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

Envestnet|Tamarac releases Tamarac University Online for comprehensive on-demand training

Envestnet | Tamarac releases Tamarac University Online for comprehensive on-demand training

Envestnet | Tamarac builds an online university to help advisers master the company’s total office software

Training, or the lack thereof, can make or break the successful introduction of any new technology in a financial adviser’s business. (see Attend Redtail University and learn how to use Redtail CRM like a power user)

Fortunately, the time it takes to master many adviser technology tools has been decreasing consistently, since many applications have been thoughtfully updated with modern, intuitive interfaces and a uncluttered designs.

But when it comes to robust tools like portfolio rebalancing software, better design by itself just isn’t enough to make technology easier to use.

One example of this comes from the Advisor Xi suite of tools from Envestnet | Tamarac.

Better Adoption Through Training

Let’s walk through an example. Open up the Advisor Xi Rebalancer, and you don’t exactly know where to begin.

Tamarac University Online includes hours of video tutorials to guide users through various features

Tamarac University Online includes hours of video tutorials to guide users through various features

If you plan on rebalancing client accounts, your household positions first need to be up to date. That requires an update from your portfolio management software. Time to get some training.

Then when client account positions are current, you next need to compare current allocations with each client’s target portfolio. Time to create and define model portfolios. That requires training.

Next, when you identify what trades to execute to rebalance accounts, you need to know how to generate a trade file and submit it to the appropriate custodian. Training is required here, too.

The lists of processes goes on, and without proper training, acclimating to Advisor Xi (and to be fair, other similarly complex tools, too) can take much longer than originally anticipated.

Training On Demand

Envestent | Tamarac knows this all to well, and for years has been hosting live training events called Tamarac University.

Advisers new to Envestnet | Tamarac, as well as those looking to sharpen their mastery of the Advisor Xi suite, are welcome to attend the company’s two-day classroom style curriculum for a nominal fee.

But for advisers and back office employees unable to travel to the company’s live events in Seattle and Chicago, Tamarac University was not an accessible option for training.

Now the company is providing access to comprehensive, on-demand training through a new massive online training course called Tamarac University Online.

Tamarac University Online

All clients can now access Tamarac University Online through the Support & Training Center. Once in the Support & Training Center, a Tamarac University tab launches clients into Tamarac University Online.

Tamarac University Online features modules for all three of the products in the Advisor Xi suite: Advisor CRM, Advisor Rebalancing, and Advisor View.

Inside each module are dozens of courses designed to cover the primary functionality of each product.

An example of the curriculum found in each of the Tamarac University Online modules.

An example of the curriculum found in each of the Tamarac University Online modules.

As they navigate through the online courses, users are challenged with “knowledge check” activities to validate their lesson retention, followed by a final exam at the end of each course.

At any time, users with administrator privileges can monitor the progress of employees and advisors as they complete their training. In addition, users can complete evaluations at the conclusion of each course to provide feedback to Envestnet | Tamarac on the quality and organization of the curriculum.

Training Anywhere

Envestent | Tamarac invested in high quality learning management software to deploy Tamarac University Online, so the interface and user experience are overall very attractive.

The software is also HTML5 compatible, meaning Tamarac University Online can be accessed from any mobile device using the mobile web browser, so training need not be limited to one’s office computer.

Pricing

Tamarac University Online is available to all users at no additional cost. What else is there to say?

Users gain access to comprehensive training materials which cover much of the curriculum offered in the live events without requiring the commitment of time and travel.

Nevertheless, connecting with other Envestnet | Tamarac users face to face is valuable in its own right, so the company will continue to host Tamarac University in Seattle and Chicago in the future.

If you’re a Tamarac Advisor Xi user and haven’t yet enrolled, contact customer service to get enrolled, or if you’re considering Advisor Xi for your office, ask for a brief introduction to the available training resources so you know how well you will be prepared to make a transition.

Fidelity adds remote check deposit feature to the WealthCentral Mobile app

WealthCentral Mobile from Fidelity now allows advisers to snap photos of checks and deposit them into clients’ eligible Fidelity accounts

WealthCentral Mobile from Fidelity now allows advisers to snap photos of checks and deposit them into clients’ eligible Fidelity accounts

Weeks after LPL introduced remote check deposit in its app, Fidelity becomes the first custodian to offer the functionality to its advisers.

