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FPPad will return on March 18

FPPad will return on March 18, 2013

FPPad will return on March 18, 2013

FPPad is moving its world headquarters (yes, again)!

Only this time the move is just a few miles from the temporary facility you’ve seen in the background of my FPPad On Air broadcasts.

There are a number of infrastructure projects required to get up and running (e.g. Gigabit Ethernet!), plus I’m headed to Chicago this week for FPA Business Solutions 2013.

I’ll be back after March 18 with renewed energy to keep you updated on the latest news in financial planning technology.

Until then, stay productive!

T3 2013: Conference review in pictures

Enjoy a short slideshow of about two-dozen photos captured on site at T3 2013 in Miami, FL.

Note: Picasa uses Flash, so iOS users touch here: https://picasaweb.google.com/109199896143956110609/T32013?authuser=0&feat=directlink

 

T3 2013: Top technology to put on your radar

t3 2013 conferenceAt over 600 attendees, T3 2013 packs downtown Miami with the best in adviser technology

This year’s Technology Tools for Today conference (T3) packed over 600 attendees in the Hilton Miami Downtown hotel, including roughly 300 financial advisers according to conference co-founder David Drucker.

A conference like this is covered by all the major media outlets, so you can check out coverage from InvestmentNews, Financial Planning, WealthMangement, and more.

I’m taking a short break (and giving my feet a rest!) to share some of the most intriguing vendors with which I’ve had the chance to connect with today. In addition to updates on FPPad and elsewhere, be sure to follow #T32013 on Twitter.

HiddenLevers

Raj Udeshi, head of business development for HiddenLevers

Raj Udeshi, head of business development for HiddenLevers

 

No longer T3 newbies, HiddenLevers is back again this year with a novel feature that I feel significantly improves the lead generation process for advisers.

The new feature is a portfolio stress test call to action advisers can embed in their website. When prospects land on an adviser’s page, they see a button that offers a free portfolio stress test to see what happens as a result of a specific macro event.

Prospects get a very useful illustration provided by HiddenLevers, and advisers get lead contact information (including basic portfolio details) volunteered by the prospect to use for follow up contact.

Find more information at https://www.hiddenlevers.com/.

CloudRIA

Cloud RIA Ryan Terwedo

CloudRIA founder & CEO Ryan Terwedo

A company launching out of stealth mode is cloudRIA, founded roughly 5 years ago by Ryan Terwedo. Terwedo brings experience running back office operations for a variety of financial services firms in the Seattle, WA area, and is now leveraging his expertise into the RIA market.

cloudRIA’s tag line is the “RIA OS,” with the premise of being the operating system, or the glue, if you will, of major advisor software tools. Partners today include Redtail CRM, MoneyGuidePro, TD Ameritrade Institutional, and many more soon to come.

I see a lot of potential with cloudRIA, but this market is going to be tough. After spending 15 minutes with Terwedo, I think he’s fearless enough to take on the challenge.

For more information, visit http://cloudria.com/

kwanti

kwanti, a new player in portfolio analytics

kwanti, a new player in portfolio analytics

kwanti is portfolio analytics software that imports client portfolio holdings and offers quick reports to a variety of benchmarks and metrics. The company recently secured a connection with TD Ameritrade Institutional Veo® Open Access, so advisers with client accounts at the third-largest (by assets) custodian can easily import holdings for analysis.

As kwanti matures and adds more portfolio connections, look for it to offer intelligent analytics at a very attractive price point. Pricing starts around $50 per user per month.

For more information, visit http://kwanti.com/

Learn how technology can transform your business in my upcoming NAPFA Cutting Edge webinar

My most popular presentation in 2012 has been Transformative Technology You Can Implement Today, and later this month you have a chance to attend the session via live webinar.

On Wednesday, November 28 at 3:00pm Eastern, I’ll be the guest of NAPFA’s Cutting Edge webinar series. Registration is $49 and is open to everyone. NAPFA members are eligible for a reduced registration rate of $19, and registration is free for NAPFA Genesis members.

Sign up for the November 28 webinar today!

 

From the 2012 Gemini Orion Advisor Forum: Marty Kurtz of The Planning Center

Last week I attended the 2012 Gemini Orion Advisor Forum to get the latest scoop on developments to the Orion Advisor Services platfom. See tweets with the #goaf12 hashtag for some of the insight.

While at the event, I sat down with several Orion clients to get their feedback on how the portfolio service bureau has helped grow their business.

Here is Marty Kurtz, founder and president of The Planning Center, speaking with me about his firm’s success with Orion.

(click to watch on YouTube)

FinovateSpring 2012 highlights for independent financial advisers: Day 2

 

Today is the second and final day of FinovateSpring 2012. Be sure to read my highlights of Day 1.

Here are today’s best takeaways for financial advisers.

