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FPPad Bits and Bytes for May 4

Posted on May 4, 2012 by in Bits & Bytes

Recent travel and a nasty cold this week prevented me from setting aside time for regular updates to FPPad. I just returned from giving a presentation in Phoenix, got sick, and want to get better before I head to San Francisco on Monday for Finovate Spring 2012.

I still need to unpack my bag from Wednesday and repack it for Monday, but you are free to proceed with this week’s stories of interest:

SigFig offers to tune up your investment portfolio from GigaOM.com

[Over the past few months I’ve highlighted new platforms like Personal Capital aiming to reach investors directly through simple websites and mobile apps. SigFig is another one to watch that officially launched earlier this week.] SigFig, a product born from portfolio tracker Wikinvest, is finally launching formally Tuesday, offering to make understanding investments easy. The free service, which has been in beta, allows users to sync all their investments and monitor them in real-time from one dashboard with extensive analysis conducted in the background to help find where users can save money.

Why Betterment, Wealthfront, and Other Online Investment Firms are Wrong about Financial Advisors from Forbes.com

[For more on the “robo adviser” trend, here’s an op-ed piece from Brightscope’s Mike Alfred in Forbes. My take: clients of the future will still want to engage and interact with human being advisers, only they want their advisers to be proficient in technology and support virtual engagement, both online and on mobile devices.] In a recent blogpost, Betterment made the broad-sweeping claim that Financial Advisors are Bad for Your Health. To make their position clear, they included an unfortunate image of a human face on the body of a pig. It didn’t take long for the Reformed Broker Josh Brown to draw the conclusion that Betterment thinks Financial Advisors are Pigs.

Redtail Technology Launches Integration with NetDocuments from PRWeb.com

[So Redtail CRM already has a document storage system called Imaging, but it lacks a number of components found in a true document management system. Redtail could either update Imaging to include new features, or it can support an integration with a third party document management provider. Alas, it appears Redtail’s strategy is to pursue the latter.] NetDocuments, a leading cloud content management service provider, announced a new integration today with Redtail Technology’s innovative web-based Client Relationship Management (CRM) solution for Financial Advisors.

How financial advisers can improve their personal workflow

Posted on April 27, 2012 by in Efficiency, Software

Let’s face it. Time after time you hear speakers at conferences and on webinars talk about implementing workflow processes in your practice. It easy to talk about, but much harder to effectively implement in a busy financial advisory firm.

So why not start small and target your own personal workflow?

In this month’s Quickview update for Morningstar, I cover a clever web app designed to help you do one thing: master your personal workflow.

Workflowy is a clever web app to help you tackle your personal workflow

Workflowy is the app I reviewed, and the screenshot above shows you an example of how I use it for my own workflow. Read the full column and start experimenting with Workflowy this weekend.

FPPad Bits and Bytes for April 27

Posted on April 27, 2012 by in Bits & Bytes

Here are this week’s stories of interest:

Sometimes one is better than two from InvestmentNews.com

[I shared Orion Advisor Services’ new Orion Connect app in the Salesforce appexchange last week. Here’s an update from Davis Janowski with an interview of one adviser already taking advantage of the Salesforce-Orion integration.] Essentially, what Orion Advisor Services LLC has done is meld Salesforce’s customer relationship management application and Orion’s popular portfolio management/reporting application, using Salesforce’s programming interface.

The Top 10 Technology Trends for Financial Advisors, Pt. 2: Increasing Technological Capability from AdvisorOne.com

[In his first technology trend report, ActiFi’s Spenser Segal singles out opportunities to harness business intelligence due to the negligible cost of storing terabytes of data, access to processing power measured in petaFLOPS,  and inexpensive broadband Internet service available today. While captivating in theory, I think financial advisers should first focus their efforts on ditching Microsoft Outlook as their default CRM.] The first trend, Increasing Technological Capability, underpins all the other trends that we’ll discuss in future posts.  The concept of increasing technological capability covers a lot of territory and includes cheaper/faster storage, increasing processing power and increasing bandwidth/wireless speeds.