Fidelity Investments® introduced remote check deposit support for financial advisers with the latest update to the Fidelity WealthCentral Mobile app.

Fidelity WealthCentral Mobile has been available for iOS and Android devices for roughly two-and-a-half years, and its latest update introduces the remote check deposit feature widely popular among retail banks and financial institutions.

A First for RIAs

Snap photos of checks and deposit them using the Fidelity WealthCentral Mobile app

Snap photos of checks and deposit them using the Fidelity WealthCentral Mobile app

Fidelity, the third-largest custodian by number of advisers, is not the first institution to offer remote check deposit capabilities to advisers. That distinction is awarded to LPL Financial, which released a new version of LPL Mobile in conjunction with its LPL Focus 2013 conference last month in San Diego (see LPL Financial Unveils Enhancements to Technology Platform at Annual Financial Advisor Conference).

However, Fidelity does get recognition as being the first institutional custodian for independent RIAs to offer remote check deposit to its advisers.

Prior to the general release of remote check deposit to the adviser community, Fidelity worked with about a dozen firms in a pilot period, covering a wide range of business models and services.

“Natural Progression”

"We see this." Ed O'Brien

“We see this as a natural progression in the mobile space.” Ed O’Brien

“We see this [remote check deposit] as a natural progression in the mobile space,” said Ed O’Brien, head of technology for Fidelity Institutional Wealth Services, adding, “further enhancing our technology as we support the ‘anywhere advisor.'”

But advisers eager to download Fidelity WealthCentral Mobile and start depositing client checks right away with their mobile device will need to be patient.

Enrollment Required

Fidelity does have a qualification process for any adviser interested in becoming eligible to use remote check deposit. Advisers must first complete a remote deposit agreement and update their internal policies and procedures with appropriate steps for remote deposit.

The qualification process can take anywhere from one to six weeks, depending on the environment at the requesting firm. Remote deposit can be used by independent RIAs all the way up to institutional clients who clear under National Financial, which is the reason for such a wide range in implementation time.

“Each adviser is unique, so we want to first make sure we understand their needs and processes to ensure a successful deployment,” said O’Brien.

Deposit Limits

Deposits made through the mobile app are limited to $250,000 per check, and the same $250,000 limit applies to total daily deposits per account, which should cover a significant portion of checks received by advisers.

In general, there are no specific account restrictions for remote check deposit. Any account with deposit privileges, whether it’s brokerage, retirement, college savings, or trust, can accept deposits via mobile devices.

For all the details regarding the updates to WealthCentral Mobile, read the press release from Fidelity Investments.

Stop asking for referrals and use technology to drive growth

Asking clients for referrals can be damaging says one expert; use technology instead to drive your business growth.

Asking for Referrals Stresses Clients

According to Stephen Wershing, president of The Client Driven Practice, you need to stop asking clients for referrals.

Why?

Wershing did, after all, write the book on it.

Asking clients for referrals is counter productive, says Wershing, adding “you actually stress the relationship, maybe even diminish the relationship,” when putting clients on the spot by asking for referrals.

Technology-driven Referrals

Instead, offers Wershing, advisers should use technology intelligently to identify clients and prospects with common characteristics and then provide content and information that addresses their needs.

So what is Wershing’s favorite technology tool?

“The biggest one is your CRM program,” says Wershing.

He provides examples of highlighting client characteristics and key words to track unique things about each client. Collectively, your CRM can reveal trends and commonalities across clients and prospects which you can then use to identify concerns or needs shared by the group.

Solidify Your Expertise

With that information in hand, Wershing says advisers can reach out to them with helpful resources. Doing so “solidifies your expertise,” he says, adding “it’s more likely that you’re going to come to mind,” when clients do have the opportunity to make a referral among friends and family.

