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FPPad Bits and Bytes for June 14

Posted on June 14, 2013 by in Bits & Bytes

Younger, tech-savvy advisers are more successful than their baby boomer counterparts, says one study

Younger, tech-savvy advisers are more successful than their baby boomer counterparts, says one study

So you want to be more successful, right? According to one story in this week’s Bits and Bytes roundup, you need to be more tech savvy.

Being young doesn’t hurt either, but there’s not much you can do about rolling back the clock.

So go order the latest MacBook Airright now and move on with this week’s stories of interest:

High-tech solutions to manage less money from SFChronicle.com

[Pulled right from the article, one prospect said “I started as a dashboard client, then they sold me into their wealth management product.” And THAT is the power behind Personal Capital’s free tools. Give them technology that is so useful, up front, for free, and roughly 1 out of 285 will convert to a paying client at 95bps (700 clients, says TechCrunch, and 200,000 total dashboard users).] A growing group of startups is using technology to lower the cost and provide personalized solutions to a less-wealthy demographic. Many are based in the Bay Area, drawing on the region’s engineering and financial talent. Here’s a look at four of them.

Survey: Younger Financial Advisers Tech-Savvy, Successful from NBCBayArea.com

[First, watch the video embedded below. It’s Flash, so tap the link above if you’re viewing this on your iPad/iPhone or inside an email.]

[This story is based on the Fidelity survey that showed younger advisers are managing more AUM then their baby boomer counterparts (see that story at Financial-Planning.com). The good news is one adviser profiled in this story, Martin Weil, is making a commitment to embrace technology in his business. The results? Weil’s business is on a very positive growth curve. Plus, add in some gentle promotion from NerdWallet for good measure.] Is older and wiser always better? When it comes to managing your money, the answer is: Maybe not.

Junxure Cloud is really coming; availability and pricing firmed up from InvestmentNews.com

[Davis Janowski gets an early look at Junxure Cloud, expected to be released to the public this October. Advisers have been very patient waiting for the cloud version of Junxure, and according to Janowski, most will be rewarded for the wait. Since Junxure Cloud doesn’t provide all of the functionality of its desktop counterpart, there may be some barriers to migration for firms that find Junxure Cloud to be missing those two or three specific features they can’t live without. But for advisers seeking a new CRM, Junxure Cloud certainly is an attractive option among the remaining web-based CRMs. Still, pricing is pretty high at $75/user/month, especially compared to Redtail and Grendel, which both charge roughly $65/month for up to 15 users (or $4.33/user/month if all 15 user seats are filled).] Good things take time. That goes for the crafting of software and applications, too. Junxure Cloud is no exception.

FPPad Bits and Bytes June 7

Posted on June 7, 2013 by in Bits & Bytes

No more planes, trains, and automobiles! No I'm back to give you the best in tech from the past three weeks.

No more planes, trains, and automobiles! Now I’m back to give you the best in tech from the past three weeks.

First, don’t forget to register for Tuesday’s free webinar on adviser technology. Head on over to InvestmentNews.com now.

Now this is an extended Bits and Bytes, covering the past three weeks of news and making up for my business/vacation trip out to the West Coast.

For your convenience and efficiency, I split this week’s updates among their respective categories, so you can use the links below to jump to areas of interest.

Here are the best stories of interest from the last three weeks:

Compliance

Smarsh Survey Reveals New Phase in Evolution of Communications Oversight from Smarsh.com

[Smarsh, the provider of email and social media archiving solutions, recently released its annual Electronic Communications Compliance Survey that has all sorts of nuggets around compliance. If you offer your contact information, you can download the report for free. Inside you’ll find insights like the gap between social media use and actually archiving messages and details on mobile device security (or lack thereof).]  Smarsh, the leading provider of hosted archiving and compliance solutions for email and electronic communications, today released its third annual Electronic Communications Compliance Survey Report at FINRA’s 2013 Annual Conference. While challenges surrounding the oversight and retention of electronic communications remain widespread, this year’s study reveals that compliance professionals in financial services are more comfortable with the “new normal” of greater regulatory scrutiny, evolving communications tools and more complexity in the demands around email surveillance.

