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PODCAST: Cabinet President Andrew Bailey discusses secure file sharing, iPad app

Posted on September 6, 2012 by in Software

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Document management software provider facilitates secure file sharing between advisers and clients; iPad app releasing soon

For today’s podcast, I was joined by Andrew Bailey, president of document management software provider Cabinet, to learn more about his company’s solution for financial advisers.

Cabinet President Andrew Bailey

Readers likely recognize Cabinet as CabinetNG, but last month the company dropped “NG” from its name in a new branding campaign (NG stood for Next Generation, a label Bailey feels the company has since transcended).

Bailey and I spoke about Cabinet’s flagship product called SAFE, and how they’ve added features useful to financial advisers, such as a private cloud hosting option to eliminate the need for a local server to run the software.

Also, Bailey hinted at the upcoming release of Cabinet’s app for iPad, something I was able to see early versions of during a visit with vice president Jim True several weeks ago. Bailey anticipates the Cabinet iPad app will be released in Q4 this year.

You can learn more information on Cabinet at www.cabinetpaperless.com.

[photo: Cabinet – Flickr]

FPPad Bits and Bytes for August 31

Posted on August 31, 2012 by in Bits & Bytes

Here are this week’s stories of interest:

After a year under wraps, Laser App unveils a new “anywhere” product at its sixth annual conference in San Diego from RIABiz.com

[So how many electronic forms to you fill out each year? Hundreds? Thousands? And how many of those do you fill in manually by hand? Laser App, known for its form-filling capabilities, now has a SaaS solution advisers can use to process forms using any Internet-connected device, smartphones and iPads included.] Laser App Software Inc. capped off a year of development with the debut of its new web-based technology platform at its sixth annual conference last week.

BlazePortfolio Continues to Build Partnerships from BlazePortfolio.com

[BlazePortfolio is the creator of ATOM ALIGN, a portfolio rebalancing and trade order management solution for financial advisers. President Bryson Pouw gives a summary of new partnerships and integrations the software company has released this summer.] At BlazePortfolio our goal is to streamline the rebalancing and trading process from end-to-end.  We’ve recently added new integration partners on both ends including three portfolio accounting systems (AssetBook, Morningstar Office, and SunGard Charlotte), a back office outsource provider (Empaxis), and Pershing as an electronic trading partner.

PODCAST: Smarsh president Stephen Marsh addresses Pinterest and compliance

Posted on August 29, 2012 by in Compliance, Podcast, Social Media

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Founder of email archiving provider says advisers can use Pinterest without skirting compliance requirements

I had the opportunity to connect with Stephen Marsh, Founder and CEO of Smarsh, Inc., a company well-known for its email and social media archiving services.

Smarsh Founder and CEO Stephen Marsh

By now, most advisers are aware of multiple archiving solutions for social media websites like Facebook, LinkedIn, and Twitter, but it’s not so clear whether updates to emerging social media sites like Pinterest can also be archived.

In this podcast, Marsh shares information on his company’s Web Archiving product and how it allows advisers to “pin” updates to Pinterest and archive them for compliance purposes.

Marsh also addresses the company’s annual Electronic Communications Compliance Survey report with key statistics.

After listening to the podcast, use the following link to download the free compliance survey: 2012 Electronic Communications Compliance Survey

Click to view/download the PDF podcast transcript.

FPPad Bits and Bytes for August 24

Posted on August 24, 2012 by in Bits & Bytes

Here are this week’s stories of interest:

Advent and RedBlack Join Forces to Offer Rebalancing Solution to Investment Management Professionals from MarketWire.com

[Not one to avoid integrations, Advent is starting to respond to the competitive landscape by supporting connections to third party providers, too. Here’s the latest partnership with portfolio rebalancer RedBlack, solidifying Advent as an end-to-end portfolio management solution when coupled with previously-acquired Black Diamond (see Advent Purchases Black Diamond Performance Reporting for Approximately $73 Million).] Advent Software, Inc., a leading provider of software and services for the global investment management industry, and RedBlack Software, LLC, the largest independent provider of portfolio rebalancing software for the investment management industry, today announce that the two companies have entered into an alliance agreement to improve client use of best of breed solutions and have completed full integration between Advent Portfolio Exchange(R) (APX) and Axys(R) platforms, and RedBlack’s portfolio rebalancing solutions.

Mikogo Releases HTML5 Screen Sharing for Faster Online Meetings from PRWeb.com

[I’m very critical of online meeting software these days, particularly of certain tools that casual Internet users find too cumbersome to use. Mikogo’s been highlighted on FPPad before (see BeamYourScreen Releases Mikogo 4.0 Beta, Adds New Features), and now the company has simplified its application for end users, as they no longer need to download and install a helper application prior to joining a meeting.] A leader in online meeting technology, Mikogo has today announced the release of a major update to its award-winning HTML Viewer with the incorporation of the new HTML5 standard for Internet browsers into the software. The HTML Viewer is a 100% browser-based way for participants to join online meetings and this new release built on HTML5 technology provides users with faster screen sharing,several new features and is multilingual.

