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FPPad Bits and Bytes for December 13

Posted on December 13, 2013 by in Bits & Bytes

On today’s broadcast, find out my picks for the best advisor technology of 2013, how building your own workflow with Internet services just got a bit easier, and how you can let prospects you’ve never seen before tour your office, virtually.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by My Virtual COO, a leading practice management firm that helps advisors free up time so they can devote their energy to mission critical, profitable, and enjoyable activities.

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To find out how you can implement a lean operations plan, download their latest white paper titled “The Lean Solution to Becoming a More Profitable, High Growth Advisory Firm” by visiting fppad.com/myvirtualcoo

2013’s Best Tech for Advisors from Morningstar Advisor

[December has clearly arrived, as I, like many of you, have endured sub-zero temperatures while on the road, but it also marks the release of my column on my top advisor technology picks for the year. Each year I highlight what I feel is the best back office technology, the best client-facing technology, and the best overall innovation for the year.

So taking the honor as this year’s best back office technology winner are two recipients, LPL Financial and Fidelity Institutional Wealth Services. Both companies launched mobile check deposit support earlier this year using apps on mobile devices. While advisors using mobile devices to deposit client checks might not seem very sexy, the capability does reduce many of the challenges when dealing with paper checks deposited in the traditional ways.

Next up is this year’s best client-facing technology, which is awarded to Riskalyze. You’ve heard about Riskalyze before on several of my earlier broadcasts, as they’ve gained significant momentum among advisors seeking tools to objectively quantify each client’s unique risk tolerance. Their reasonably-priced tools allow you to better measure how your clients respond to market volatility, instead of leaving an assessment up to your own intuition and gut feelings.

Finally, this year’s innovation of the year award goes to Trade-PMR for its introduction their bold Fusion Advisor Workstation. This growing custodian delivered a shot across the bow of its larger competitors by pushing the envelope on the custodial technology interface. Its Windows 8-inspired design and touch responsive support unveils a completely new way to manage your client’s financial assets, so look for the competition to play catch-up next year to the new bar established by Trade-PMR.

There’s a lot more to my best technology picks of 2013, including products deserving honorable mention, so be sure to read the full article for all the details.] This is my fourth year positioned in the hot seat of a high-stakes evaluation process that can literally make or break the future of an advisor technology provider!

The Insider’s Guide to the New Zapier, now with 250+ Supported Services from Zapier.com

[Next up is an interesting development on connecting Internet services so you can build your own simple workflows. One service I wrote about last year is IFTTT, an acronym for If This Then That, which allows you to perform an action in one Internet service using a trigger from another.

A second service receiving a lot of attention this week is Zapier, which announced an extensive redesign of its interface and expanded support of over 250 integration partners. There’s no end to the number of cool things that can be done with these services, so be sure to read up on Zapier’s announcement to see how you might start using the service for your own clever workflows.] Today we’re launching a brand new web app and announcing that we now have over 250 integration partners.

Create your own Street View from Google Maps

[And finally, you know how handy it is to use Google Street View to check out unfamiliar places before you travel. Well did you know that you can now duplicate the experience by creating a virtual tour of your business for clients and prospects? Starting this week, Google announced that you can use your own photos from your Android phone or a digital SLR camera to construct a 360 degree photo sphere of your business.

While the direct financial planning applications of a photo sphere are pretty nonexistent, I think setting one up for your business is a very clever way to market yourself to prospects that want to work virtually with you, but still appreciate the environment and people you support that help contribute to their financial success.] Well, starting today, it’s now possible for you to build your own Street View experiences to do just that. Using a new feature in our Views community, you can easily connect your photo spheres to create 360º virtual tours of the places you love, then share them with the world on Google Maps.

 

Watch FPPad Bits and Bytes for December 13, 2013

Watch FPPad Bits and Bytes for December 13, 2013

FPPad Bits and Bytes for December 6

Posted on December 6, 2013 by in Bits & Bytes

On this week’s broadcast, learn the hits and misses from the year’s most anticipated advisor technology survey, the pending termination of several financial planning software products catches advisors off guard, how the leading independent custodians are stepping up their technology, and more.

So get ready, FPPad Bits and Bytes begins now!

(watch FPPad Bits and Bytes on YouTube)

This week’s episode is brought to you by Angie Herbers Incorporated, a consulting and research company to financial advisory firms, who just released a new white paper called Take Two: The New Direction of Succession that addresses the key elements to create a successful transition to your junior advisors.

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Download the Take Two white paper for free, along with other practice management resources, by visiting fppad.com/ahi

Here are this week’s top stories:

Tech Survey 2013: What’s New iIn Advisor Tech? from Financial-Planning.com

[Leading off as the top story is one of the most anticipated technology articles that comes out every year. The first of December marks the release of the annual Financial Planning Magazine Technology Survey, where Joel Bruckenstein digests over 1,100 responses about the various software programs and practice management tools used by financial advisors today.

So who are the winners and losers from this year’s survey?

Redtail Technology, Salesforce, and Tamarac Advisor CRM are the winners among CRM software, as advisors continue to embrace cloud-based technology, with slippage coming from Junxure, ProTracker, ACT, and Goldmine.

In financial planning software, this year’s results are essentially a carbon copy of last year’s survey, with MoneyGuidePro, eMoney, and MoneyTree claiming the top three spots.

And the same is true with portfolio management software, as the top 6 vendors are also a total repeat of last year’s results.

So who missed out on opportunities this year? The survey randomly selected new products from Blueleaf, inStream, and Market76, but found that few advisors had even heard of these relatively new players, which tells me that financial advisors, well, those who don’t watch Bits and Bytes, continue to be a challenging market for new providers to gain exposure.] The move to the cloud is finally taking place. In category after category of this year’s Financial Planning Tech Survey, we found software providers making the shift, and advisors responding.