CRM

Live Junxure Cloud Demos Now Available from Junxure.com

[Curious what Junxure Cloud looks like? Demos are now available through Junxure, with five live demo sessions offered through June. Click over to their announcement and the link to join the demo sessions is at the bottom of the announcement.] Just announced! This June, Junxure will begin offering a series of live demonstrations of Junxure Cloud™, its highly anticipated cloud-based CRM solution for financial advisors.

Redtail and goalgamiPro make a data connection from InvestmentNews.com

[You should know both Redtail and goalgamiPro well from past FPPad coverage (see Yes, you can create financial plans in eight minutes). Now the two companies have integrated their products, saving you time when logging in and passing data from Redtail to goalgamiPro.] The latest example, and one that might end up being a good fit for a large number of advisers, at least those that do financial planning, is the integration of goalgamiPro with the popular customer relationship management application from Redtail Technologies.

Social Media

BloombergBlack Review: This Is Not The Disruptor You’re Looking For from I heart Wall Street

[Here is a VERY comprehensive look at BloombergBlack, the latest attempt at a “robo-adviser” online advice platform. Bottom line: behind the mystery and mystique of a premium brand, BloombergBlack lacks the real power and potential of big data and proactive alerts of online platforms. Read the full review for all of the insight.] When I first shared the news with Josh Brown about BloombergBlack (behind the scenes) it created a much bigger stir than I ever anticipated, especially inside of the wealth management industry.

Twitter Offers Bigger Opportunities with Lists Update from Arkovi.com

[If you are starting to get overwhelmed by the number of people you follow on Twitter, lists are an ideal way to organize people on a variety of filters. Lists allow you to sort the people you follow by whatever label or criteria you wish, saving you from the firehose of tweets found on your main timeline.] For active Twitter users, building lists is an easy way to organize friends, colleagues, brands and influencers online.

Practice Management

Pershing Launches Online Practice Management Center for Advisors from Pershing.com

[This is the next wave in value-add resources that custodians are beginning to deliver to their advisers. I would expect similar offerings from the other major custodians if they don’t already do this today (I just can’t keep all of their value-add resources straight in my head!). But what is really offered at Pershing’s site? This is essentially an aggregated website of about 100 of Pershing’s research and white papers published to date. So if you are looking for tips on using your tablet or getting proactive follow up reminders from your CRM, you will need to look elsewhere (aka FPPad!).] Pershing LLC, a BNY Mellon company, today unveiled its new Practice Management Center, a comprehensive resource that offers Pershing’s clients practice management-related content in one user-friendly, central location. In response to client demand, advisors will now have quick access to all of Pershing’s family of practice management materials, including more than 100 pieces of thought leadership, whitepapers, guidebooks and interactive tools on-demand.

3 Great Apps That Will Change Your Life from Financial-Planning.com

[Shortcut: the apps are Penultimate, Evernote, and Nozbe. What are my three “life-changing” apps? 1. PlainText: I don’t write notes with a stylus. Handwritten notes aren’t searchable. So instead I type, and this freemium app syncs all my entries with my Dropbox account. 2. Dropbox: While it’s not the gold standard in cloud file storage (see: Dropbox for Financial Advisers: Is it Safe? Secure?), it’s one of the best integrated services out there, including support for my PlainText notes. 3. Workflowy: Like PlainText, this is a super simple app I use to organize lists and todos. Expand and contract lists at will to see the entire universe or just one specific topic. It, too, syncs with Dropbox for backup.] To increase this understanding and to communicate your insights effectively, you need get yourself, your information and your insights organized. Here are three great app’s to help you get your tech stuff together like never before.

General Technology

Leaving Behind the Digital Keys to Financial Lives from NYTimes.com

[This article scratches the surface of what is becoming a much more significant issue as so much of our financial lives move to online services. I even struggle with this issue personally, as I maintain all of the online accounts for our household, and my wife isn’t all too familiar with the “system” I use. As a planner, you clearly have an opportunity to help clients not only organize their online finances, but also ensure that access to online information is available for all those who need it.] Bob Gingberg, a retired production manager for an educational publisher, is worried that he does not know any of the logins and passwords for online accounts belonging to his partner or brother and they do not know his.