Should Financial Advisers use Google Drive?

Posted on April 26, 2012 by in Compliance

Broad terms of service language likely makes the latest cloud file storage service off limits for client files

Earlier this week, Google entered the increasingly-crowded market of cloud-based file storage services by introducing its own utility called Google Drive.

Google Drive offers convenient access to files from any device, but advisers may want to keep client files off the service

There are a number of popular cloud file storage services available today, with Dropbox, Box, SugarSync, and ShareFile generating the most buzz and interest among financial advisers. Generally, these cloud file storage services give users the ability to back up selected files and folders to servers in the cloud and enable remote access to those documents using mobile apps and web browser interfaces.

Ever since these services launched, financial advisers have questioned whether or not they’re safe to use for the storage of client files.

Last year I wrote Dropbox for Financial Advisers: Is it Safe? which continues to receive consistent traffic from advisers seeking opinions on whether or not using such services will violate any regulatory rules (the short answer is yes, but with conditions. Read the full post for details.).

Safe for Client Files?

With Google Drive, advisers want to know the same thing: is it ok to use to store files containing client information?

I believe the answer is no.

Google’s terms of service explain how the company may use files and information stored on a variety of its services, including Google Drive. Here is the relevant section for advisers:

Your Content in our Services: When you upload or otherwise submit content to our Services, you give Google (and those we work with) a worldwide licence to use, host, store, reproduce, modify, create derivative works (such as those resulting from translations, adaptations or other changes that we make so that your content works better with our Services), communicate, publish, publicly perform, publicly display and distribute such content. The rights that you grant in this licence are for the limited purpose of operating, promoting and improving our Services, and to develop new ones. This licence continues even if you stop using our Services (for example, for a business listing that you have added to Google Maps).

The terms give Google the license to publish and publicly display content uploaded to their services. In addition, that license continues long after use of the services is discontinued.

Sure, for a listing on Google Maps, the terms make sense. But for files stored on Google Drive, applying the same terms can mean there is no limit to how long Google has the option to use your content.

Google Drive may ultimately prove to be the product that disrupts the cloud file storage market, but for now, financial advisers should stay clear of the service and never use it to store files containing client data.

Interview with Christine Gaze, TD Ameritrade Institutional’s new director of practice management

Posted on April 24, 2012 by in Practice Management

TD Ameritrade Institutional’s latest hire exhibits its commitment to empower advisors with leading practice management resources.

Yesterday, news hit the wires of TD Ameritrade Institutional’s hiring of Christine Gaze as director of practice management. Gaze brings over 16 years of experience in financial services, most recently as an executive director at Morgan Stanley Private Bank.

Ms. Gaze graciously took my call this morning between sessions at the IMCA 2012 Annual Conference outside Washington, DC that she is attending. Below is a summary of our conversation.

…

Christine Gaze, director of practice management for TD Ameritrade Institutional

Team Structure

Ms. Gaze will lead the advisor practice management team that is based in TD Ameritrade Institutional’s Jersey City, NJ offices.

The team consists of eight employees that Gaze says features both “Ivy leaguers” with extensive experience consulting in the financial services industry and “young guns” with an acute awareness of technology trends and broad capacity for research.

Key Initiatives

One initiative Ms. Gaze will pursue is to continue to attract advisors to the TD Ameritrade Institutional Roadmap™ business consulting program, citing recent success advisors who participated in the programs.

Roadmap users experienced nearly double the growth rate (17%) over non-Roadmap users (9%) (for more details, see this February 1, 2012 company press release).

Connecting with Advisors

Ms. Gaze and the advisor practice management team will work closely with TD Ameritrade Institutional’s strategic relationships group and its current director, George Tamer. Tamer’s team already covers much of the nation’s territory, and Ms. Gaze plans to travel and connect directly with advisors.