NaviPlan financial planning desktop products to be discontinued from InvestmentNews

[The next story features news from Advicent Solutions, the company formerly known as Zywave, who provides a suite of financial planning software to advisors under the NaviPro brand.

In an unexpected announcement to some users, the company announced it will sunset six of its NaviPlan products on March 31, 2014, citing an “ever-changing marketplace.”

Going away will be all of the NaviPlan Extended and NaviPlan Standard desktop-based variants, making the cloud-based NaviPlan Premium and NaviPlan Profiles the sole applications that will receive ongoing support and enhancements in 2014 and beyond.

This news reinforces the trend of advisors adopting cloud-based solutions as seen in the Financial Planning Software Survey, so don’t be surprised when other providers announce the discontinuation of their own desktop-based software in favor of cloud-based alternatives.] NaviPlan financial planning products for desktop computers will be discontinued as the owner develops its NaviPro products for online use.

Plowing Ahead from FA-Mag.com

[Software providers aren’t the only ones making big changes in advisor technology, as four of the major custodians are also investing heavily in advisor-facing technology in a very competitive arms race. Once again, Joel Bruckenstein interviewed executives from Fidelity, Pershing, Schwab Advisor Services, and TD Ameritrade Institutional to reveal their strategies to help make advisors more efficient and more profitable through enhanced technology.

There’s a ton of great information in this article, so be sure to read it to see what your custodian is doing to help you grow your business.] Over the last several years, custodians have been investing in advisor-facing technology like never before.

Envestnet | Tamarac’s Advisor Xi(R) Platform Added To Pershing’s NetX360(R) Technology Channel from WSJ.com

[And finally, one company benefiting from custodian technology enhancements is Envestnet|Tamarac. This week, the company announced that its Advisor Xi suite will soon integrate directly with Pershing’s NetX360 custodial platform, giving advisors straight-through processing capabilities for trades in accounts held at Pershing, as well as access to real-time custodial account data.

The real-time data feeds will compliment existing integrations with Schwab and TD Ameritrade supported today, and expand straight-through processing trading capabilities announced at Schwab IMPACT several weeks ago.

Tamarac anticipates that the new integrations will roll out to its 660 firms during the first quarter of 2014.] Envestnet | Tamarac, a division of Envestnet, Inc., a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, announced today that it has formally begun the integration of its Advisor Xi(R) platform into Pershing’s NetX360(R) custodial channel for investment professionals and Registered Investment Advisors (RIAs). Advisors will have access to this integration in the first half of 2014.

 

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Watch FPPad Bits and Bytes for December 6, 2013

 

 

 

FPPad Bits and Bytes for November 22

Posted on November 22, 2013 by in Bits & Bytes

On this week’s broadcast, learn about new technology offerings from two of the top institutional custodians, a bold new workflow platform launches with the potential to revolutionize the way you use technology, and a new app is introduced to fill your prospecting funnel with qualified leads.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.

Total Rebalance Expert

Fresh off its acquisition of PowerAdvisor, TRX offers advisors tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. Learn how you can gain a half a million dollar return on your technology investment by downloading their latest white paper at fppad.com/trx

Here are this week’s top stories:

Schwab IMPACT 2013 Report: All the technology trends advisors can’t miss from FPPad

[This week’s top story comes from Schwab Advisor Services, who unveiled several technology initiatives at their annual Schwab IMPACT conference last week. Capitalizing on four technology trends of Big Data, Mobile, Cloud and Integration, Schwab’s Neesha Hathi announced the company is working on Project PM2, a completely new, cloud-based portfolio management software solution.

Hathi also said Schwab is piloting mobile app development for advisors called OpenView Mobile, giving advisors a white-labeled app in the popular app stores that clients can use to view their account information.

Project PM2 and OpenView Mobile just scratch the surface of all of the announcements made at IMPACT, so be sure to read the main story for all the details.] Schwab IMPACT 2013 kicked off its pinnacle event in Washington, D.C. this year with a big focus on the technology trends sure to change the financial services industry in the foreseeable future. Here are the most important technology announcements provided by various members of the executive team inside Schwab Advisor Services.

Pershing Enhances NetX360® Platform with Additional Third-Party Technology Integrations from PRNewswire

[Another custodian that just introduced new technology integrations is Pershing, who announced that its NetX360 platform now connects with portfolio rebalancing software from Blaze Portfolio and portfolio management software from Portfolio Pathway.

These new integrations will streamline the data import and export process between NetX360, which should increase the popularity of these programs among advisors who custody assets through Pershing.

In addition, Pershing’s account opening process should get a little bit smoother through the addition of Laser App form filling software, and advisors using SmartOffice CRM from Ebix will enjoy single sign-on access from their NetX360 dashboard.] Pershing LLC, a BNY Mellon company, today announced several enhancements to NetX360®, its technology platform for advisors. NetX360 now offers additional integrations with two popular portfolio management and rebalancing solutions – Blaze Portfolio and Portfolio Pathway. Also, as part of its client onboarding solution, NetX360 now provides Laser App® forms management and configuration tools. In addition to these integrations, users of the NetX360 can now directly access Ebix Smart Office customer relationship management (CRM) software via a single sign-on process.

Fox Financial Planning Network Unveils Industry-Disruptive Technology for Financial Services Sector with Intelligent Automation and Integration™ Software from PRNewswire

[Next up comes a development in workflow systems for financial advisors. For years I’ve struggled to answer the question of where an advisor’s workflow system should ultimately live. Should it be a part of CRM software, or perhaps a sophisticated document management program? Well the folks at the Fox Financial Planning Network believe the answer is neither.

Instead, they recently announced the introduction of a new middleware application called Genesis Smartware, a workflow solution that operates in the background of the key programs advisors use every day. Genesis Smartware does not replace CRM or document management workflow, but rather it complements the capabilities of existing systems by leveraging APIs and integrations to step through a series of complex workflow steps.

I believe the potential for this approach to workflow is huge, but look for Fox Financial Planning Network to take a measured approach to rolling out this platform to advisors because until now, you’ve never seen anything like it.] Fox Financial Planning Network (FFPN) announced today the availability of a revolutionary new middleware software application, Genesis Smartware™, which will facilitate sophisticated integrations between industry technology providers, streamline and automate many of the daily tasks involved in providing financial advisory services, and serve as an integration translator between older legacy and newer platforms for financial institutions.

Orion Advisor Services, LLC Releases New Discover App For Creating Customizable Online Client Questionnaires from PRNewswire

[And finally, in an effort to boost advisors’ online lead generation capabilities, Orion Advisor Services just released a new interactive app called Discover. The portfolio accounting service bureau and past sponsor of Bits and Bytes is branching out to help advisors cultivate leads and capture prospect information online. Discover is an online questionnaire that can be completely customized by advisors, and prospects who complete the questionnaire can receive insightful portfolio reports and scorecards through an integration with AdvisoryWorld.

Prospect contact information is routed automatically to Salesforce, with other CRM integrations coming soon, giving advisors better control and visibility into lead generation and management of their prospecting funnel. The Discover app is free for Orion’s existing customers, and pricing for all other advisors is still to be determined.] Orion Advisor Services, LLC, a premier portfolio accounting service provider, announced the release of Discover, an interactive app that allows RIAs to design their own unique online client questionnaires to capture and connect with prospects prior to their initial meetings.

 

Watch FPPad Bits and Bytes for November 22, 2013

Watch FPPad Bits and Bytes for November 22, 2013

FPPad Bits and Bytes for November 8

Posted on November 8, 2013 by in Bits & Bytes

On this week’s broadcast, get up to speed on all the developments from the T3 Enterprise Conference, find out which portfolio rebalancing company just acquired a portfolio management software provider, and another CRM with a long history with advisors gets a fresh start in the cloud.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

This week’s episode of Bits and Bytes is brought to you by Mimic Technologies, providers of complete outsourced technology support, security, infrastructure and IT solutions exclusively for RIAs.

Mimic Technologies

To learn how you can keep your data safe from attackers, download a free copy of their white paper on social engineering attacks by visiting fppad.com/mimic.

Here are this week’s top stories:

Joel Bruckenstein convenes a wholesale version of T3 for IBD execs who choose software for thousands of reps from RIABiz.com, Trying to harness the power of big data for advisers from InvestmentNews.com, Live from T3: Deploying Tech at the B/D Level and Day Two at T3: A Lack of Data Standards from WealthManagement.com.

[First up this week is a recap of the first-ever T3 Enterprise Conference for broker-dealers and financial enterprises. T3 Enterprise is modeled after the T3 Conference for financial advisors, now in its 9th year, and in full disclosure, I co-produced T3 Enterprise along with Joel Bruckenstein and David Drucker.

If you weren’t able to attend or follow the conference hashtag on Twitter, here’s what you need to know:

Redtail, the leading provider of cloud-based CRM to advisors, unveiled a new platform called Redtail Data Cloud. Redtail Data Cloud aims to tackle the challenge of making sense of “big data” present in disparate or poorly integrated technology solutions, and generate valuable, meaningful insight that was generally only possible after pouring over custom spreadsheets for hours upon hours.

Redtail Data Cloud collects over 500 unique data points across its CRM, email, and document imaging products, and also collects data via integrations with Riskalyze, Advisor Websites, Advisor Deck, ActiFi, and MoneyGuidePro. Look for the platform to debut for both advisors and broker-dealers this January.

Also, two companies exited stealth mode at the conference by introducing new promising products.

The first is CleverDome, is a Scottsdale, Arizona-based startup born from the back-office of United Planners Financial Services. Their two new solutions, SOAR, or Source of Accurate Record, and miVu, or Media Integrated View Unification, are best described as document management tools that are invisible to the user, so if that doesn’t make you at least a little curious about what they do, I don’t know what will.

And second to emerge is Gotham Tech Labs, led by John Rourke, who introduced two new stand-alone products, WealthBox CRM and WealthBase. WealthBox CRM is intended to be a simple CRM with a streamlined interface, but with powerful social and collaborative workflows. WealthBase is an inbound marketing network intended to connect financial advisors with consumers seeking feedback and engagement on their financial needs.] Joel Bruckenstein and his co-producers, David Drucker and Bill Winterberg, made it a two-day event geared toward broker-dealers and large RIAs looking to enhance their advisors’ productivity and simplify the many day-to-day processes of providing advice.

Total Rebalance Expert Acquires PowerAdvisor from Cornerstone Revolutions from PRNewswire.com

[The next story is news hot off the presses from Total Rebalance Expert, the San Diego-based portfolio rebalancing software provider. In a press release issued just today, TRX announced that it acquired the PowerAdvisor portfolio management software solution from Portland, Oregon-based Cornerstone Revolutions. PowerAdvisor will be rebranded as TPX, or Total Portfolio Expert, and TRX will continue to support over 100 firms that use portfolio management software every day in their business.

Financial details of the acquisition were not disclosed, but this deal will likely offer advisors with a tightly integrated portfolio management and rebalancing software package, a single resource for customer service and back office support, and a very capable solution offered at a very compelling price point.] Total Rebalance Expert (TRX) today announced the acquisition of PowerAdvisor’s portfolio management software suite from Cornerstone Revolutions. The combination of TRX’s industry leading portfolio rebalancing platform with PowerAdvisor’s portfolio management system will create a complete and integrated portfolio management solution.