With $4 Billion In Assets Under Wraps, FutureAdvisor Raises Another $5 Million From Sequoia Capital from TechCrunch.com

[FPPad readers know of FutureAdvisor and its free 401(k) aggregation tools for consumers (see: FutureAdvisor co-founder Bo Lu at FinovateSpring 2012). Just four months after releasing its tools to the public, the company completed a $5 million Series A round. The stakes continue to raise in this direct-to-investor advice trend.] FutureAdvisor has raised a $5 million Series A round from Sequoia Capital to accelerate its growth, and it’s also rolling out a new tool to help users save on fees in their 401(k) portfolio.

LPL Helps Advisors Use Social Media Compliantly from Financial-Planning.com

[If you’re still on the fence about whether to use social media, broker-dealer LPL has useful guidance in this article from Financial Planning. However, I find the ‘Yes’/’No’ format a little strange. Note that much of the social media compliance for LPL is handled by Erado (see: Six More Designate Erado as Their Social Media Compliance Provider).] Run by a firm called Erado, LPL’s social media compliance service costs $180 a year for its advisors to use Facebook, LinkedIn and Twitter (that’s $60 for each platform). It archives all social media communication for potential review by regulators.

Ditch your antiquated office phone and upgrade to a modern system

Posted on August 22, 2012 by in Efficiency

Today you work in more places than just your office. Mobile devices and wireless Internet access allow you to choose from where you work and when you are available for clients.

So why do you continue to direct clients and prospects to call you on your office phone?

It’s time to get rid of the antiquated phone system installed in the office and upgrade to a more flexible service.

This month’s Quickview for Morningstar Advisor covers one phone service that lets you choose when and where you’re available by phone for anyone who calls you.

Be sure to read Quickview: Upgrade Your Outdated Phone System at Morningstar Advisor today.

FPPad Bits and Bytes for August 17

Posted on August 17, 2012 by in Bits & Bytes

Here’s a thought; move your stuff 800 miles, update the address on all your cars, credit cards, investment accounts, etc., then prep for a two week vacation! That’s been my summer in a nutshell, stepping away only a few times to prepare the best news in financial planning technology just for you.

Here are this week’s stories of interest:

LearnVest’s Mission to Wrangle Your Personal Finances from Mashable.com

[“Weight Watchers meets personal finance” is how LearnVest founder Alexa von Tobel describes her company. Having grown to over 65 people, von Tobel describes in the video below how her goal is to help everyone sleep better at night and enrich their lives through sound financial advice.]

TD Ameritrade showcases what API can do with slick Veo-iRebal harmonization from RIABiz

[TD Ameritrade Institutional continues to expand the capabilities of its Veo® Open Access platform (see TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes). This time the custodian couples its iRebal rebalancing software with Veo’s API to streamline trade order processing and reduce manual entry errors.] TD Ameritrade Institutional has linked two of the jewels in its software crown and the combination may be a multi-carat combination — at least for the relatively small cadre of RIAs who use iRebal.

SEC Audit: Getting data out of PortfolioCenter from Krisan’s BackOffice, Inc.

[Krisan’s BackOffice, Inc. is an outsource provider for Schwab Performance Technologies® PortfolioCenter®. In this post, limited scope examination criteria from the SEC is broken down into the various fields and reports that can be used to satisfy auditors. It’s a helpful overview of how extensive even a “limited scope” request can be, and an eye-opener for advisers who insist on managing portfolio accounting software on their own.] When the SEC auditors come knocking, they usually require lengthy, detailed information about your business. Fortunately, PortfolioCenter can help — assuming you keep your PortfolioCenter database complete and accurate, and you have the right Smart Sets.

FPPad Bits and Bytes for August 10

Posted on August 10, 2012 by in Bits & Bytes

A decent pace of technology news has returned, with this week’s Bits & Bytes featuring a variety of worthwhile stories.

First, read Avoid Legacy Portfolio Software Constraints at Morningstar Advisor to learn how you can switch portfolio management software without incurring huge transition times or astronomical fees.

Here are this week’s stories of interest:

The Rise of Robo-Advisors from Financial-Planning.com

[You are not clueless when it comes to the term “robo-advisors.” (watch the two-part video, Competing Against “Robo Advisors:” Delivering Advice in a New World from T3 2012) Personal Capital, Wealthfront, LearnVest, and others have been highlighted here before, and Jonathan Leaf provides a new update in this Financial Planning magazine update.] Imagine being replaced by a robot. That day may be more imminent than many planners believe. In the past two years, a number of online financial platforms for investors have been launched. These sites offer computerized investment guidance aimed not only at the smallest customers, but also at those with upward of $250,000 in investable assets.

iRebal Receives Makeover from Financial Advisor magazine

[The last time I saw significant news concerning TD Ameritrade’s iRebal software was back in August 2010 when RIABiz posted their overview of the product. This week, the growing custodian announced several enhancements to the stalwart application. I’m taking a look at the updates later this afternoon.] ThinkTech Inc., a TD Ameritrade affiliate, recently announced a number of major enhancements to iRebal, its highly-regarded intelligent rebalance and trade order management system.

