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Firms selected for growth, technology innovations, and dedication to the profession.
Bernie Clark, Executive Vice President of Schwab Advisor Services, greeted a crowd of nearly 4,000 in the Moscone Center this morning to announce the 2011 Schwab IMPACT Award winners.
Click here to view each video of award winners on the ImpactAwards website.
This year’s winner is Green Square Capital of Memphis, TN. They were cited for their 30%+ annual growth rate, successes in linking workflow to their service platform, and commitment to strategic planning
In a highlight video, Co-CEOs Steven Sansom and Darrell Horn discussed their use of employee scorecards, posted on each employee’s desk that can be reviewed anytime for progress and updates on personal and professional development.
In addition, Sansom and Horn talked about their “Client Delights” service, which represent a variety of non-financial “wow factors” the firm strives to deliver to clients to reach beyond traditional investment and financial planning services.
This year, there is no separated award given for technology innovation. Now, the award is wrapped inside the Best-in-Business award, and this year’s winner is Brudros, Ruhlin & Roe, Inc. of Columbus, OH. Peggy Ruhlin, James Budros, and Dan Roe offered one takeaway on what their firm is doing to manage its back office infrastructure and technology.
Brudros, Ruhlin & Roe decided to make technology a client, citing that technology previously didn’t get the attention it deserved. So treating technology as if it were a client of the firm, advisors treated every meeting, every dollar, and every idea as being just as important as the work the firm does for clients.
This year’s Leadership award was presented to Richard Stone, CEO of Private Ocean. Stone was part of the first graduating class of CERTIFIED FINANCIAL PLANNER(TM) certificants in the early 70’s and authored the young organization’s first Code of Ethics.
Stone’s commitment to the education of young professionals and service on local education boards, including San Jose State University and UC Berkeley, exemplifies his dedication to the future of the profession and demonstrates his role as a leader in the industry.
Congratulations to all of this year’s award winners, and later on in the conference, I hope to deliver some of the best practices they highlight that helped each of them achieve such distinguished recognition.
I’m attending Schwab IMPACT 2011 this week and will post reports from the event as time permits.
Kyle Hiatt (L) and Jon Reiners (R) of Orion Advisor Services, LLC
My first item of business at Schwab IMPACT 2011 was to tour the vendor expo floor and connect with the many technology vendors here. I ran across the booth of Orion Advisor Services, where Kyle Hiatt, Todd Bertucci, and Jon Reiners were stationed.
Our conversation gravitated toward mobile platforms and mobile apps, so I mentioned one app I discovered just on Monday called FlipZu. FlipZu is an app that allows anyone with a mobile phone to broadcast live audio on the Internet.
I played around with FlipZu for the first time today, attempting to broadcast some of the highlights from Advent Software’s Expo Showcase featuring Black Diamond and Advent OnDemand. My 3G service was spotty from inside the Moscone Center, but you can see my FlipZu channel for the recordings I was able to make.
While talking about FlipZu, Bertucci mentioned how advisors could leverage the app to broadcast their market commentary in realtime directly from their phone. Anyone, including clients and prospects, could listen to the live broadcast right from their own mobile phones with the FlipZu app. Those on computers can use the FlipZu web player to listen as well.
We thought that was such a cool idea that I told Bertucci I’d blog about it later in the day. So, know you know.
Note: reps of broker-dealers will want to avoid live broadcasts, for obvious compliance reasons. Advantage independent RIAs.
Tamarac’s integrated platform expands connections to popular document management software applications.
In a press release today, Seattle-based Tamarac Inc. announced the first wave of integration partners for the latest iteration of its platform for advisers, Advisor® Xi.
Click here to read the full release on PRNewswire.
Three popular document management software applications headline the integration, with support announced for Laserfiche® from Cities Digital, Worldox® from Trumpet, and NetDocuments®. In addition to the document management integrations, Advisor Xi will also include integrations with Laser App for online form submissions, MoneyGuidePro™ for financial planning, ByAllAccounts® for account aggregation, and Rackspace for hosted Microsoft Exchange®.