(updated 10:27PM PDT)

Pindrop Securiity uses acoustic forensics to identify fraudulent and spoofed phone calls

[Last month I posted Why financial advisers can’t trust their clients anymore, as hackers are using more sophisticated methods to “spoof” clients’ identity and steal money. Some hackers use Caller ID spoofing to display a victim’s phone number in an attempt to fool an adviser into believing the incoming call is legitimate. Pindrop Security now offers a way to use acoustic forensics to examine over a hundred characteristics of incoming phone calls. They look for call characteristics like transmission over cellular networks versus voice-over-IP (VoIP), geolocation information, and more. While it’s likely targeted to call centers with high call volume, I wouldn’t be surprised if a tool like this trickles down to independent financial advisory firms who need such security capabilities.]

FutureAdvisor Announces its Premium Beta from Finovate.com

[I spoke with FutureAdvisor co-founder Bo Lu and filmed the interview for my YouTube channel. I should post it sometime next week. In the meantime, FutureAdvisor is another direct-to-consumer online advice platform, but is focused on servicing the defined contribution 401(k) market. At Finovate, they changed their business model by offering its Premium subscription tier for free while in beta, which previously cost $149 per year.] Kicking off the final afternoon session, FutureAdvisor showed how its new platform gives actionable investment advice.

(updated 1:35PM PDT)

inStream Shows How it is Changing the Financial Planning Software Industry from Finovate.com

[After opening their product to advisers last year, inStream Solutions, the proactive financial planning software application, now has over 800 firms representing $200 billion in assets under advisement on board. I filmed inStream CEO Alex Murguia here at Finovate and will post the video to YouTube in the next week.] inStream is changing the market standard for what is generally referenced today as “financial planning software” through multiple innovations

(updated 11:14AM PDT)

Would you rather watch football instead of planning for retirement? This app’s for you.

[Here’s an interesting take on financial education and planning tools; combine football concepts with finance. Portfolio Football is a platform that invites users to make a fantasy football “team” (aka portfolio) of 11 “players” (aka stocks, mutual funds, and ETFs). With a fantasy team assembled, Portfolio Football delivers allocation summary and performance graphs to show how this portfolio has performed in the past. It’s interesting, but I didn’t get a feel of how Portfolio Football determines what “players” would be appropriate on a “team” across a variety of investors, and whether or not 11 is a magic number of players. I give them credit for focusing on a very specific niche, though; the fantasy football community!]

(updated 10:02AM PDT)

Transparency Labs Helps Retirees Maximize Savings from Finovate.com

[What Brightscope did for retirement plan ratings, Transparency Labs seeks to do for retirement plan disclosure language. Have you ever read all the fine print about how your 401(k) works? Me neither. While intriguing, clients that engage financial advisers have an edge, as advisers generally counsel clients on the penalties of cashing out 401(k) accounts prior to reaching retirement. But for the rest of America, this can be a useful tool to help plan participants keep more of their money.] Transparency Labs addresses America’s “Cash-Out Crisis” by helping retirement savers understand the penalty, fee and tax implications of cashing-out their retirement savings as they change jobs

(updated 9:42AM PDT)

BehavioSec Uses Behavioral Analytics to Tackle Mobile Security from Finovate.com

[You have client data loaded on computers, phones, and tablets. By and large, sensitive data is protected by a basic username and password login. What BehavioSec does is apply a transparent layer of security protection that samples the behavior of how a user interacts with a device and types passwords into the system. BehavioSec calculates a confidence score in real time, and if the input behavior doesn’t match the user’s behavior, access is denied. Definitely cool software for security.] BehavioSec demonstrated its mobile security solution that uses behavioral analytics.

 

FinovateSpring 2012 highlights for independent financial advisers: Day 1

I’m attending FinovateSpring 2012 today and tomorrow. When I have a chance, I’ll update FPPad with items independent financial advisers will want to add to their radar.

(updated 3:34PM PDT – final update of the day)

Smart Expense™ from Concur simplifies travel expense reporting with TripIt integration from FPPad.com

[Again, here’s another option to facilitate expense report generation, especially if you are an existing TripIt user, Smart Expense from Concur. The disadvantage is there’s a monthly fee for TripIt Pro, but people on Twitter swear by it, so appears worthwhile. SmartExpense from Concur is free.] While you’re traveling, Concur’s mobile travel & expense app helps you stay on the ball. Need to change a flight, book a hotel or rental car, or even hail and pay for a taxi? Concur’s mobile app puts the ability to do all this in the palm of your hand.

(updated 2:41PM PDT)

SaveUp Helps Banks Gamify Consumer Saving from Finovate.com

[Do you have clients that just aren’t meeting their savings goals? Maybe they need to make savings a game. SaveUp takes the basic human desire for positive reward reinforcement by allocating special credits for doing the right things, then those credits can be redeemed for prizes and contest drawings.] First on stage in today’s final session, SaveUp demonstrated how financial institutions can use its platform to instill positive saving habits in members.