Tech Review: ProTracker Cloud CRM Software from Financial-Planning.com

 [And finally, this week’s broadcast wraps up with an update on ProTracker software, providers of desktop-based CRM to advisors for over 16 years. In his technology column for Financial Planning magazine, Joel Bruckenstein reviewed ProTracker Cloud, the latest CRM to introduce a cloud-based solution, which is built on top of the SugarCRM platform. This is similar to the concept of overlays from XLR8 and AppCrown, which both customize the out-of-the-box Salesforce platform and tailor it for the wealth management environment.

Warren Mackensen, president of ProTracker Software and also an active fee-only financial planner, certainly has the experience of knowing what it takes to run a successful advisory business, so I’m optimistic that he’ll be able to introduce SugarCRM, which hasn’t yet gained much traction among advisors, as a viable contender among cloud-based CRMs.] A well-established product for independent advisors is moving to a platform that will provide increased flexibility and may attract new categories of users.

 News that didn’t make the broadcast:

Dell sells its majority stake in Smarsh to investment fund Toba Capital from Businessweek

[This in an informative review of Smarsh’s odd ownership by Dell, as a result of its purchase of Quest several years ago. Dell was a silent owner for roughly a year, making strategy moves challenging, according to the article. Now that the uncertainty seems all but gone for now, Smarsh is making strides to expand its growth among several industries, including archiving for financial services. They even opened a new office in the Atlanta metro area, about a half hour drive from FPPad world headquarters!] Dell has quietly unloaded its majority stake in digital archivist Smarsh, ending a prolonged period of uncertainty for one of Portland’s fast-growing tech companies.

Watch FPPad Bits and Bytes for November 8, 2103

FPPad Bits and Bytes for October 25

Posted on October 25, 2013 by in Bits & Bytes

(Watch FPPad Bits and Bytes on YouTube)

On this week’s broadcast, get the rundown of all the announcements from Apple this week, the trend of quick financial planning expands to a new software provider, and how you can impress clients with a survey. Yes, I said survey!

So get ready, a special Halloween edition of Bits and Bytes begins now.

This week’s episode is brought to you by Wealth Management Marketing, providers of complete outsourced marketing services for Registered Investment Advisers.

Wealth Management Marketing

Learn how outsourcing your marketing can result in successful custom marketing campaigns that grow your business by visiting fppad.com/wmm.

From iPad Air to Mac Pro: everything you need to know about Apple’s fall event from TheVerge.com

[By now, you’ve probably heard that Apple has further disrupted the hardware and software market as we know it. The company introduced a more powerful line of MacBook laptops, updated the release date of the Mac Pro uber-computer to December starting at just under $3,000, and revealed the both the iPad Air, with its ultra-thin 9.7-inch Retina display weighing in at just one pound, and a new iPad mini, upgraded with its own 7.9 inch Retina display and now priced at $399.

Apple also accelerated the race to zero on software pricing, announcing that Mavericks, the latest operating system for Mac, is now free for all users, and the iWork and iLife suites are free for anyone who purchases a new Mac or iOS device.

So what does all this mean to advisors?

Most of you run your business on Windows computers, with many of you still using Windows 7 and older versions of Microsoft Office.

The cost of upgrading your software is often a deterrent, especially if you need to buy one or two dozen licenses for everyone in your organization. That’s especially true now that Office 365 requires an annual subscription of $99 per person; that adds up quickly!

So with free versions of the latest software from Apple, you need to consider what your businesses technology will look like in the near future. Will you get more value from low-cost PCs that come with non-trivial software costs, or from higher-priced Apple hardware that includes core software for free?

And for those programs that don’t run on Macs: there’s always Parallels or VMWare Fusion if you absolutely must have access to your legacy Windows-only applications.] After a year in which Apple’s product announcements have largely leaked out ahead of time, today the company delivered something of a surprise: a redesigned tablet, the iPad Air, that is the lightest full-size iPad to date at just 1 pound.

SunGard Launches a Financial Planning Solution that Helps Advisors Quickly Create Holistic, Client-Friendly Plans from Sungard

[If you watched FPPad Bits and Bytes for October 11, you learned that Advisor Software published goalgamiPro, the company’s quick financial plan illustration tool, on the Salesforce AppExchange market.

Now the latest company capitalizing on the popularity of quick financial planning tools is Sungard, who announced this week the introduction of a new product called WealthStation CompAct.

The new tool is a single, stand-alone application advisors can use on their own or in collaboration with clients to highlight planning opportunities across eight areas, including cash management, asset allocation, and retirement planning.

WealthStation CompAct allows advisors to create basic plans simply and efficiently to help clients prioritize their financial goals. Should more detailed planning be needed, data from CompAct can be fed into the more robust WealthStation Financial Planning module.] SunGard has launched WealthStation CompAct, a new financial planning solution that gives advisors the ability to produce results-based, holistic financial plans quickly, simply and interactively.

Use Surveys to Impress Clients. Yes, Surveys! from Morningstar Advisor

[And finally, you’ve no doubt read countless articles why it’s important to send surveys to your clients. Client surveys provide valuable insight on what your clients are thinking, but the last thing you want to do is fill up your client’s inbox with another dull, plain-vanilla survey.

Enter a survey tool called Typeform. In four easy steps, you can use Typeform to create fun, yes I said fun, surveys that stand out among the rest. Instead of the standard radio bubbles and check boxes, Typeform gives you lots of options to add color, style, and bold icons to your survey. And since Typeform uses responsive design, your surveys look great no matter what device clients use to offer feedback.] The last thing you want is a client to see your survey request and think, “Hooray–another boring survey from my financial advisor.”

Watch FPPad Bits and Bytes for October 25, 2013, "Halloween Edition!"

Watch FPPad Bits and Bytes for October 25, 2013, “Halloween Edition!”

