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What are social media best practices for advisers? Find out at TDAI National 2012

So you hear over and over that in order to build your profile as an adviser today, you need to be active in social media. Ok, so where to begin?

If you’re attending the TD Ameritrade Institutional 2012 National Conference this week, you can get your fill of social media tactics from a variety of subject matter experts.

I’ve been asked to facilitate conversations with conference attendees in TD Ameritrade’s Social Media Lab Thursday and Friday, February 2 and 3. Appearing with me in the Social Media Tactics room throughout each day are Marie Swift of Impact Communications, Brett Farmiloe of Blind Society, and Caitlin Zucal of Arkovi.

The Social Media Lab will also have three other rooms, covering the topics of social media compliance, website optimization, and best practices for LinkedIn.

So come visit the Social Media Lab and bring all the questions you have. I’ll be on hand starting at 2:00pm Thursday 2/2 and also at 4:00pm Friday 2/3. No question will be refused!

FPPad Bits and Bytes for January 27

Today is the final day of Laserfiche Empower 2012, where I’m taking in all I can regarding the company’s latest updates to their document management platform. See my prior posts on the event here:

I also created three mini broadcasts of conference highlights from my phone. Listen to them on my FlipZu page: http://flipzu.com/billwinterberg

 

In the meantime, I’ve been collecting the best stories in financial planning technology from around the web this week. Here are this week’s stories of interest:

Mobile Apps: Clients Want Them, Wealth Managers Are Developing Them from Financial-Planning.com

[You can’t ignore the impact mobile devices are making in the way you run your business. I bet over half of your clients have some kind of mobile device, so are you ready to provide service to them using these new channels?] The wealth management industry is adjusting to clients who increasingly expect that they should have anytime, anywhere access to their account information, according to a new study.

Another tool to help re-balance the books from InvestmentNews.com

[Next to document management software, rebalancing software is likely a guaranteed triple-digit ROI for any financial planning firm performing decent trading volume. Here Davis Janowski scoops a new product called RebalanceMax that’s priced well below the market dominators like Tamarac and iRebal.] Financial adviser Rich Chambers set up a side business, Advisor Innovation Inc. (advisorinnovation.com), to finish development of RebalanceMax and begin selling it to advisers on a commercial basis.

10 Top Tech Trends for BDs: FSI OneVoice 2012 from AdvisorOne.com

[James Green provides a decent, but short, list of ten tech trends discussed in a heavyweight panel discussion at FSI OneVoice 2012. Some trends are succinct and all-too-familiar to RIAs, but it’s a good list to keep in the back of your mind. “Integration” appears twice, and Salesforce Chatter is not a social media tool for use with clients; rather, it’s for internal discussion with firm team members.] At the annual Financial Services Institute’s OneVoice conference in Orlando, Fla., on Tuesday, Spenser Segal, CEO of ActiFi, moderated a discussion meant to inform the attending independent broker-dealer executives about the 10 top technology trends that are affecting IBDs already and those that are likely to do so in the near future.

How Laserfiche is used in the family office environment

How one family office uses document management from Laserfiche

One of the afternoon sessions I attended featured one family office’s implementation of Laserfiche content management software.

Ed Wright, Managing Director of Piedmont Financial Trust Company and oversees technology and operations for the Greensboro, NC firm. Piedmont formed in 1928 as a family office, and it now has 25 staff to manage 650 accounts for 350 family members. In addition to family office and private trust company services, Piedmont provides asset allocation, investment monitoring, estate planning, tax prep, bill payment, education management services to its clients.

Prior to 2008, Piedmont suffered from inefficiencies due to volumes of unmanaged data, high data maintenance costs, and too many boxes of paper taking up valuable office space. Wright also commented that processes to comply with Office of Foreign Asset Control requirements were cumbersome due to their paper-based nature.

Wright sought a solution to alleviate such inefficiencies in the firm and heard about Laserfiche from an Advent User Group to which he belonged. Wright soon connected with Kevin Smith and his team at One Source Document Solutions.

In total, Wright said it took about six to eight months to fully roll out Laserfiche across the firm. They mandated buy-in from everyone, but involved all employees in clever games and incentives (like giving away iPod Touches) to increase their participation and engagement in the new environment.

At the same time, Piedmont also changed CRM systems and selected Microsoft Dynamics with customization from Salentica. Much of the scanning was performed with several multi-function printers from Sharp and lots of elbow grease.

Piedmont also worked with a web developer to create a secure document storage area on the firm’s website, leveraging Laserfiche to power the system behind the scenes. With some clever use if license management, Piedmont is able to share one license for all the ad-hoc website vault visits by clients. It’s a clever implementation, and I’m impressed with the flexibility of the Laserfiche API to support such requests.

Finally, Wright ended the session by stating that the ROI on Laserfiche far outweighs its purchase price simply in time savings alone. On top of that, their tax department loves Laserfiche, as they can quickly find any client tax document, saving valuable time during the February-to-April busy season. Laserfiche workflow has also streamlined the OFAC approval process, and Piedmont has been able to eliminate its off-site storage for archived paper documents.