While it’s too early to comment specifically on other practice management initiatives, Ms. Gaze sees an inevitable convergence of practice management and technology. She highlighted how TD Ameritrade Institutional has already equipped advisors with resources such as the company’s Technology Integration Analyzer, Advisor Education knowledge center, and one-on-one coaching programs for qualified advisors.

Why TD Ameritrade Institutional?

When I asked what confirmed her decision to accept the role as director of practice management, she replied that it was the culture of TD Ameritrade Institutional and the tenure of many of its executives who are committed to the success of the company and its advisors.

Thank you to Ms. Gaze and the PR team at TD Ameritrade Institutional for providing the opportunity to connect and to share my discussion with the FPPad audience.

FPPad Bits and Bytes for April 20

Posted on April 20, 2012 by in Bits & Bytes

My first item of note this week is an Operations and Technology Survey currently being hosted by ByAllAccounts. In return for providing your email address and survey responses, you’ll receive an executive summary of the survey results. I think it’s a worthwhile tradeoff.

Click here to take the 5-minute survey.

Now on to this week’s stories of interest:

10 Apps to Keep Your Business Organized from Mashable.com

[He’s a general interest article from tech website Mashable.com with 10 great app suggestions. Kudos to Mobile Assistant for being recommended in tip #9!] We asked a panel of successful young entrepreneurs for the mobile apps that keep them on track in their work and on the go. Here are their favorite suggestions.

Advisors Assistant® Now Offers Integration with Orion Services from i-newswire.com

[Advisors Assistant is a top-five CRM program, according to the 2011 Financial Planning Tech Survey, and is very popular with small firms with revenue under $1 million. With a new integration with Orion, Advisors Assistant users can save clicks when wishing to view portfolio information associated with a client record.] Client Marketing Systems, Inc., parent company of Advisors Assistant®, is pleased to announce a new integration with Orion Advisor Services, LLC, an online service bureau and portfolio management system.

Unlike iCloud, Google’s Rumored Cloud Storage Could Be a Privacy Nightmare from Cult of Mac

[I like this article’s balance between opportunities of Google’s long-awaited file storage service and the potential privacy pitfalls of such a service. Advisers seeking client-friendly file sharing solutions similar to Dropbox and Box will want to take note.] Google could easily amass a good deal of data on users of its expected cloud storage service.

Never mind Tamarac, Envestnet is getting RIAs on board with its own stand-alone software from RIABiz.com

[Envestnet’s purchase of Tamarac, Inc. in February for $54 million certainly boosted the company’s technological capabilities, but they continue to win advisers with its own Vantage offering.] Envestnet took its Silicon Valley- and Trivandrum, India-based technology unit and began to offer it as a standalone service called Envestnet Vantage.

thinkpipes® trading now integrated in TD Ameritrade Institutional’s Veo® adviser platform

Posted on April 19, 2012 by in Technology

Latest integration to offer advanced, highly-customizable trading capabilities based on thinkorswim technology.

Advisers can now access thinkpipes trading information directly from the Veo® platform

In a press release today, TD Ameritrade Institutional announced that it has integrated thinkpipes®, an advanced trading platform based on thinkorswim technology, into the Veo® adviser platform.

“thinkpipes is much more than a trading platform and has truly become one of the most powerful tools that we leverage day-to-day” said Donald Capone, CFA, portfolio manager at JK Financial, Inc., in the press release. “If it’s being traded on the market, I no longer have to use multiple sources for historical data or quotes. It’s all right there at your fingertips in thinkpipes.”

For more details, visit TD Ameritrade Institutional’s thinkpipes page and Veo® page.

Orion Advisor Services now integrates with Salesforce through Orion Connect

Posted on April 18, 2012 by in Portfolio Management Software

Advisers using Salesforce and Orion Advisor Services portfolio software now have a new option to integrate their Orion data directly into the web-based CRM.

Orion Connect is a new app now available in the Salesforce appexchange, an online marketplace for applications built specifically for the Salesforce.com platform.

Orion Connect allows advisers to maintain portfolio data, open new accounts, view performance reporting, review billing (shown above) and more.