FPPad Bits and Bytes for October 18

Posted on October 18, 2013 by in Bits & Bytes

On this week’s broadcast, a popular financial planning software suite gets a complete overhaul, find out which investment policy statement provider just got acquired, learn how avoiding social media can actually be a risk to your business, and more.

(Watch Bits and Bytes on YouTube)

This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.

Total Rebalance Expert

Designed by well-known CPA Sheryl Rowling, TRX features tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. To learn how you can gain a half a million dollar return on your technology investment, download the latest white paper by visiting fppad.com/trx

Here are this week’s top stories:

Money Tree Software Announces New TOTAL ONLINE Financial Planning Solution from MoneyTree.com

[This week’s lead story comes from Money Tree Software, providers of one of the leading financial planning software applications used by advisors. Money Tree’s flagship product, Silver Financial Planner, originally started as a desktop program over 30 years ago, and the company introduced cloud-based versions of its software over the last decade.

But with competitors like MoneyGuidePro from PIETech, eMoney Advisor, and NaviPlan from Zywave all performing major redesigns in recent years, Money Tree’s programs began to show their age. But all that is about to change.

This week, Money Tree unveiled TOTAL Online, a significant redesign of Money Tree’s original software which dramatically simplifies data entry and overall usability. Advisors should find the new layout intuitive to use, but still offers the powerful features advisors have some to expect from their planning software.

And you’ll be glad to know that the complete overhaul did not come with a dramatic cost increase. First year pricing for TOTAL Online is $1,342, which includes both the Easy Money Power Planner and Golden Years Cash Flow modules. This is a 25% savings off the regular price when purchased individually, and in subsequent years, a continuing subscription of both modules is just $999.] We know cloud-based software is important in today’s financial industry because advisors want to create, collaborate, and deliver financial plans anytime and anywhere. But that software needs to be flexible and easy-to-use. That’s why we created TOTAL Online.

fi360 Acquires IPS AdvisorPro from PRNewswire.com

[Now when you use any financial planning software, you’re most likely going to define some kind of investment allocation in-line with your client’s goals and risk tolerance. So how exactly do you define the objectives of your clients’ portfolio? With an investment policy statement, of course.

IPS Advisor Pro, founded in 2006 by advisors Norm Boone and Linda Lubitz Boone, has been the go-to solution for advisors seeking ways to streamline the investment policy statement creation process.

But in news this week, IPS Advisor Pro announced it was acquired by fi360, the leading advocate for fiduciary behavior in the investment advisory world.

Financial details of the acquisition were not disclosed, but in a letter to IPS Advisor Pro users, the company assured that functionality and support of the software would continue as it is today for the foreseeable future. Norm Boone and Linda Lubiz Boone will remain on board as consultants to fi360, but no doubt the acquisition will allow them to devote a little more time to running their own advisory firms as well as other activities and interests.] fi360, the premier organization for fiduciary education, investment analytics, support services and industry insights for financial professionals, today announced it has acquired IPS AdvisorPro®, a cloud-based technology that helps financial advisors develop customized investment policy statements (IPS), which are used to document client investment goals and the subsequent procedures to achieve those goals.

Defend your online reputation before it’s too late from InvestmentNews.com

Kristen Luke, founder of Wealth Management Marketing, gives advisers five ways to combat negative online search results.

Kristen Luke, founder of Wealth Management Marketing, gives advisers five ways to combat negative online search results.

[In other news, you’re probably watching this broadcast because you saw a link on Twitter, LinkedIn, or Google+, so chances are you have some type of presence on social media. But did you know that NOT having a social media presence can actually be a risk to your business?

In her debut column for InvestmentNews, Wealth Management Marketing founder Kristen Luke provided two examples of how an advisory firm’s reputation was tarnished because of unflattering information that showed up on the first page of search results for each company.

So what can you do if your firm’s reputation is affected by online search results?

Luke offer five actions you can take right now to combat negative online publicity and reduce the impact of unfavorable press.] You are at risk for a negative online reputation whether or not you engage on the Internet. Two examples come to mind.

Envestnet | Tamarac builds Tamarac University Online, a massive online training program for the Advisor Xi software suite from FPPad

[And finally, you know how important comprehensive training is when you roll out any new technology in your business. Training is critical to the adoption and success of any tool you introduce in your firm.

The folks at Envestnet|Tamarac understand that, and have rolled out a new massive online training resource called Tamarac University Online.

I got a preview of Tamarac University Online, which features training modules on their entire suite of tools, including Advisor CRM, Advisor Rebalancing, and the Advisor View online portal. Each module features hours of how-to videos and instruction, which you can watch on demand anytime, and since it’s mobile friendly, using any device.] Envestnet | Tamarac builds an online university to help advisers master the company’s total office software

 

Watch FPPad Bits and Bytes for October 18, 2013

Watch FPPad Bits and Bytes for October 18, 2013

FPPad Bits and Bytes for October 11

Posted on October 11, 2013 by in Bits & Bytes

On this week’s broadcast, learn which broker-dealers are stepping up their game in technology, the industry’s first native financial planning app for Salesforce is introduced, what to do when someone steals your online videos, and more. So get ready, Bits and Bytes begins now.

(Watch on YouTube)

Today’s episode is brought to you by the 2013 T3 Enterprise Conference, exclusively designed for the technology needs of broker-dealers and financial enterprises.

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You have less than one month before this event kicks off on November 3rd in Chicago, so if you’re looking for the best place to monitor trends in broker-dealer technology, you need register today at t3enterpriseconference.com

Upping the Ante from Financial Advisor Magazine

[Continuing with the theme of broker-dealer technology, this week’s lead story comes from Joel Bruckenstein, whose “Upping the Ante” column for Financial Advisor magazine provides a terrific overview at what broker-dealers are doing to deliver leading technology to their representatives.