Bill Winterberg: The 2013 IA 25 Extended Profile from AdvisorOne.com

[Once again, it was quite a surprise to receive a phone call from Joyce Hanson of Investment Advisor magazine calling to inform me that I had been selected into the IA 25 list of influential people in the financial services industry. I am honored and humbled, and will continue to deliver as much premium information about technology in this industry to you, my loyal readers and subscribers!] Bill Winterberg, a certified financial planner with a bullish view on the future of technology in the advisor space, describes himself as squarely positioned in the Gen X/Gen Y demographic.

Personal Capital Closes $25 Million In Series C Funding For Online Wealth Management Platform from TechCrunch

[After raising another $25 million, Personal Capital has attracted $52.3 million in funding to support a team of 70 employees managing a collective asset base just shy of $200 million across 700 clients. That’s roughly $285,000 for the average client. So with $52 million raised, I get a raw cost of client acquisition of $74,174, not including any spending derived from Personal Capital’s revenue earned to date. BUT, as Harris mentions, it may still be very early to evaluate the company’s growth soak critically, as this trend toward online advice platforms may have another 10 or 15 years ahead of it. Still, that is a long time to wait for any return on investment for many of the early investors.] When many people hear “wealth management,” they think of elite advisors meeting old money clients at the country club, or decades-old firms with big names such as Fidelity or Schwab. But in the years ahead, one Silicon Valley startup is aiming to shake up that establishment — and just has raised a nice chunk of new funding to help.

Ex-PayPal CEO to hire 100 in Denver for latest venture from BizJournals.com

[So what’s Personal Capital going to do with its new $25 million? Open up an office in Denver, CO and hire 100 financial advisers.] Bill Harris, the former CEO of PayPal and Intuit, tells the Silicon Valley Business Journal he intends to establish a Denver office for his latest company and hire 100 financial advisers.

Pershing Previews Its Next-Generation Mobile Application at INSITE™ 2013 from Pershing.com

[Pershing gets another update this week due to their conference-related announcements. The company previewed changes coming to its NetX360 mobile apps designed to run on iOS, Windows, and Android platforms. Nope, no Blackberry app for the 30 of you who have visited FPPad since the beginning of 2013!] Pershing LLC, a BNY Mellon company, is previewing its next generation mobile solution for investment professionals today at the INSITE™ 2013 conference in Hollywood, Florida. The new version features a fully redesigned, sleek user interface and a variety of features aimed at making advisors more efficient and productive in their everyday activities.

Pershing unveils next NetX360 from InvestmentNews.com

[Alright, I’ll stop at three updates related to Pershing, but despite its dry title, InvestmentNews tech reporter Davis Janowski does a good job describing some of the adviser-of-the-future technology on display at INSITE 2013. He highlights voice recognition inside NetX360 that can respond to a variety of report commands. Now controlling NetX360 by voice while driving is a bit of a stretch for me, but it at least gets the point home. But here’s my hangup; I have trouble using Siri to send texts to family while driving, what makes me think I’ll be successful at performing data queries in NetX360? So, there’s obviously wow factor here, but true utility? I’m on the fence. So can custodians start with truly paperless account application and approval processes first, for example, which will translate to actual efficiency gains in your office? Thanks.] Ram Nagappan, Pershing LLC’s chief information officer, is something of a visionary. Not only does he love technology for technology’s sake — he gets positively giddy showing off new things — he loves applying it to improve business processes.

How Do I Know If My VPN Is Trustworthy? from Lifehacker.com

[I talk about VPN services to help keep passwords and login credentials safe from prying hackers (see How to secure mobile devices against “WiFi honeypots”). But when your credentials pass through a VPN, how safe are they? This Lifehacker update gives some good rules of thumb when evaluating the security of your VPN provider.] You do have to trust that your VPN service provider has your best interests at heart, because you’re relying on them to secure your connection, keep everything encrypted, and to protect your activity from prying eyes.

FPPad Bits and Bytes for May 17

Posted on May 17, 2013 by in Bits & Bytes

coast

I’m starting a long west coast swing tomorrow, so the next two weeks of Bits and Bytes are in jeopardy as I won’t be back in my home office until June 3.

Included in this trip is a stop at FPA NorCal 2013, so if you’re attending, be sure to catch my Mobile Adviser session on Wednesday the 29th at 1:15pm PT.

