs that offer such easy navigation through client data.  Also, adding those other features means advisers progress significantly up the cost scale for more powerful applications.

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