It always nice to hear of financial services firms using document management systems like Laserfiche, and from Wright’s presentation, it’s clear that such software is a requirement for any firm, not just a nice-to-have.

Laserfiche CEO kicks off annual Empower conference to record attendance


The CEO of Laserfiche, a leading Enterprise Content Management, provides an update and identifies plans for the future.

Nien-Ling Wacker, Laserfiche Founder & CEO welcomed a group of over 1,600 attendees to Empower 2012, the company’s annual conference held at the Anaheim Marriott in Southern California. Wacker provided updates on the company’s accomplishments and future goals to a mix of users, resellers, vendors, integrators and media.

Wacker began by comparing the economic climate of the last four years to the Humpty Dumpty nursery rhyme. No matter how many people are assigned to fix the problems du jour, nobody seems to be able to put things back together again. But despite the severe economic headwinds, Laserfiche managed to buck the trend and continue to grow and expand.

Accomplishments in 2011

Wacker noted that the company continues to hire to meet demands on all levels, adding 137 new Rio installations in 2011. Laserfiche hired 56 people in 2009, 56 in 2010, and 73 in 2011, and has always offered a 50% match to employees’ 401(k) accounts. “Maybe you should join us!” said Wacker jokingly.

Looking ahead to 2012

Wacker then provided a sneak peek into what Laserfiche is planning for 2012. First off is the rollout of a Solution Exchange, a web-based network of users that can interact with one another and share best practices of using the system. In addition, there will be online calculators that can illustrate the ROI of adopting ECM, identify workflow scripting, optimal business processes and more.

Laserfiche is also growing the Certified Professional Program (CPP), adding a Gold certification to the list of skills Laserfiche vendors and integrators can earn.

Finally, Wacker alluded to a sneak preview of a Laserfiche app for iPad, and there’s a video currently available on Laserfiche’s conference website you can view. Click here to view it.

Obviously more will come as the conference continues, so when I have an opportunity for a break, I’ll do my best to share new insight and information with you.

FPPad Bits and Bytes for January 20: Google Plus edition!

It’s “G-Day” for advisers, so today’s Bits and Bytes update has been posted to Google+.

Go see it: https://plus.google.com/109199896143956110609/posts/gwbgaSU3F8T

G-Day is January 20! Don’t be left out.

Friday January 20th is “G-Day” where you can discover the value (or lack thereof) of Google’s social network, Google+

Social networks have propelled themselves into modern culture, so much so that our lexicon doesn’t bat an eye at words like “tweeting,” “liking,” or “linking-in” anymore.

Abundant, and trivial, information of all kinds is being shared across these networks on a second-by-second basis. They can be a great source of information if you can successfully separate the signal from the noise, but the big three networks are not without their drawbacks.

Facebook, the world’s biggest social network with over 800 million users, wins the ubiquity title because of its critical mass of users. Practically everyone is on Facebook.

But one of Facebook’s drawbacks is the fact that that everybody on the service is your “friend,” whether you’re related by blood or had a chance meeting at a networking event two years ago. It makes little difference to Facebook. You’re connected, so you’ll see updates from plenty of people, and chances are, most updates are not too relevant to your network of actual, real-life friends (though you can group Facebook friends if you can find the lists feature buried in a stockpile of menu items).

Twitter certainly has a healthy stream of information shared by users, but its 140 character limit on posts truncates any real discussion on all-but-the lightest topics. Well-constructed replies often span several tweets, and pretty soon, your stream of well-intended thoughts can be viewed as a diatribe from a spammer filling up a tweet stream.

And LinkedIn. Other than a virtual resume site for professionals, are users doing any real sharing or collaboration on the site? LinkedIn Groups are a mixed bag, as just when the good groups foster useful information, spammers take over and blast their tomes, crowding out the original participants.

Enter Google Plus (Google+, or simply G+). Google’s latest attempt at a social network and sharing service started out slow, with invitations shared only among a select few early-adopters, but now the service is open to anyone.

Google+ attempts to offer alternatives to the limitations outlined above: profile updates can be any length, most often include embedded photos or video, and connections with others can easily be sorted into circles.

Despite its clever interface, Google+ largely lacks the key ingredient to a successful social service: active and diverse users.

So leave it up to Mike Barad. Barad is the Sr. Vice President and business manager for Morningstar’s Financial Communications Business. After a discussion with several advisers sporadically using Google+, he encouraged everyone to abandon all social networking platforms for one day and focus exclusively on Google+.

Here is Barad’s post on Google+: https://plus.google.com/101852363593249198257/posts/e35VNqaJZoy

So this Friday, January 20, get on Google+ and join the conversation. If you’re setting Google+ up for the first time, add advisers who commented on Barad’s post to your circles to get started.

Read my Grendel CRM review on Morningstar Advisor

Reviews of the major CRM applications in use by advisers are fairly easy to come by. As programs like Redtail, Junxure, and Salesforce support thousands of users, advisers can usually find information posted by others on each program’s strengths and weaknesses.