Schwab Expands Practice Management Consulting Program for RIAs from Financial Advisor magazine

[Custodians continue to ramp up their value-add practice management resources as a competitive differentiator. In this update, Schwab Advisor Services announces new content for its nationwide traveling workshop.] Schwab Advisor Services today is expanding its “Insight to Action” practice management consulting program for its registered investment advisors customers that provides support on growing and managing their businesses.

Work aside; BACK UP your personal data including memories from InvestmentNews.com

[Here’s another reminder how important it is to have a good backup routine and policy, not just for your business information, but your personal data, too. Details of Wired magazine contributor Mat Honan’s loss of photos and other personal files as a result of a hack were syndicated across hundreds of websites this week. So take the prompt as a reminder to back up your files; something bad will eventually happen to your hard drive, so don’t be without a plan. Me? I have a Time Capsule for my Mac.] Please back up your personal computers, especially photos and things of sentimental value, whether you use a Windows-based or Mac system.

How not to be handcuffed by your legacy portfolio management system

Posted on August 9, 2012 by in Portfolio Management Software

One of the biggest assets you own as a financial adviser is the database that holds client portfolio information. As your business grows, so does the size and complexity of your database.

Meanwhile, new and existing portfolio management software vendors are updating their products to deliver lower cost and higher productivity to their adviser clients. In the past, if you wanted to take advantage of new products, you were looking at a long, costly conversion process for all of your legacy portfolio data.

Today, you have more options than ever to perform legacy portfolio database conversions in a timely and cost-effective manner.

This month’s Morningstar Advisor column addresses your database conversion options. Read Avoid Legacy Portfolio Software Constraints to discover how you can avoid being handcuffed by your legacy portfolio management system.

FPPad Bits and Bytes for August 3

Posted on August 3, 2012 by in Bits & Bytes

Now that August is here, the flow of financial planning technology news has slowed to a trickle. This week you’ll want to stay on top of security developments at Dropbox, but also check out a potential app to manage your multitude of projects.

Here are this week’s stories of interest:

If you missed Wednesday’s story, Dropbox user accounts compromised, new security features to appear, be sure to read it and review what you should do to protect your online accounts, whether or not you use Dropbox.

Salentica Inc. begins pilot phase of testing the Salentica Advisor Desk with Schwab OpenView Gateway from Salentica.com

[Salentica is the overlay provider for Microsoft Dynamics CRM. In this company press release, Salentica announces it is officially in a pilot phase of integrating account data obtained from the Schwab OpenView Gateway™ program.] In May, Salentica entered beta testing where our Client Advisory Panel which included Salentica clients as well as several RIA firms who are using a standard version of Microsoft Dynamics® CRM tested the newly developed functionality and provided us with feedback on the user interface and client experience.

Projectbook is the iPad productivity app for the disorganized from GigaOm

[If you’re searching for a new project management solution, Projectbook may be worth investigating. I often vascillate between managing everything in one CRM or working with multiple, specialized apps to manage tasks, reminders, and workflow. There’s no one right answer, so Projectbook may be a good resource for some of you.] Keeping your personal and professional documents in the cloud so you have access to them everywhere is on it’s way to becoming standard practice: it’s why Google and Apple now have their own cloud storage solution for users. But what if you’re on the fence about committing to the cloud but want an all-in-one mobile app to organize your stuff? Then a small midwestern app company called Theory.io has an iPad app for you.

Dropbox user accounts compromised, new security features to appear

Posted on August 1, 2012 by in Compliance, Software, Technology

Last night I posted this tweet about a TechCrunch.com article on several compromised Dropbox accounts.

Unlike an issue last summer (see Bug Affects Dropbox Security: What Advisers Need To Know), you need to know that Dropbox’s security was not compromised.

Username and password credentials were stolen from a third-party website, which were then used to log in to associated Dropbox accounts.

In response, Dropbox said in a blog post that it will add new security features in the coming weeks, with two-factor authentication being the most noteworthy (see Boost your online security with two-factor authentication).

Events like this should be a lesson to you, even if you’re not a Dropbox user. Remember to follow good security practices to keep your account credentials safe, such as:

  • Avoid using the same username and password for multiple websites/accounts. Make each password unique for each account.
  • Avoid using unfamiliar or shared computers, as keystroke logging programs or other trojans may be installed without your knowledge.
  • Verify website addresses before typing in your login credentials. Look for the https:// address prefix and make sure you’re not redirected to a phishing website (see Cloud computing for financial advisers: How to stay safe)

In a few weeks, Dropbox should be rolling out the new security features. When they appear for your account, be sure to activate and use two-factor authentication. It’s one additional layer of protection you can add to better protect all the information you keep in your Dropbox account.