(updated 11:34AM PDT)

iQuantifi helps clients optimize and prioritize financial goals in real time from FPPad.com

[Unbeknownst to me prior to today, iQuantifi is an online goal-planning and illustration tool built by Franklin, Tenn.-based financial planner Tom White. Its goal is to “help people identify, prioritize, and achieve their financial goals.” It has a very appealing goals-based interface with an interactive timeline users can use to click and drag goals and see what happens to goal planning in real time. The product is in a private alpha, but you can sign up for their enewsletter to stay informed of product updates. Here’s the Finovate blog entry.]

(updated 11:05AM PDT)

Actiance Helps Financial Institutions and Advisors Track Social Media Activity from Finovate.com

[FPPad readers should be well aware of Actiance and their social media archiving services (among others) for advisers. They presented at FinovateSpring 2012 to gain more exposure in regulated industries. Socialware, Arkovi, Erado, et. al., are you listening?] Wrapping up the first session, Actiance showed how financial institutions can encourage consumer engagement without compromising their brand.

Personal Capital announces iPhone app, Universal Checkbook from tuaw.com

[Personal Capital is known for its free iPad app offered directly to consumers. At FinovateSpring 2012, the company announced the release of an iPhone app and also Universal Checkbook, a way to link a checking account to Personal Capital and use it to send payments to almost anyone. How’s that for integration?] Personal Capital also announced a new feature in the iPhone app that is not part of their iPad app — the Universal Checkbook.

Expensify Trips Aims to Make Travelling Easier from FinovateSpring.com

[Travel a lot to adviser conferences? Expensify might save you tons of time by linking photos of your receipts while traveling with your trip itinerary, generating an expense report in real time.] Expensify showed how its Trips platform makes travelling easier by helping you get a head start on processing travel receipts:

 

[VIDEO] Competing Against “Robo Advisors:” Delivering Advice in a New World from T3 2012

Watch the session from T3 2012 titled Competing Against Robo Advisors to understand how your business must change in the face of disruptive, well-funded startups.

On Saturday, February 18 at the Technology Tools for Today (T3) conference in Dallas, TX, I moderated a panel discussion featuring John Prendergast, Co-founder and CEO of Blueleaf, and Alex Murguia, Co-founder of inStream. The session was titled Competing Against Robo Advisors: Delivering Advice in a New World, which addressed the rising trend of online startups who are launching low-cost financial advice platforms.

Companies like Personal CapitalWealthfront, and LearnVest are encroaching on the independent financial adviser’s value proposition, and are leveraging their internal talent and well-funded venture capital to disrupt this industry.

I feel that the topic deserves attention from advisers, particularly for those who actively seek to attract wealth accumulators in their 30s and 40s. John sent me a text an hour before our session asking if I could film it to share with you. I did, and uploaded the session in two parts to YouTube so you can watch it.

Here is Part 1:

And here is Part 2:

Robo advisers are here: What you need to do to adapt

Robo Advisor

January 2015: Note that this was the first instance of “robo adviser” I used on FPPad to refer to the automated advice investment providers emerging in 2011 and early 2012, but it’s not the first utterance of the term according to this Business Insider article.

If you don’t know already, your business is being targeted by online, low-cost financial advice and investment platforms.

Witness the advent of startups and applications like Personal Capital, Wealthfront, LearnVest, and more last year. Some advisers may have dismissed these platforms as “robo advisers,” which will never match the personal attention and relationship a human being can deliver.

While a compelling proposition, I don’t think that dismissing the competition is a wise strategy for advisers. I’m not alone in this line of thinking. Just this week, Alex Murguia, managing principal of McLean Asset Management and CEO and founder of inStream Solutions, said pretty much the same thing.

In an interview for Financial-Planning.com, Murguia had this to say:

While they [online advice platforms] are not currently a direct threat, they are becoming more popular and have significant financial backing. In addition, many advisors are doing themselves a disservice by just providing “set it and forget it” model portfolios. Could you blame consumers for not fully understanding the true value of independent financial advice, in this context?

Competing Against Robo-Advisers

So you want to adapt and separate yourself from the robo adviser competition. Where to begin?

Here is a session from the 2012 Technology Tools for Today conference (T3) held at the Hilton Anatole in Dallas, TX. I moderated a panel discussion featuring Murguia as well as John Prendergast, CEO of Blueleaf on this exact issue. The session is titled Competing Against Robo Advisors: Delivering Advice in a New World and it delivered several gut-checks as you think about where your business is headed in the next five years.

Here is Part 1 of the session:

Here is Part 2: