Mint.com is part of the explosion of personal financial management applications, or PFM, that are so popular among consumers. What is the financial adviser’s answer to PFM apps?
Consumers are connected to their finances in ways never before possible.
New and innovative apps like Mint.com, Personal Capital, LearnVest and others can loosely be organized into a group of personal finance management, or PFM, tools.
Why Consumers Love PFM Apps
Mint.com alone has over 10 million registered users of its online and mobile app tools. Users can easily aggregate their checking, savings, credit, and loan accounts from a variety of providers and financial institutions, generating one dashboard to consolidate money management.
So when a user of these PFM apps decides it may be time to seek out services from a professional financial adviser, how will the adviser’s technology stack up to the expectations established by the PFM tools?
The Adviser’s Answer to PFM Apps
Fortunately, financial advisers do have tools at their disposal to give clients the convenience of consolidated account reporting. Clients can use them to view their account details at any time and on any device, be it a desktop, laptop, smartphone, or tablet.
Advisers use the same tools to capture information on all of their clients’ holdings, and can then use the data to drive up-to-date financial plans, net worth statements, cash flow illustrations, and much more.
I covered one solution in this month’s column for Morningstar Advisor.
Read The Advisor’s Answer to Popular Personal Finance Management Tools at Morningstar.com to find out more information.