Bruckenstein covers updates from leading BDs like Raymond James, LPL Financial, United Planners, Commonwealth, and Wells Fargo Advisors. Even if your firm is not affiliated with a broker-dealer, you need to read this column to find out what technology you should be adding to your business so you don’t fall behind in this continuously evolving marketplace.] With advisors’ business models constantly evolving, the pressure on independent broker-dealers to continually enhance their technology platforms has never been more intense. From portfolio management to client relationships, advisors are demanding that competitive brokerage firms up their tech games. This article looks at how five broker-dealers are trying to satisfy those demands.

Advisor Software, Inc. Launches goalgamiPro On salesforce.com’s AppExchange, The World’s Leading Business Apps Marketplace from PRNewswire.com

[Now notably absent from an article on broker-dealer technology is any update on Salesforce, the 800-pound gorilla of enterprise CRM. But one company expanding its support of Salesforce is Advisor Software, creators of goalgamiPro, a quick financial planning software application that I’ve highlighted in the past on my YouTube channel.

Advisor Software just launched a new app in the Salesforce AppExchange for goalgamiPro, giving advisors who use Salesforce the industry’s first native financial planning app for the CRM platform. You can watch a 7-minute demo video of goalgamiPro for Salesforce in action embedded along side the links to this week’s top stories.] Advisor Software, Inc., a provider of wealth management solutions for the financial advisor market, today announced it has launched its goalgamiPro quick planning solution on salesforce.com’s AppExchange, empowering businesses to connect with customers, partners and employees in entirely new ways.

Video theft: the latest threat to online financial adviser content from FPPad

[Switching gears now, a lot of you have asked me how you can create and post videos online to market your firm and generate organic search traffic to your business. But when you post videos online, you need to know that other people with dubious intentions can steal your videos and use them for their own benefit.

This week I discovered two episodes of Bits and Bytes had been reposted to another channel on YouTube and were being used to generate advertising revenue for that channel owner. So what can you do if you find someone allegedly infringing your copyrighted videos? YouTube makes it very easy to file an infringement claim, and when I filled one out for the two Bits and Bytes videos that were stolen, YouTube removed them in less than 24 hours.

Here is the link to access the YouTube Copyright Infringement Notification form.] Content thieves are stealing popular advisor videos to draw visitors to their questionable channels. Find out how to stop them.

Orion Advisor Services, LLC Achieves ISO 27001 Certification from PRNewswire.com

[Finishing up this week’s broadcast is a security update from Orion Advisor Services, the nation’s largest privately held portfolio accounting service bureau and, full disclosure, past sponsor of Bits and Bytes. Earlier this week, Orion announced that it achieved the ISO 27001 certification for meeting rigorous standards required for internal security controls.

The ISO 27001 certification is not easy to achieve, as the audit process is both time consuming and expensive. Orion becomes just the second company in all of Nebraska to receive the certification and joins industry heavyweights like Salesforce and Broadridge as the few financial services firms that are ISO 27001 certified.

But if you seek the gold standard in security controls from your vendors and providers to keep your information safe, ISO 27001 is the benchmark that distinguishes the top companies from all the rest.] Orion Advisor Services, LLC, a premier portfolio accounting service provider, recently completed an independent audit in accordance with the global security certification standards outlined by the ISO/IEC 27001:2005 report (“ISO 27001”).

 

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FPPad Bits and Bytes for September 27

Posted on September 27, 2013 by in Bits & Bytes

On this week’s broadcast, one of the top portfolio management software providers tip-toes its way into the cloud, creating investment policy statements just got a whole lot easier, how a new app can create a real-time dossier about your clients, and more. So get ready, Bits and Bytes begins now.

(Watch on YouTube)

This week’s episode of Bits and Bytes is brought to you by Mimic Technologies, providers of complete outsourced technology support, security, infrastructure and IT solutions exclusively for RIAs.

Mimic Technologies

To learn how you can keep your data safe from attackers, download a free copy of their white paper on Data Privacy and Protection by visiting fppad.com/mimic.

Advent unveils Advent Direct™ — An Innovative Cloud Platform — At AdventConnect from Advent Software

[Leading off is an update from Advent Software, which recently celebrated its 30th year in business last week at the company’s AdventConnect conference in San Francisco. The highlight of Advent Connect is the expansion of Advent Direct™, a cloud-based platform which Mike Golaszewski, Black Diamond’s head of product development, says is an abstraction layer on top of the company’s core product offerings.

While Advent Axys will remain a desktop-based solution for the foreseeable future, it will not be completely isolated from the cloud due to the online and mobile access available through Advent Direct.

And while the news of Advent Direct seems hot off the presses, it’s not entirely new, as Advent has offered an app to iPad users since April of this year for mobile access to client portfolio information.

Advent also unveiled the Advent Direct™ Community, a private online forum that’s part customer service portal and part discussion board, no doubt inspired by collaboration options found on other social networks. Yes, the Advent Users Group on LinkedIn, I’m talking about you!

But the one big unknown regarding Advent Direct is pricing. It remains to be seen how much Advent users will need to pay to route their Axys data into Black Diamond to benefit from enhanced reports.] Advent Software, Inc., a leading provider of software and services for the global investment management industry, today commenced its annual AdventConnect conference taking place September 18 – 20, 2013 at the San Francisco Marriott Marquis.

A One-Click Roadmap for Your Clients from Riskalyze

[Next up is an update from a startup that deserves to be added to your technology radar. The company is called Riskalyze, based in Sacramento, California, which offers patented Risk Number technology in an attempt to quantify client risk tolerance and align it with suitable investment portfolios. This week, Riskalyze expanded its feature set by offering a single-click option to create an Investment Policy Statement.

