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The new iPad’s three best features for financial advisers


The new iPad’s been out for one week. Here are three features most relevant for advisers.

My new iPad arrived late Friday last week, and I’ve quickly acclimated to its updates and capabilities in the days since. Three features of the latest generation of Apple’s blockbuster tablet give financial advisers even more reason to adopt the device in their personal and business routine.

In today’s Morningstar Advisor Quickview, find out what three features they are and how advisers can get the most out of the latest iteration of the iPad.

New iPad app from Personal Capital ups the ante for online advice delivery

Personal Capital just upped the ante for financial advisers looking to connect with Gen X and Gen Y via mobile devices.

In an email delivered to subscribers today, Personal Capital announced the release of its free iPad app. For full details about the app, view the entry in the iTunes store.

The app delivers a lot of what clients and advisers have seen in the past from other online financial platforms such as Mint.com. Users can view account balances, see investment account allocation, and manage cash transactions in checking, savings, and credit card accounts.

But the potential killer feature of Personal Capital’s iPad app is its integration with FaceTime, the video calling app created by Apple. From the email:

You can also have a conversation with your advisor via FaceTime. It’s one-on-one interaction to help you better understand your financial situation, initiated by a simple screen tap.

Users now have the ability to tap and talk to their personal adviser directly from their iPad. No more phone calls, no more triaging by the front desk manager, no unanswered voice mails. That, I feel, is real disintermediation of financial advice delivery.

How are you prepared to compete?

 

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

Yesterday I posted two YouTube videos from the session from T3 2012 titled Competing Against Robo Advisors. I know that many of you prefer to download content like this to your media player of choice (i.e. iPhone) and listen to it on your jog or your commute home.

Using the audio from the Robo Advisor session, I created my first podcast. I’m currently going through the approval process with iTunes, but in the meantime you can listen and download the podcast directly from FPPad.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Maximize Your Technology Spending in 2012

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

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

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

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

Fidelity WealthCentral Mobile now available for iPad

In February this year, Fidelity released its WealthCentral Mobile app for iPhone and iPod touch. Ever since, advisers have been eager for an iPad app that fully utilizes the larger screen of the popular tablet.

Today, the Fidelity WealthCentral app is now available for iPad.

Click here to view the app in the Apple app store.

You can view several screenshots of the app’s features in the store listing.

Now at Morningstar Advisor: 2011’s Best Tech for Advisers

One of the best things I get to do is write the annual Morningstar Advisor Best Tech for Advisers column. I get to reflect on all the new tools, products, and software to which I’ve been introduced over the last 12 months, and choose a select few for consideration for best technology targeted to financial advisers.

As I did last year, I awarded the best in tech among three categories: Best Back-Office Technology, Best Client-Facing Technology, and Innovation of the Year.

Click on over to Morningstar Advisor and read the full column.

Enjoy!

Read the Financial Planning 2011 Technology Survey

The Financial Planning 2011 Technology Survey is now available to view online. As in past years, I’ll provide my summary of the survey statistics, so look for that update soon. In the meantime…

Click here to view Financial Planning’s 2011 Technology Survey.

A compelling portable scanner for mobile advisers

I was on the road last week, so I didn’t get my latest Morningstar Advisor column added to Bits and Bytes for October 14.

In this month’s column, I conducted my first hardware review of a Fujitsu ScanSnap S1100 portable scanner. For advisors seeking a mobile document capture solution, I think the S1100 offers a compelling package. Check it out.

Click here to read Capture Documents While on the Road (at MorningstarAdvisor.com).

Personal Capital launches with the potential to undermine advisers’ business

If your advisory firm’s value proposition consists of personalized investment advice tailored to your clients’ individual needs, your business might be in trouble.

Today, Personal Capital launched its website where consumers can log in and view a financial dashboard of all their aggregated accounts. Backed by former Intuit chief executive Bill Harris, Personal Capital is the latest effort to deliver personalized investment advice to the masses using scalable web and mobile applications.

I’ve included the introductory video of Personal Capital’s benefits below (click to view on Vimeo.com)

In addition, Jessica Toonkel highlights more details of Personal Capital’s launch, including their proposed fee structure, for Reuters.

Click here to read Internet entrepreneur dives into wealth management at Reuters.com.