Matt Stroh, VP of Marketing at Tamarac said in the press release, “Partnering with these first-class vendors represents Tamarac’s commitment to taking integration to the next level. Together, we will offer a complete best-of-breed platform that will give financial advisors greater opportunities to replace manual processes with fully automated workflows that span across multiple, integrated products.”
I just came back from Brooklyn where the NAPFA Practice Management and Investments conference was held. While away, I kept an eye on new tech stories for advisers and wrapped them in one nice convenient package for you here:
[My Bits and Bytes post for September 9 listed TD Ameritrade’s announcement of an impending release of Salesforce CRM for its advisers. Yesterday, TD formally announced its release, which includes pre-defined workflow sequences advisers can use to get up and running quickly.] TD Ameritrade Institutional today introduced a Veo advisor platform integration with Salesforce CRM and other third party systems. The customized CRM app offers advisors flexibility, automated workflows and easier access to client data to help improve efficiency and client service.
Pershing Expands Anytime, Anywhere Account Access for Investment Professionals and Advisors With the Launch of Web-based NetX360.com from PRNewswire.com
[You knew lots of announcements were coming now, just days before Schwab IMPACT next week. Here’s an update from Pershing, which is in the final testing phase of rolling out a 100% web-based solution for its NetX360 platform. Notably, the platform supports multiple browsers, including Chrome and Safari, which I feel is a very wise decision.] Pershing LLC, a BNY Mellon company, announced today that it has expanded its leadership of anytime, anywhere account access with the introduction of a browser-based version of its innovative, open-architecture NetX360® technology platform.
Turning planning on its head from InvestmentNews.com
[Davis Janowski covers a new entrant into the financial planning software space. Free, web-based inStream from inStream Solutions, headed up by McLean Asset Management’s Alex Murguia, looks to be a streamlined challenger to the established, high-maintenance software applications traditionally used by advisers.] Planning tools that predict a client’s future needs, advanced financial calculators and an integrated contact management system make inStream a robust, cloud-based product.
EISI strikes a deal to cash out its shareholders from RIABiz.com
[A property and casualty insurance software provider bought the maker of NaviPlan. Add this to the Financeware patent-infringement issues from a few months back, and you have some “what’s next?” thoughts with respect to the future of financial planning software.] Faced with an innovation challenge and increased competition, Emerging Information Systems Inc., North America’s biggest financial planning software company, responsible for NaviPlan and Profiles financial planning software, announced yesterday that its shareholders have reached a deal to sell EISI.
NAPFA Practice Management and Investments attendees are treated to techniques to accelerate strategic planning
What is business coach Tracy Beckes’ formula to fast-tracking the success of a financial advisory firm? It’s the clarity of a one page business plan.
But simply coming up with a one page business plan doesn’t guarantee success for any planner. And no, planners can’t cheat by using 6pt. font size or tiny margins on their one page plan! Beckes stressed the importance of following through with three stages that make up the strategic planning process, telling planners to:
To write a plan, Beckes identified the essential components of the one page document: Core Values, Core Purpose, and a Big Hairy Audacious Goal. The definitions of those components drive the business objectives for the future, starting with five year objectives, followed by 12 month objectives, and ending in 90 day objectives.
But as planners know all too well, plans are nothing without execution. So Beckes urged planners to apply the objectives stated in the plan and make the application part of a consistent routine in the firm. She outlined the structure of the inaugural meeting to kick-start the implementation of the business plan, then identified how planners can review and reflect on the plan’s progress in quarterly updates.
As planners leave the conference, Beckes counseled that they select a leadership team in the firm charged with the one page business plan process, complete the plan, schedule and complete quarterly review, and create alignment in the firm based on the plan. With these clear actions in mind, Beckes anticipated that planners will have the tools to create their ideal firm, one that is aligned with their priorities and definition of success.
I’m attending and presenting at NAPFA Practice Management and Investments this week, so when I have time, I’ll post periodic updates of key takeaways from this event.
Advisers always need help with marketing. One consultant offers strategies to increase referrals and new biz development.
Roughly 200 advisers queued up to the Grand Ballroom of the Brooklyn Marriott hotel to hear Richard Henry of Cambridge, MA-based Millennium Consulting Group deliver marketing strategies.
Henry introduced advisers to several marketing strategies that fall under the BOOM acronym: Big Opportunity Outbound Marketing. Here are some highlights from the BOOM program.
Henry told of one adviser who pulled a client’s file and looked through the paperwork for names of the client’s other advisors. She found the client’s CPA and promptly called him, saying “We haven’t met, but we share several clients in common, so I’d like to get introduced over a quick cup of coffee.”
When Henry asked the audience how many would accept the invitation, over 80% of the room raised their hands. So Henry used the goldmine analogy, as most advisers have a goldmine of information about clients’ professionals in their volumes of client paperwork.
Another strategy Henry highlighted is a technique to increase the convenience for clients. At the end of each year, advisers generate documents relevant to the preparation of a client’s tax return. Instead of handing those documents to the client, advisers can connect directly with the client’s CPA and exchange them directly (with the client’s permission, of course).
It’s a convenient service for the client, and the adviser and CPA now have the opportunity to work together and help each other directly.
Henry finished up with the “Would You Recommend?” strategy, where advisers should replace the word “referral” with “recommend” (Henry said referral implies some voodoo sales tactics), and the Golden Ticket Strategy, where clients give advisers a “golden ticket” to interview other professionals on the client’s behalf to find qualified professionals for the clients’ needs.
Advisers can follow Henry’s strategies with very little burden and effort, and the potential for the strategies to result in business growth is fairly appealing.
It’s been a quiet week in tech-related news, with only two stories hitting my screens worthy of Bits and Bytes features. So quickly go through this week’s stories of interest and get a head start on your weekend.
Is Your “Focus Long-Term” Message To Clients Footnoted? from Blueleaf.com
My latest post for Blueleaf questions whether the quarterly performance reports you send clients conflict with the long-term focus you communicate.
MyFinancialAdvice Founders Launch Social Media Site for Advisors from AdvisorOne.com
[Ron and Kevin are good friends and are putting together a social media toolkit to help convert traffic from social websites into live advice sessions (likely administrated through the MyFinancialAdvice.com platform).] The founders of MyFinancialAdvice.com, a site designed to enable financial planners to offer advice online to middle-income Americans, launched on Oct. 12 OnlineAdvisorCentral.com, which is designed to promote use of social media by advisors.
And in other news, though it’s not related to the benefits or value-add of any technology, interest in Mark Spangler’s connection with Tamarac, Inc. has caused some buzz, so make sure you read the good update from RIABiz on the subject, Tamarac CEO: Mark Spangler’s big trouble with the feds won’t harm Tamarac.
Schwab IMPACT® 2011, one of the industry’s largest conferences, is set to kick off in less two weeks. On Thursday November 3, I’ll be appearing on a panel along with Daniel Bernstein of MarketCounsel and Mike Byrnes of Byrnes Consulting in a session titled Building a Compliance-Friendly Social Media Strategy.
While preparing for the session, I discovered that Schwab just released a mobile app for the conference for iPhone and iPad. The mobile app contains some useful resources such as the entire conference agenda, maps of the venue and expo area (though they open websites when clicked, so one will need an Internet connection to view maps), and exhibitor and sponsor information.
Conference attendees with a valid login can view and update their personal schedule from within the mobile app (though I personally had issues removing events from my schedule while testing the app). Session surveys can also be completed using the mobile app, eliminating the need to drop paper forms at the back of the room at the conclusion of a session.
Click here to open the Schwab IMPACT® 2011 mobile app in the App Store.