Here are this week’s stories of interest:

Trust Company of America And RIA in a Box Announce Strategic Alliance from PRNewswire

[I missed this story last week, but still feel it’s a good one for you. RIA in a Box carved out a great niche several years ago as the fast, turnkey way to get an RIA formed. Now the rapidly growing business continues to broaden its client base through strategic partnerships like this one with Trust Company of America. Even if you’re already an established RIA, RIA in a Box offers a range of ongoing compliance services from $99 to $399 per month. If that saves you at least two hours a month, you’re making money on the outsource relationship!] Trust Company of America, an independent technology and custody provider for RIAs, announced today that it has entered into a strategic alliance with RIA in a Box, the industry-leading RIA registration and compliance firm. RIA in a Box serves RIAs looking to start a career in the industry or break away from the wirehouse model.

 Want a More Profitable Firm? Let Employees Work From Home from AdvisorOne.com

[The place where I work (most of the time) has four walls, two windows, a desk, computer, and some office furniture. I bet the room where you work is not all that different. So does it make any difference that my room happens to be in my home? According to adviser performance consultant Angie Herbers, it doesn’t. She describes how the desire for more time with family or following a spouse in a move for a better job should not mean the end of employment with a successful advisory firm. In fact, Herbers’ example actually resulted in even stronger client connections without anyone ever stepping foot in a “traditional” advisory office.] One of the common lifestyle perks we get asked about is working from home. The technology explosion spilling over into financial advice has made working from home quite productive and profitable for many firms.

FPPad Bits and Bytes for May 10

Posted on May 10, 2013 by in Bits & Bytes

I was in San Diego and Palm Springs over the last week, delivering three different presentations over four days. I’m no Michael Kitces, but I was glad to sleep in my own bed after a week on the road.

Attend The Mobile Adviser Wednesday, May 15th through the AICPA PFP Web Seminar

Attend The Mobile Adviser Wednesday, May 15th through the AICPA PFP Web Seminar

Heads up: I’m presenting a webinar on my session The Mobile Adviser: Everything financial advisers need to stay safe, connected, and productive in the Mobile Age on Wednesday the 15th for the AICPA.

Follow this link to register: AICPA PFP & CPA/PFS Web Seminars

 

Here are this week’s stories of interest:

Bloomberg’s new venture: Online advice from InvestmentNews.com

[The latest entry into the online investment advice market is BloombergBlack, a premium investment subscription service primarily targeted to high net worth individuals interested in managing their own investments. For a starting fee of $100/month (their Form ADV permits monthly fees up to $500), subscribers gain access to four investment experts and a variety of Bloomberg research and information.] An 800-pound gorilla is wading into the market for online investment management and financial advice. Media giant Bloomberg LP is quietly testing a “premium” wealth management service, BloombergBlack, aimed squarely at mass-affluent investors.

Savant Capital takes advice online from InvestmentNews.com

[Ok, so the roughly $3 billion AUM Savant Capital is launching eSavantAdvisor, a 100% online way to work with a CFP® practitioner employed by Savant. There are three advisors for eSavant, and fees are no lower than the 1% annual fee on the first $1 million in assets charged by the parent company. At least the minimum fee is down to $900 (if you don’t count TD Ameritrade Institutional’s $165/year fee) from Savant’s typical $5,000 annual minimum. So what technology does the eSavantAdvisor client get? Access to their portfolio data via Orion Advisor Services, a login at TD Ameritrade Institutional (doesn’t that duplicate info in Orion?), and web meetings with WebEx to start. There may be other technology available, but the ones listed cover the basics. But here are two things that bother me: First, which three of the dozens of Savant employees are stepping up as eSavantAdvisor planners? It’s not clear. And second, look at the Savant Capital Management website: it could use an overhaul. At least eSavantAdvisor.com features a more modern design, even if it is missing video.] Savant Capital Management is offering technology-savvy investors an online version of the comprehensive investment advice that its advisers offer clients who come into one of its offices.