But finding similar information on the smaller CRM providers is much more challenging. One of those programs that fits in the “smaller provider” category is Grendel CRM from Big Brain Works, LLC

I took the opportunity to review Grendel for this month’s column on Morningstar Advisor. I was impressed with its breadth and depth of features, so find out why this promising CRM package just hasn’t caught on with advisers.

Read my column, One Capable CRM Flying Under Most Advisors’ Radar at Morningstar.com/Advisor

FPPad Bits and Bytes for January 13

Atlanta, Omaha, Las Vegas, Los Angeles…

That describes my homes away from home for the week leading up to and following today. While I didn’t have time to address some of the news that’s come across my wires, I still put together my Bits and Bytes list so you can quickly scan what’s going on in financial planning technology.

Here are this week’s stories of interest:

Erado Shatters 2011 Growth Projection from MarketWatch.com

[I’d like to say I played a part in Erado’s success, what with all the mentions here on FPPad and in my social media compliance presentations delivered across the country. Even so, all the marketing and buzz does nothing if the product fails to deliver on a fundamental need: automated, no-thought capture and archiving of social media messages posted by registered investment advisers and broker-dealer representatives.] Erado, the nation’s leading compliance and archiving firm in electronic communication, formally announces their record-shattering growth in 2011. Amongst many other key milestones, Erado added over 30 new broker-dealer clients and partners, provided social media compliance services to over 40,000 advisors, and will be hiring more employees from the area.

Keeping Files In The Cloud from the Wall Street Journal

[This is a preview of a larger story to which I contributed several ideas on best practices advisers should follow when deciding to use cloud services for file storage. You can view the full article with a free trial to Dow Jones NewsPlus.] Advisers are increasingly turning to Web-based services to hold business-related information, for the convenience of accessing it from anywhere. Some use simpler storage sites, while others are contracting a comprehensive document-management system based in the cloud, which may actually make it easier for advisers to meet some regulatory obligations.

Mercer Advisors Due Diligence Team Selects Orion Advisor Services as Portfolio Accounting Service Partner from MarketWatch.com

[With just one client, Orion effectively boosted its assets under administration by almost 6%. The competition is getting serious between the industry’s top service providers!] Orion Advisor Services, LLC was selected as the outsourced portfolio accounting partner by Mercer Advisors, a total wealth management firm with $3.5 billion in assets under management as of September 2011. The Mercer Advisors due diligence team includes 10 individuals that made on-site visits to a number of portfolio accounting service bureaus, including Orion.

FPPad Bits and Bytes for January 6

Happy New Year! I’m on the road already, traveling to Atlanta and Omaha over the next week, followed by Las Vegas for the AICPA Advanced PFP conference. Here are this week’s stories of interest:

The Largest RIAs Race to Scale from Financial-Planning.com

[So you want to be a $1 billion firm: what do you need to do to get there? Hire great talent, differentiate yourself from your competition, and scale your technology. Easier said than done, based on feedback from some of the largest RIAs in the industry gathered by FP’s Ann Marsh.] Over the past 30 years, the fee-based RIA space has grown by leaps and bounds, from zero to close to $2 trillion in cumulative assets under management. That number is still dwarfed by the $9.3 trillion that research firm Cerulli & Associates estimates is in the hands of full-service brokerages, insurers, trust companies and banks. But the figures look poised to eventually flip as RIAs work to address their top challenges: boosting their efficiency, customizing their technology and differentiating themselves from the competition.

LPL makes big advance into the RIA business with Fortigent acquisition from RIABiz.com

[Why should RIAs cater to high-net-worth individuals? Well, that’s where the money (e.g. revenue) is. Let us hope that after LPL’s acquisition of Fortigent, the company can truly apply its newly-acquired service model ‘down market’ in the words of Brooke Southall.] After a month of rumblings, LPL Financial made official its intent to acquire Fortigent, LLC, a top outsourcer of high-net-worth solutions and consulting services to RIAs, banks and trust companies.

Who’s Afraid of Social Media? from Financial-Planning.com

[Look, satisfying compliance requirements when using social media does not require a degree in rocket science. Yes, regulatory requirements might be ambiguous, but by applying common sense principles and some clever uses of technology (e.g. automated archiving services), advisers can successfully engage in this new dialogue without fearing the regulatory hammer.] Social media compliance is a subject that elicits a range of reactions from planners, from groans to cautious, curious questions. But Leia Farmer, the deputy chief compliance officer at Securities America, is excited about it.

Maximize Your Technology Spending in 2012

My contribution schedule to the Journal of Financial Planning has changed for 2012. Instead of columns in the May and November editions, look for my articles in this year’s January and July editions.

To kick off 2012, I highlight 13 products and services you can purchase in 2012 that are sure to increase your firm’s growth and your personal productivity.

And you don’t need to spend big bucks to benefit from these ideas. There’s something for everyone with budgets ranging from as little as $100 up to $5,000.

So read January’s column at the Journal of Financial Planning now, Maximize Your Technology Spending in 2012.