Whether you believe in the validity of Investment Policy Statements or not (and Stark and Stark’s Tom Giachetti comes to mind), it still doesn’t get any easier than using a single click to generate an IPS document.

So if simplifying your client risk assessment process is important to you, you should learn more about Riskalyze’s offering.] Today, we’re excited to announce that Riskalyze now makes it possible to create this roadmap for your clients with a single click.

Surface Pro 2: hands-on with Microsoft’s new tablet powerhouse and Amazon’s Kindle Fire HDX: Power, With A Helping Hand, both from The Verge

[Now I bet you’ve noticed changes in the air, meaning Fall has arrived, complete with shorter days, football on the weekends, and a deluge of new product announcements. So on the heels of Apple’s new iPhone 5S and 5C announcement two weeks ago, Microsoft announced updates to its floundering line of Surface tablets to compete with the market-dominating iPad. Not to be left out, Amazon also announced a refresh of it’s low-cost Kindle tablets, with a new HDX line of Android-powered tablets starting at just $229.

But the unexpected surprise from all the hardware announcements actually came in the form of a new feature on the Kindle HDX called Mayday. Mayday is an icon on the Kindle users can touch to get free technical support anytime they need it, complete with video conferencing and screen sharing.

While its definitely a cool feature for Kindle users, Mayday actually creates a slippery slope for you as an advisor, as I think it won’t be too long before your clients start to expect a similar easy, on-demand way to access you as their trusted financial advisor.

So if you’re not yet up to speed on using video chat services like Skype, FaceTime, Google Hangouts and more, now is the time to add these tools to your technology portfolio.]

Refresh – The Instant Dossier from Refresh

[Finally, updates to FPPad have been few and far between this month because of the amount of time I’ve been spending on phone calls and meetings. I’ve been speaking with dozens of people, and it’s unrealistic for me to think that I can keep all the details about each relationship straight in my head.

That’s why I’ve turned to a new app called Refresh, (full disclosure, they gave me a free T-shirt), but the app truly helps me keep all the details about my contacts organized in one place.

Refresh connects my contacts, calendar, and social media accounts to create a real-time dossier about the people I’m going to meet. Refresh automatically connect the dots of what my contacts are doing and sharing online so I don’t have to waste time gathering this intelligence on my own.

A beta version of the app is available for iPhone, but Android users will need to sign up to be notified when the app is released to the Google Play store.]

Watch Bits and Bytes for September 27, 2013

Watch Bits and Bytes for September 27, 2013

FPPad Bits and Bytes for September 13

Posted on September 13, 2013 by in Bits & Bytes

On this week’s broadcast, what the new iPhone means to the future of your business, mobile check deposit comes to one of the top custodians, another document collaboration and e-signature partnership, and more. So get ready, Bits and Bytes begins now.

(Watch on YouTube)

This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.

Total Rebalance Expert

Designed by well-known CPA Sheryl Rowling, TRX features tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. To learn how you can gain a half a million dollar return on your technology investment, download the latest white paper by visiting fppad.com/trx

Apple Unveils iPhone 5C and iPhone 5S from the Wall Street Journal

[No technology broadcast would be complete without mentioning this week’s announcements from Apple on the new iPhone 5S and 5C. Nearly one out of every two advisors already use the iPhone for personal and business activity, and few will argue that the capabilities of all smart phones, even Android, Windows Phone, and Blackberry, can really boost an advisor’s efficiency.
So if you’re considering an upgrade to your iPhone, or even a switch from the other manufacturers, here are the three most important updates you need to know.

First, the iPhone 5S features a new Touch ID sensor to unlock your phone using only your fingerprint, further enhancing the device’s security to prevent unauthorized access.

Second, the iPhone 5S comes with iOS 7, the latest version of Apple’s mobile operating system with hundreds of new features. Of most relevance to you is the new AirDrop feature, allowing you to share photos, contacts, and most importantly documents, directly over WiFi using a secure connection. Now AirDrop only works with iPhone 5, and the latest versions of the iPad and iPod Touch, so you may need a backup plan when you want to share documents with clients who have older Apple devices.

And third, any new purchase of an iOS device comes with the iWork apps for free, including Pages, Numbers, Keynote, and iMovie, saving you roughly $40, but also giving you native apps to edit the office documents that you use every day.

But no matter what phone you currently use today, manufactures keep trying to one-up each other with new software and hardware features, and Apple is no different than the rest of the competition. One downside to all this innovation: it does put pressure on your technology budget when trying to keep up with all the new options out there.] Apple Inc. introduced a pair of new iPhones Tuesday with upgraded features, but didn’t stray far from its usual playbook to address concerns about intensifying competition from rivals such as Samsung Electronics Co.

Fidelity adds remote check deposit feature to the WealthCentral Mobile app from FPPad.com

[And in other mobile device news, mobile check deposit is now coming to one of the top institutional custodians to independent advisers. In Bits and Bytes for August 30th, you learned that LPL Financial rolled out remote check deposit to their iOS and Android apps. Not to be outdone, Fidelity announced this week that it, too, will allow advisers to deposit client checks into their accounts using the company’s WealthCentral Mobile app.

Now advisors can’t just download the latest version of the app and start deposits right away, as there is an enrollment process that Fidelity requires. Read the related story to get all the details of the process.] Weeks after LPL introduced remote check deposit in its app, Fidelity becomes the first custodian to offer the functionality to its advisers.

ShareFile + RightSignature: Empowering professionals with e-signatures from ShareFile from ShareFile.com

[Next up is news on a new partnership between leading providers of document collaboration and e-signature software. This week, ShareFile, part of the Citrix family of collaboration tools, announced that it completed an integration with RightSignature, another contender in the e-signature space. I bet you were expecting DocuSign, weren’t you, since I’ve mentioned them in almost every Bits and Bytes episode to date!

