Archive by Author

T3 2013: Top technology to put on your radar

Posted on February 12, 2013 by in Conferences

t3 2013 conferenceAt over 600 attendees, T3 2013 packs downtown Miami with the best in adviser technology

This year’s Technology Tools for Today conference (T3) packed over 600 attendees in the Hilton Miami Downtown hotel, including roughly 300 financial advisers according to conference co-founder David Drucker.

A conference like this is covered by all the major media outlets, so you can check out coverage from InvestmentNews, Financial Planning, WealthMangement, and more.

I’m taking a short break (and giving my feet a rest!) to share some of the most intriguing vendors with which I’ve had the chance to connect with today. In addition to updates on FPPad and elsewhere, be sure to follow #T32013 on Twitter.

HiddenLevers

Raj Udeshi, head of business development for HiddenLevers

Raj Udeshi, head of business development for HiddenLevers

 

No longer T3 newbies, HiddenLevers is back again this year with a novel feature that I feel significantly improves the lead generation process for advisers.

The new feature is a portfolio stress test call to action advisers can embed in their website. When prospects land on an adviser’s page, they see a button that offers a free portfolio stress test to see what happens as a result of a specific macro event.

Prospects get a very useful illustration provided by HiddenLevers, and advisers get lead contact information (including basic portfolio details) volunteered by the prospect to use for follow up contact.

Find more information at https://www.hiddenlevers.com/.

CloudRIA

Cloud RIA Ryan Terwedo

CloudRIA founder & CEO Ryan Terwedo

A company launching out of stealth mode is cloudRIA, founded roughly 5 years ago by Ryan Terwedo. Terwedo brings experience running back office operations for a variety of financial services firms in the Seattle, WA area, and is now leveraging his expertise into the RIA market.

cloudRIA’s tag line is the “RIA OS,” with the premise of being the operating system, or the glue, if you will, of major advisor software tools. Partners today include Redtail CRM, MoneyGuidePro, TD Ameritrade Institutional, and many more soon to come.

I see a lot of potential with cloudRIA, but this market is going to be tough. After spending 15 minutes with Terwedo, I think he’s fearless enough to take on the challenge.

For more information, visit http://cloudria.com/

kwanti

kwanti, a new player in portfolio analytics

kwanti, a new player in portfolio analytics

kwanti is portfolio analytics software that imports client portfolio holdings and offers quick reports to a variety of benchmarks and metrics. The company recently secured a connection with TD Ameritrade Institutional Veo® Open Access, so advisers with client accounts at the third-largest (by assets) custodian can easily import holdings for analysis.

As kwanti matures and adds more portfolio connections, look for it to offer intelligent analytics at a very attractive price point. Pricing starts around $50 per user per month.

For more information, visit http://kwanti.com/

FPPad Bits and Bytes for February 8

Posted on February 8, 2013 by in Bits & Bytes

The 2013 T3 ConferenceToday I’m headed out early to the T3 conference in Miami, FL. Stop by and say hi if you’re attending; I’m speaking on Tuesday at 1:15pm (Defending Your Business from Hackers) and 2:40pm (Current Technology Trends) and again on Wednesday at 8am (File Sharing and Collaboration Software).

Here are this week’s stories of interest:

Ten Tips That Could Prevent Cyber Criminals from Hijacking Client Data from WealthManagement.com

[Remember the Phishing, Hacking, and Spoofing article I wrote here last year? See: Why advisers can’t trust their clients anymore. Now a bunch of the major financial trade publications are picking up the story on ways advisers need to protect their business and their clients’ personal information, because hackers are exploiting holes in security and are stealing money.] As tablet ownership continues to grow—doubling since 2011—and more than half of U.S. consumers owning a smartphone, according to a 2013 Forrester Research report, advisors need to be more vigilant about data security now more than ever. Below are 10 easily implemented safeguards that could prevent advisors becoming an easy target for cyber thieves.

Windows 8 Review: 5 Things to Know from Financial-Planning.com

[Joel Bruckenstein wrote this good review of Windows 8 and the pros and cons the new operating system offers to financial advisers (See: Windows 8 for financial advisers: Pros and cons from FinFolio CEO Matt Abar). I admit, I couldn’t convince myself to personally buy a copy of Windows 8 to try it on my own. I know, I know, I’m a technology consultant, and I should have experience with ALL software systems available, but still… it’s a Microsoft product, and I stopped using their OS in 2011. Nevertheless, you will likely need to replace an aging Windows machine, and Windows 8 is about your only reasonable option for the OS.] Whenever Microsoft releases a new operating system, it is a significant event. And the latest edition of its operating system, Windows 8 – designed to work on desktop computers, laptops, tablets and smartphones – is much more than a PC operating system.

goalgamiPro adds cash flow illustrations to its quick financial planning framework

Posted on February 7, 2013 by in Video Spotlight

A popular quick financial planning tool gets even faster with Open Access integration and cash flow illustrations

While attending the TD Ameritrade Institutional 2013 National Conference last week, I connected with Neal Ringquist, president of Advisor Software.

You’ve seen Ringquist before as Advisor Software announced the introduction of goalgamiPro, the quick financial planning software tool (See: Yes, you can create financial plans in eight minutes).