Schwab Launches OpenView MarketSquare, PortfolioCenter Hosted from Financial-Advisor.com

[It’s official, the long-awaited hosted version of PortfolioCenter is now live, and so is the Zagat-style rating system, MarketSquare. Most controversial is MarketSquare, where online reviews are first screened by Schwab insiders, likely for accuracy and brevity, and not to intentionally skew the bias of reviews. Still, in the day when all of us can get unfiltered reviews of any product sold on Amazon.com, Schwab’s filter-first attribute of MarketSquare does create an odd approach. But on the other hand, there are a few websites out there already that permit unfiltered reviews of financial advisor products, and the value of those are so-so.] Schwab Intelligent Technologies (SPT) announced today that OpenView MarketSquare and PortfolioCenter Hosted have now gone live.

NetDocuments Launches New Apps Marketplace from BusinessWire.com

[Apple’s App Store is approaching 50 billion (yes, BILLION) app downloads, Salesforce’s AppExchange has over 1.7 million installs, and now online document management provider NetDocuments is hopping on the app marketplace bandwagon. The NetDocuments Apps Marketplace is sparsely populated today with just six apps in all, and largely acts as a consolidated list of third party developers that have created their own solutions for specific tasks performed in NetDocuments. Currently, apps can not be sorted by price, so it’s not easy to tell which apps are free to use and which apps require a purchase or subscription. Oh, and they also released version 13.2 with a REST API and improved email search capabilities.] NetDocuments today announced the immediate availability of NetDocuments’ Apps Marketplace, a centralized location for third-party software developers to create apps that integrate with the company’s existing cloud-computing content management and collaboration services. The marketplace showcases apps that users can implement to streamline workflows and improve performance in managing their repository of documents and emails.

FPPad Bits and Bytes for May 3

Posted on May 3, 2013 by in Bits & Bytes

I’m in San Diego presenting at the Shareholders Service Group 2013 conference, then headed out to Palm Springs tomorrow for FPA Retreat 2013. Grab me and introduce yourself if you’re attending either event!

Here are this weeks stories of interest:

How to secure mobile devices against “WiFi honeypots” from FPPad

[This is important, so I’m sharing it in the first spot this week. WiFi honeypots are hardware devices that fool your laptop and/or mobile device into thinking its connected to a trusted WiFi network. But its not, and unknowingly connecting to a WiFi honeypot exposes you to a man-in-the-middle attack. Read this article now to learn how you can increase your defenses against WiFi honeypots.] Most of the time, you’re likely not at risk of having data you send over WiFi intercepted by someone else. But a number of software programs and hardware devices for sale on the Internet allow users to do just that; sit on public WiFi and eavesdrop on unencrypted data being passed back and forth.

Pershing Broadens the Accessibility of NetX360 to run on Microsoft’s Surface Pro Tablet from PRNewswire

[Ok, the race to support Windows 8 is on. Pershing starts off the PR campaign by announcing its NetX360 custodial platform is now supported on Windows 8. By definition, that means NetX360 also runs on Surface Pro tablets, which run Windows 8. BUT, what I haven’t seen yet is the user interface, and I doubt there have been any major changes to the interface that correspond with the tiles UI (formerly Metro) featured so prominently in Windows 8. I’d reach out to Pershing for comment, but I’m 35,000 feet in the air as I write this.] Pershing LLC, a BNY Mellon company, today announced that the company’s industry-leading technology platform for advisors, NetX360®, now runs on Microsoft’s new Surface™ Pro tablet. The availability and compatibility of NetX360 on the Surface Pro will help advisors manage their business more effectively and efficiently while working in the office or on the road.

Building a Smarter Portfolio from Financial-Planning.com

[Joel Bruckenstein reviews Riskalyze, a web-based tool that uses questionnaires to determine a quantifiable number for a client’s risk tolerance. With the “magic” number in hand, advisers can design portfolios around the client’s appetite (or lack thereof) for risk. Sound familiar? As Bruckenstein mentioned, providers like MoneyGuidePro and FinaMetrica have similar features in their respective programs. But the fresh graphics and appealing user interface give Riskalyze a leg up on the usability factor, so this is one worth watching as they mature.] I recently tried a new cloud-based product called Riskalyze Pro that provides advisors with both risk-assessment and portfolio-construction tools. The tool was developed by Riskalyze Advisors, a new company whose proprietary platform provides risk assessment, portfolio construction, analytics and investment discovery.

eMoney And Zumbox Announce Strategic Partnership To Offer Digital Postal Mail To Clients from PRNewswire

[Here’s an interesting combination. Zumbox is an alternative to paper mail you get every day. Instead, Zumbox scans all your paper mail and delivers it to you through a secure portal. That worked well five years ago when everything came in the mail. I don’t know about you, but today, I get virtually everything electronically, including bank statements, credit card statements, brokerage account trade confirms. Even my tax return this year was 100% electronic. So why eMoney chooses to partner with Zumbox for electronic document delivery over more prevalent providers (say, ShareFile, Box, etc.)? I’m going to connect with eMoney soon, so I’ll report back what I learn.] eMoney Advisor (“eMoney”), the only wealth-planning system for financial advisors that offers transparency, security, mobile access and superior organization for everything that impacts their clients’ financial lives, has announced a strategic partnership with Zumbox to offer Digital Postal Mail to clients whose advisors use the eMoney platform.

FPPad Bits and Bytes for April 26

Posted on April 26, 2013 by in Bits & Bytes

Get a lead on the weekend with this week's best stories in technology

Get a lead on the weekend with this week’s best stories in technology

It’s been a slow week with respect to technology news in the financial planning industry. So get your quick update below and get a fast start to your weekend.

Here are this week’s stories of interest:

Fidelity selects External IT for a cloud-based virtual desktop solution for financial advisers from FPPad

[In case you missed it, Fidelity announced it has vetted cloud desktop provider External IT for its advisers, giving them a fast track solution to leave legacy servers behind and move critical resources to the cloud. Pricing is around $150/month/user, so while it may not save advisers tons of money, it will give them greater mobility in business and better backup and disaster recovery.] In a press release today, Fidelity announced it has selected External IT as the exclusive provider of a cloud-based virtual desktop solution to financial advisers.

AP Twitter Hack Preceded By A Phishing Attempt, News Org Says from TechCrunch

[Don’t think Twitter moves the stock market? Think again. One rogue tweet from a hacked AP account sent the Dow plunging nearly 150 points in a matter of seconds. What’s your takeaway from all this? Vigorously guard your online credentials, because attackers will do everything they can to get them and then exploit them for financial gain.] The AP Twitter hack which sent the stock market briefly crashing was caused by a phishing attack, according to the AP. The news organization now says the attack on Twitter was “preceded by a phishing attempt on AP’s corporate network.”

Erado Message Control Solutions Reports First Quarter Growth Strongest in Company History from Erado

[Social media archiving provider Erado continues to grow quickly. You’ve read here before about its relationships with firms like LPL, the largest independent broker dealer ranked by revenue as wel as account assets.] Erado, the nation’s leading compliance and archiving firm in electronic communication, announced today their record first quarter growth.  Erado added new services for over 500 offices, and continued hiring due to its continued growth.  The quarter was the strongest in the company’s history.

FPPad Bits and Bytes for April 19

Posted on April 19, 2013 by in Bits & Bytes

I started a six-week stint of travel across six cities, including several presentations at upcoming conferences.

See my speaking page for my upcoming conference appearances to see if you’re attending one of the events. Please stop by and say hello!

Here are this week’s stories of interest:

Pershing Integrates Redtail Technology to Simplify Client Onboarding for Advisors from Pershing.com

[Pershing is not one to flaunt news of new integrations, so here’s a rare example of the company taking a bit more public stance on new partnerships. Here, Pershing now integrates with adviser-favorite CRM Redtail, particularly to push contact information in CRM to Pershing forms. This is useful when prospects are tracked in Redtail, then after some time, are converted to clients. Instead of manually filling in account forms, or using a third-party service like LaserApp, Redtail can now push data directly to NetX360. The fewer points of failure in technology systems, the better!] Pershing LLC, a BNY Mellon company, today announced a significant innovation in its industry-leading NetX360 platform through its relationship with Redtail Technology, a provider of web-based Client Relationship Management (CRM) solutions. Pershing’s integration of Redtail’s solution into NetX360 is designed to help advisors onboard clients more quickly, easily and efficiently.

Comply or die: NRS upgrades ‘manual’ to the 21st century from InvestmentNews.com

[The days are over of maintaining a compliance manual printed out in a three-ring binder sitting on the COO’s bookshelf. Today’s modern office demands more flexible systems, including a higher-tech compliance manual. It’s surprising that it’s taken until 2013 to achieve this, but hey, compliance isn’t exactly cutting edge.] Simply put, Policy Architect is meant to help both registered investment advisers and those affiliated with a broker-dealer stay compliant by allowing for more frequent updating of a firm’s compliance manuals (it helps, of course, if you keep yours digital as opposed to cutting down trees for a binder).

Mobile Assistant Launches iPhone App, “TALK IT” from PRNewswire.com

[Have bad cell coverage, but still need to dictate meeting notes from the road? Now Mobile Assistant has an iPhone app to facilitate this process. It’s not the first dictation service to support a mobile app (CopyTalk did it several months ago, starting this arms race), but definitely is a useful feature to all of the Mobile Assistant users who ever experienced a dropped call or two in the middle of dictations.] Mobile Assistant, the professional quality voice-to-text dictation service for the financial, insurance and sales industries, announces the release of its iPhone Application, TALK IT, this week. Mobile Assistant’s TALK IT is a high quality transcription service and an alternative to inaccurate automated voice-to-text solutions on the market, appealing to financial advisors and insurance agents as an easy way to accurately and securely document client meeting notes.

FPPad Bits and Bytes for April 12

Posted on April 12, 2013 by in Bits & Bytes

It’s been a quiet week in the world of financial planning technology.

So read the lone story below, digest Michael Kitces’ Weekend Reading, and get an early start to your weekend!

The Trade-PMR Fusion desktop is the first of its kind among investment custodians

The Trade-PMR Fusion Advisor Workstation is the first of its kind among investment custodians

Ready For Takeoff from FA-Mag.com

[Touch screens and “live tiles” seem to be taking over as the interface of tomorrow. Yes, we’ve been using the mouse and keyboard for over four decades, so it’s about time humans experiment with more natural controls. But, do touch screens and tiles *really* increase one’s productivity? In some cases yes (like navigating a map), but in some cases, no (virtual touch-responsive keyboards). So will Trade-PMR’s Fusion Advisor Workstation platform overcome all that is frustrating and time-consuming with the traditional custodial interface? Joel Bruckenstein seems to think so.] Trade-pmr, an ria custodian located in Gainesville, Fla., is not among the most widely recognized names in the custody business. But with the release of Fusion, the company’s new, touch-enabled custodial platform, its profile within the industry is certain to rise soon.

FPPad Bits and Bytes for April 5

Posted on April 5, 2013 by in Bits & Bytes

This week, a registered rep's YouTube video on annuities lands him in hot water.

This week, a registered rep’s YouTube video on annuities lands him in hot water.

My lesson learned from this week: Completely block out a few days each month in my calendar for rescheduling events. Things don’t always go according to “plan,” so it’s a lot easier when I have a few unscheduled days available in the future rather than try and compress existing commitments to squeeze in a rescheduled event.

Here are this week’s stories of interest:

YouTube Annuities Videos Lead To Fine And Suspension from Forbes.com

[So a registered rep for First Heartland Capital, Inc., Ralph William Hicks Jr., created and posted videos to YouTube about equity index annuity (“EIAs”) seminars. FINRA alleged that Hicks’ marketing materials, including the YouTube videos, “presented oversimplified claims which omitted material information, or failed to provide a sound basis for evaluating the facts.” So what’s your lesson in all of this? If you’re going to market on YouTube (or any online site), you’d be better off avoiding specific details about products, including annuity guarantees and risks, and rather address general financial planning principles or opportunities NOT linked with particular products. But if you do mention products, you probably ought to provide a conspicuous link to disclosure material at a minimum.] While registered with First Heartland during approximately 2009 through 2011, the AWC alleges that Hicks disseminated to some 200 to 1,000 members of the public: advertising and sales literature to the public in YouTube videos; invitations to seminars and workshops; and letters concerning, among other things, bonus incentives.

Book Review: Technology Tools for Today’s High-Margin Practice from the Journal of Financial Planning

[Bruce Colin, CFP® provides an honest, unbiased review of the new edition of Technology Tools for Today’s High-Margin Practice, updated by Joel Bruckenstein and David Drucker featuring multiple contributions from a variety of authors (of which I am one). Read Colin’s review for the best chapters of the book and why this edition is “required reading” for advisers. You can buy a copy using this affiliate link or just search for it on Amazon.] Required Reading for Tech-Savvy Planners: Latest Drucker-Bruckenstein book disappoints in some areas, but still worth the investment.