Advisers using either the Force.com web-based platform or SalesCloud enterprise CRM can now integrate portfolio functions from Orion. Existing users can add Orion Connect for a $15 per month per user fee.

Advisers who are not yet on either Salesforce platform have two options. They can contact Orion directly and subscribe to Force.com with Orion Connect for $25 per month per user, or purchase SalesCloud and Orion Connect from Salesforce for $140 per month per user.

In addition, Orion facilitates migrations from existing CRM systems through a partnership with Redkite, a third-party Salesforce solution provider.

Overall, Salesforce continues to struggle to gain a foothold in the financial adviser vertical (see Is Salesforce the future of adviser CRM?), yet features like the appexchange make it far easier for third party providers like Orion to create their own integrations. If the number of Salesforce integrations with adviser technology vendors continues to grow, Salesforce may soon receive a more inviting reception as a viable option for adviser CRM.

FPPad Bits and Bytes for April 13

Posted on April 13, 2012 by in Bits & Bytes

Wednesday’s post on client spoofing received tremendous response from readers and subscribers. Many of you shared your own stories of attempted client spoofing that was eventually detected, and several asked about practices that can be employed to increase the recognition of spoofing without overburdening back office staff and clients. I’m working on several follow up posts to break down examples and provide more information and resources advisers can use to be vigilant against spoofing.

And with that, let’s move on to this week’s stories of interest:

First up is this month’s Morningstar Advisor column, Laserfiche Offers Cloud Connectivity. This leading provider of on-premises document management software is now extending its product line to include a service delivered exclusively over the cloud. This makes the program, one that traditionally required large up-front costs, a more cost-effective option for advisers.

Advisers and iPads: Signs of a tipping point? from InvestmentNews.com

[You know all-too well that iPads are the tablet of choice among advisers. I have the following slide shown below in my iPad presentation showing how much traffic FPPad.com gets from the device. I get 53% from iPads, 27% from iPhone, 16% from Android and 4% for everything else. The FPPad adviser audience should be more tech-savvy than the broad InvestmentNews audience, and it shows! Thank you!] Roughly 36% of our mobile visits [to InvestmentNews.com] came from the iPad in March, compared with roughly 35% from the iPhone, which came in as No. 2 for mobile traffic sources.

 

2012 Is on Us: Egnyte Announces Box Buster Buyout Program from MarketWatch.com

[Advisers visit FPPad for information on cloud file storage services like Dropbox, ShareFile, and Box, but one that I haven’t specifically covered (though it’s on my resource radar) is Egnyte. This press release from the company features useful feedback from one Dallas-based RIA, True North Advisors, on how the solution satisfied the firm’s needs for security and easy deployment.] Egnyte, the leading provider of Cloud and HybridCloud File Sharing solutions for Businesses, today announced the Box Buster Buyout program. Aimed at businesses that are paying for Box accounts and found they’ve outgrown their usefulness, the Box Buster program allows paying Box customers to switch to a matching plan on Egnyte, at no cost for the duration of 2012 and free migration.

LogMeIn Prepares To Take On Dropbox & Box With Launch Of Cloud Storage Service Cubby from TechCrunch.com

[Like I said above, cloud file storage services are getting lots of attention from everywhere. Here’s yet another service from the folks at LogMeIn called Cubby to add to your list of potential resources.] LogMeIn, the company known best for its remote access tools, is today launching its own cloud storage service, as an alternative to those from Dropbox or Box, for example.

Video Spotlight: Advisor Software, Inc. President Neal Ringquist on enterprise integrations, goalgamiPro, and the household balance sheet

Posted on April 12, 2012 by in Video Spotlight

In today’s video spotlight, Neal Ringquist, president of Advisor Software, Inc. speaks about his company’s enterprise integrations of rebalancing software. Most major custodians include this software, yet advisers likely don’t know they’re using an Advisor Software product.

Also on tap is a discussion of the goalgamiPro app for advisers and how it can be used to produce a Household Balance Sheet for advisory clients. Enjoy!

(click to view on YouTube)