Now, goalgamiPro leverages Veo® Open Access from TD Ameritrade Institutional, streamlining the process of entering household asset information into the software.

“We’re fully integrated with Veo,” said Ringquist, “[allowing] advisors to bring accounts and holdings data into the application, which eliminates all that time and makes quick planning even quicker.”

goalgamiPro has also added a new data sheet with cash flow illustrations, further enhancing the conversations advisers can have with clients about planning opportunities.

“There are two ways to look at the viability of goal planning: one is through the balance sheet, but it doesn’t address ‘financeability,’ when cash will be available to meet goals,” added Ringquist. “So we’ve provided that cash flow report [which is] another way to evaluate the client’s goal plan.”

For more information, visit Advisor Software’s goalgamiPro product page at http://www.advisorsoftware.com/products/goalgamipro.asp

(click to watch on YouTube)

My 10 Questions interview with the Journal of Financial Planning

Posted on February 6, 2013 by in Technology

Bill Winterberg 10 Questions

Ten questions highlights Dropbox, Google+ Hangouts, Windows 8 and more

Each month the Journal of Financial Planning interviews “noteworthy people” for its 10 Questions feature.

I had the honor and privilege of being the featured guest in February’s issue.

Carly Schulaka, Managing Editor for the Journal of Financial Planning, lined up a great list of questions, including conversations around file sharing services like Dropbox, whether financial planners should upgrade to Windows 8, broadcasting content over the Internet, and how inStream Solutions is poised to change the way financial plans are created.

Be sure to head on over to the Journal of Financial Planning and read 10 Questions with Bill Winterberg (PDF).

Also, I supplemented the 10 Questions feature with a video interview covering Pinterest and QR codes. See that video at How financial advisers can use Pinterest and QR codes

How financial advisers can use Pinterest and QR codes

Posted on February 5, 2013 by in Technology

Here are two easy ways financial advisers can use Pinterest and QR codes to connect with clients and prospects

Last week, I connected with Lance Ritchlin, Publications Director for the Financial Planning Association, to highlight some quick takeaways on emerging technology for financial planners.

Specifically, Ritchlin wanted to know, is there any value in financial planners’ use of Pinterest (the “pinboard-style photo sharing website”), and what is one useful way financial planners can use QR codes?

Here are my best ideas all in under three minutes!

(click to watch on YouTube)

TD Ameritrade’s open technology helps push Orion Advisor Services over the $100 billion in platform assets mark

Posted on February 4, 2013 by in Technology, Video Spotlight

Orion Advisor Services is the beneficiary of a one-two combination of innovative technology

While attending the TD Ameritrade Institutional 2013 National Conference last week, I connected with Jon Reiners, director of institutional business development for Orion Advisor Services.

In our conversation, Reiners announced that the leading portfolio service bureau recently surpassed $100 billion in total assets administered under its platform.

“Of that $100 billion in assets we have,” said Reiners, “$35 billion is collectively here with TD Ameritrade.”

Also, Reiners detailed one new feature to be released in the next few weeks called Orion Mail, where statements suitable for email are automatically generated using custom Orion report data.

For more information about Orion, visit them online at http://www.orionadvisor.com/

(click to watch on YouTube)

FPPad Bits and Bytes for February 1

Posted on February 1, 2013 by in Bits & Bytes

With the TD Ameritrade Institutional 2013 National Conference wrapping up today, I got a late start on aggregating the best tech news from around the industry this week.

Nevertheless, you still have Saturday and Sunday to review this week’s stories of interest:

On Guard: Stopping Data Thieves from Financial-Planning.com

[This is a video filmed at the TD Ameritrade conference right after I presented about hacking and spoofing attacks targeted at financial advisers. I cover some of the popular schemes out there and a few clever ways to authenticate the identity of your clients.] Tech consultant Bill Winterberg recommends steps to help protect clients from hacking, phishing and spoofing.

TD Ameritrade adds iRebal to the cloud and offers it for free to affiliated advisers from FPPad.com

[The big tech news out of TD Ameritrade’s conference was the announcement that iRebal will soon be free for advisers who custody with TD Ameritrade, and the software will be delivered over the cloud.] TD Ameritrade’s rebalancing software will soon be available online via the cloud and at no additional cost to affiliated advisers.

RedBlack Software Announces First Third-Party Rebalance Solution and Trading Integration with TD Ameritrade Institutional’s Veo® Platform from PRWeb.com

[Yes, TD will soon offer iRebal for free to advisers, but that doesn’t mean all advisers are going to use it. There are still other rebalancing solutions out there are a variety of price points with different functionality. So here’s a move from RedBlack to get onboard with Veo Open Access and streamline trading for advisers using a multi-custodial rebalancing system.] RedBlack Software, LLC, the largest independent provider of portfolio rebalancing software for the investment management industry, today announced the successful integration with TD Ameritrade Institutional through their Veo® platform.

TD Ameritrade adds iRebal to the cloud and offers it for free to affiliated advisers

Posted on January 31, 2013 by in Software, Technology

TD Ameritrade’s rebalancing software will soon be available online via the cloud and at no additional cost to affiliated advisers.