But advisors using ShareFile now have the ability to route documents stored in ShareFile directly to RightSignature to obtain client signatures. But not all financial institutions accept e-signatures from RightSignature, so if you’re a ShareFile user, you might need to challenge your custodian to pursue a relationship with RightSignature so you have options when it comes to obtaining electronic signatures from your clients.

There’s a video walkthrough available of the ShareFile/RightSignature integration, so to watch it, just visit the story linked above.] We’re excited to announce our new partnership with RightSignature, a leading provider of secure electronic signature services, to bring you a fast, easy and secure way to obtain electronic signatures on important documents, right from your Citrix ShareFile account.

Fate or Destiny? from TheReformedBroker.com

[Finally, you should know what Josh Brown is up to. Josh who, you might ask? He’s the former broker turned fee-only advisor and author of Backstage Wall Street, which Brown says is “the book [air quote]they[air quote] don’t want you to read.”

So what does Josh Brown have to do with technology?

He’s a prime example of how social media and transparency through technology can literally throw gasoline on a smoldering fire and ultimately transform your business into a enviable growth engine.

On his website this week, Josh announced that he has to go away for a while to work on a handful of major projects, but with his social media presence and visibility as a fee-only advisor, it’s worth your time to put Josh on your radar if you haven’t done so already.] I suppose I don’t believe in fate but I do believe in destiny.

 

Watch Bits and Bytes for September 13, 2013

FPPad Bits and Bytes for September 6

Posted on September 6, 2013 by in Bits & Bytes

On this week’s broadcast, a peek at Junxure’s new cloud CRM for advisers, a custom built workflow system is coming to MoneyGuide Pro, why it’s time you should stop asking clients for referrals, and more. So get ready, Bits and Bytes begins now.

(Watch on YouTube) This week’s episode is brought to you by Shareholders Service Group, offering custodial services, advanced technology, and superior client service to nearly 1,100 independent RIAs nationwide.

Shareholders Service Group

Access leading technology from Black Diamond, MoneyGuide Pro, Redtail, TRX and Envestnet through the SSG open architecture platform. You personally handle your clients’ financial needs, so let SSG be the custodian that personally serves you. For more information, visit fppad.com/ssg

Here are the links to this week’s stories of interest:

Tech Review: Junxure Cloud Reaches for the Sky from Financial-Planning.com

[Leading off is an update on Junxure CRM, as their long-awaited transition to the cloud is just about ready for prime time. Financial Planning magazine technology editor Joel Bruckenstein recently reviewed Junxure Cloud, but hesitated to issue a resounding endorsement of the product. Bruckenstein praised Junxure Cloud’s modern design, reminiscent of tiles found in Windows 8, but cited a lack of functional widgets and live integrations as reasons to wait before fully embracing Junxure Cloud. Those issues, combined with minimum retail pricing of $2,700/year for 3 users, will likely put advisers in a wait-and-see mode to determine if Junxure Cloud eventually lives up to its potential.] Over the years, Junxure has added a few additional products, including ClientView, a client portal service, and Junxure Mobile. But the one component it’s been lacking is a cloud-based CRM product, which it’s been working on for about two years. Those efforts are about to bear fruit.

Financial Planning Software Experts at Money Guide Pro Select Fox Financial Planning Network To Develop Integrated Workflow System from eReleases.com

[Next up is news from MoneyGuide Pro, the most popular web-based financial planning software program used by advisers today. This week, MoneyGuide Pro announced that it selected the Fox Financial Planning Network to develop a custom workflow system to streamline the financial plan creation process. The Fox Financial Planning Network already provides pre-built workflow templates for popular CRMs like Redtail and Grendel, but this development marks the first time a workflow system addresses the steps unique to financial planning software. With over 300 adviser members to date, the Fox Financial Planning Network has clearly positioned itself as one of the go-to providers as advisers seek comprehensive workflow systems for their business.] PIEtech, maker of Money Guide Pro (MGP), the leading financial planning software for financial advisors, officially announced today the selection of Fox Financial Planning Network (FFPN) to develop a custom workflow system to enable MGP subscribers to create financial plans more efficiently as well as to drive adoption of recently added valuable features.

This tiny Irvine company built a pro video-conf product for millions — on top of Google Hangouts from VentureBeat.com

[Now Fox Financial Planning Network is a great example of a company that uses video conferencing and webinars to share information and build their profile. So you’ve probably considered using video conferencing yourself for similar activity with clients and prospects, but have yet to find the right platform. Webex and GoToMeeting might be too cumbersome for some clients use, and Google+ Hangouts might just be a little too informal for your tastes.

One new service attempting to bridge the gap is called Business Hangouts, which claims to be the enterprise-friendly app for Google+ Hangouts. Users get all the useful features of Google+ Hangouts video chats, but also a number of add-ons like event registration, email reminders, virtual 3D rooms, and more that are attractive to enterprise users. Paid versions start at just $9 a month for up to 50 attendees, which is a very steep discount from many of the other online video conference services.] Video-conferencing is a massively turbulent space right now. Large incumbents like WebEx and GoToMeeting are fighting smaller, nimbler, and cheaper options like Blue Jeans Network and the company that actually powers Google Hangouts, Vidyo. But an tiny upstart company in Irvine, California just might unseat them all.

Stop asking for referrals and use technology to drive growth from FPPad.com

[Finally, you are well aware how important referrals are in the organic growth of your business. But one industry consultant insists that it’s time advisers stop asking their clients for referrals. Stephen Wershing, president of The Client Driven Practice and author of book Stop Asking For Referrals, recently sat down with me to talk about the things advisers *should* do to create an effective referral strategy, which includes a few technology tips as well.] Asking clients for referrals can be damaging says one expert; use technology instead to drive your business growth.