Technology blueprint for a typical RIA firm from InvestmentNews.com

[Nexus Strategy founder Tim Welsh makes a (first?) guest appearance at InvestmentNews to cover the programs and applications most used by financial advisers. Data for this article was obtained from the 2013 InvestmentNews Technology Study. But one opportunity for improvement: avoid burying the lead.] The overwhelming success of the independent-adviser segment is transforming the financial services industry. With over $2 trillion in assets, independent registered investment advisers continue to be the fastest-growing segment and as a result are attracting investments by technology firms to penetrate this growing marketplace.

Biggest Tech Trends Now from Financial-Planning.com

[In this recap of February’s Technology Tools for Today conference, Joel Bruckenstein covers the biggest trends observed: data security for financial advisers, protecting mobile devices, ramped-up custodian technology, touchscreen interfaces, and Windows 8.] The interest in security among independent advisors seemed to have ratcheted up. Perhaps it’s because major custodians have acted to heighten advisor awareness of attacks, or it could be increased media coverage of Chinese hackers targeting U.S. websites – but either way, it was one of the key questions for attendees at February’s Technology Tools for Today conference.

Salentica Releases Laser App Integration to Enable Advisors to Reduce Time Spent On Form Filling from PRWeb.com

[Streamlined form filling is almost a required technology for the progressive advisory firm. Laser App is the 800-pound gorilla in form-filling software, so it’s imperative that other technology vendors integrate with them in some way. Here’s the latest CRM integration from Salentica, the Microsoft Dynamics CRM overlay provider for financial services. They’re still tiny with respect to their user base among advisers, but supporting integrations such as this will help boost its adoption in the marketplace.] Salentica Inc., a market leader in providing innovative Client Relationship Management (CRM) and Client Reporting technology solutions for the wealth management industry, announced today the general availability of its integration with Laser App within its CRM software.

FPPad Bits and Bytes for April 1

Posted on April 1, 2013 by in Bits & Bytes

Here are today’s top stories:

Mikogo Smell Sharing: New Feature “TelSmell” Transmits Scents via PC from Mikogo.com

[Finally, my most-wanted feature in screensharing apps is finally here! Sure, I’ve been a big advocate of financial advisers using screensharing and virtual meetings for years, but these interactive meetings were always missing one critical element of the engagement: odor. Thankfully the innovative crew at Mikogo has figured out the complicated science of transmitting scents over the Internet and has wrapped up this technology in an easy-to-use USB device. I just ordered mine today!] Mikogo, a global solution provider of online meetings, today introduced a new feature providing participants of online meetings and presentations with not only desktop sharing but also the sharing of fragrances. Fresh coffee, summer rain outside the office window or a colleague’s perfume, the smell sharing feature “TelSmell” transfers scents and odors easily between the remote computers in real-time.

Google Nose Beta from Google

[The folks at Mikogo aren’t the only ones experimenting with scents. Google just unveiled its latest search enhancement, Google Nose. This will work great  with my new USB dongle!] The new scentsation in search. Coming to your senses: go beyond type, talk, and touch for a new notation of sensation.

Welcome to Concatually! from Contactually.com

[Another service I’m using daily, Contactually, is also out with news today. However, it’s not news of the innovative variety, but rather the service has been taken over by cats. Oh my! Check out my screengrab below.] You may have noticed something a little different this morning when trying to follow up with your contacts: Contactually has been taken over. And no, not by extraterrestrials. Not by the Alexander the Great, either (although we’d prefer either). We fell subject to an even greater foe: cat sorcerers.

Contactually has been taken over by cats for the day! 

YouTube’s ready to select a winner from Google (see below)

[In another shocker, Google just announced that it is closing its YouTube “best video” contest after 10 years of uploaded content. Now Google’s minions will retreat to a cave for another 10 years to decide which one really is the #bestvideo on YouTube.] Thanks for all your great entries. YouTube finally has enough videos to begin selecting a winner. What do you think is the #bestvideo on YouTube?

Introducing Gmail Blue from Google

[Again, the geniuses at Google are bringing email into the 21st century! It’s all blue!]