In a press release today, TD Ameritrade Institutional announced that it will soon offer its proprietary iRebal® portfolio rebalancing software directly through the cloud. Also, advisers who custody assets with the custodian can access the web-based version of iRebal for free.

The new version of iRebal will be integrated with TD Ameritrade Institutional’s Veo® adviser platform (see: TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes), giving advisers access to powerful rebalancing software once reserved for desktop or server installations.

“With iRebal in Veo, advisers can reduce weeks-long processes down to minutes, putting them in a better position to pursue potential opportunities, react to changing market conditions and ultimately provide more valuable service to their clients,” said Tom Nally, president, TD Ameritrade Institutional, in the press release.

Although I have no official metrics, iRebal seemed to have leveled off in its growth of new users, so this move will no doubt put the software package back on the growth track.

Not only that, but eliminating the cost of the software for advisers who custody with TD Ameritrade Institutional should attract a significant number of the company’s 4,500 RIA custody clients.

Because of its high cost of ownership, rebalancing software has historically been within reach of only the largest RIAs.

Now with no fee, iRebal in the cloud puts significant pressure on vendors such as Tamarac, RedBlack, TRX, BlazePortfolio, and more.

The desktop version of iRebal will still be sold to “well-established” advisers, according to the press release, with pricing of a one-time $10,000 implementation fee and AUM-based pricing starting at $20,000.

Infographics for financial advisers: communicate statistics and boost visibility in one picture

Posted on January 29, 2013 by in Online Marketing

infographicFinancial advisers can use infographics to effectively communicate statistics as well as boost their visibility on the web.

Do you want your message to stand out from all the other financial advisers who are marketing on the Internet? Try branching out with some graphics.

Instead of typing or dictating your next blog post or copy for your marketing brochure, think about how you can illustrate the point you’re trying to make with images.

One of the fastest growing online social services is Pinterest (see: Smarsh president Stephen Marsh addresses Pinterest and compliance), in particular because it is easy to share images and pictures of things that are interesting. Pinterest walls can be made of anything, from pictures of wedding favors, photos of shoes, and yes, even images communicating financial planning recommendations.

So if you want to frame your financial planning message in a new and interesting way, consider making your own infographic.

An infographic (the words “info” and “graphic” smashed together) is a visual image that presents data and information in a compelling medium.

To learn about several online tools you can use to make your own infographics, go read this month’s Morningstar Advisor Quickview update, Create Your Own Infographics

FPPad Bits and Bytes for January 25

Posted on January 25, 2013 by in Bits & Bytes

I’m under the weather today, so there’s no FPPad On Air broadcast. As conference season is in full swing including upcoming events of TD Ameritrade Institutional 2013 National Conference and T3 2013, broadcasts will return in mid-February.

Here are this week’s stories of interest:

Shoot for the Stars, Land in the Cloud – World’s First Mikogo Cloud Desktop from Mikogo.com

[Most readers recognize Mikogo for their screen-sharing app for virtual meetings. But here’s an announcement for an all-new product from the company, a cloud desktop. But “World’s First?” I don’t agree. Cloud desktops are not new: consider OnLive Desktop, which launched in January 2012, but this news is noteworthy coming from a company with more connections with financial services (and its compliance requirements) than the typical startup. Nevertheless, using a tablet to control a cloud desktop can lead to severe frustration since most desktop apps (read: Microsoft Office) are in no way optimized for touch.] The Mikogo Cloud Desktop is an innovative browser-based way of hosting an entire computer system in the Cloud. Built on HTML5 technology and 100% browser-based, there are no downloads, no software installations and no plugins, you can just open a browser on any computer or tablet and log in to your Cloud Desktop.

NetDocuments Upgrade Available to iManage, Worldox and OpenText Users at No Cost from CPAPracticeAdvisor.com

[With the exception of Laserfiche and Cabinet, news from the document management world has been quiet. This week, one leading cloud-based provider is converting users over from several legacy systems to its own for free. Really, I suspect Worldox is the only provider of note for subscribers, as iManage and OpenText are found much more in legal services than financial services.] NetDocuments announced today that it will offer a free upgrade to the cloud for current users of iManage, Worldox or OpenText. NetDocuments provides cloud content management and collaboration services to organizations of all sizes, including Charles Schwab.

How Do the New Wealthy Communicate? Digitally, Futurewealth Report Says from AdvisorOne.com

[Yes, this article is a bit short on details, but the main point comes through loud and clear: more and more of your clients (and future clients) are going to want to connect with you via Skype, FaceTime, text message, and other tech-enabled pathways. So the time to start developing practices around such technology is now!] The world’s up-and-coming wealthy are not only adopting new technologies, but also understand how digital communication tools can enhance experiences, according to a study released last week by SEI, Scorpio Partnership and Standard Chartered Private Bank.

An Inside Look at Smarsh, Inc. from YouTube

[Here’s a terrific video produced for Smarsh to give advisor clients and prospects an idea of what the company is trying to do to improve the businesses of their customers. It’s very well done and should serve as a model for a potential way you can highlight your business using this medium.]