For all of Wershing’s advice on using technology to drive your referrals, watch the On Air broadcast embedded above (or watch the broadcast on YouTube).

referrals

6 tech tools that help you improve your writing output

Bill’s note: Despite the success of YouTube, Pinterest, and Flickr, content on the Internet is still overwhelmingly dominated by text. If your writing isn’t up to snuff, you have little chance to stand out from the crowd. In this post from Susan Weiner, my go-to resource when I need a second opinion on my own written copy, she highlights six tech tools you can use to improve the quality of your writing. The only one I knew about was Dragon NaturallySpeaking, so you’re sure to learn something new here, too!

Writing is a cerebral art, but sometimes technology helps. I’ve found six tools that can boost the quality and productivity of your writing. They play the roles of idea generator, disciplinarian, transcriptionist, enforcer, and mistake revealer.

1. Idea generator: Ubersuggest

If you have a broad subject area, but need to find a narrow slice for an article or blog post, try Ubersuggest.org. While the website’s goal is to suggest keywords for search engine optimization, it can also generate ideas for topics to write about.

Susan Weiner of InvestmentWriting.com: With dictation software, "you can boost your productivity by capturing your blog post ideas or full-fledged posts when inspiration strikes."

Susan Weiner of InvestmentWriting.com: With dictation software, “you can boost your productivity by capturing your blog post ideas or full-fledged posts when inspiration strikes.”

You can boost your productivity by capturing your blog post ideas or full-fledged posts when inspiration strikes.

Say you write about 401(k) plans. Enter “401k” in the box at the top, hit “Suggest,” and you’ll get more than 200 suggestions for keywords combining 401k plus one or more additional words, sorted by the initial letter of the additional word. For example, under “401k + b,” you’ll snare ideas such as writing about benefits, beneficiary, balance by age, basics, borrowing, borrow home purchase, balance, and before or after taxes. By the way, I know I should type 401(k) with parentheses to be correct, but that’s not how people search on the Internet, so I bowed to reality in my data entry.

Even if your term is less financially focused than “401k,” you may still discover ideas. If you manage money mainly for doctors, you might find inspiration in terms such as doctors in training, doctors day, doctors average salary, doctors going broke, or doctors quitting.

2. Disciplinarian: WriteOrDie

“I can’t make myself write.” This is one of my blog readers’ and blogging class students’ most frequent complaints. If you quickly get distracted after starting to type on your computer, WriteOrDie can help. When you open the free web application (or paid desktop or iPad versions), you commit to write nonstop for a set number of minutes into a text box. If you stop, there are consequences. For example, in Normal Mode, “If you persistently avoid writing, you will be played a most unpleasant sound. The sound will stop if and only if you continue to write.” If you use this app, be sure to copy-paste what you write out of the text box to save it.

By the way, there are kinder, gentler disciplinarians. I’ve blogged about one of them in “How to succeed with your New Year’s resolution to blog more.” I learned about two more options– 750words.com and Typetrigger.com–from Atlanta-based advisor Russ Thornton.

3. Transcriptionist: Dragon NaturallySpeaking

Sometimes your ideas flow smoothly, but you’re not at an easy-to-use keyboard. Dragon NaturallySpeaking, or another tool that types your spoken words into a file, can help. You can boost your productivity by capturing your blog post ideas or full-fledged posts when inspiration strikes. Bill has discussed other transcription options in posts such as his interview with Corey Westphal of Mobile Assistant.

 

Writing can be challenging, so take advantage of tools that can help you address your weaknesses.

 

4. Enforcer: Readability index calculator

The readability index calculator helps you to assess how hard your readers will find it to understand your text. It calculates your text’s grade level. The lower the grade level, the easier your piece is to read. It’s widely believed that the average American can read and comprehend quickly at an eighth-grade level.

To measure your grade level, copy-paste your text into the box and then hit the “calculate score” button. Sure, you could calculate the number using your word processor’s readability statistics, but that’s clunky, especially if you didn’t create your text there. Please note: if your copy-paste eliminates paragraph breaks, the calculator will unfairly raise your grade level.

If your text comes in at a high grade, you can probably lower it by using plain English and shortening your sentences and paragraphs.

5. Mistake revealer #1: Adobe Acrobat Pro

I like to read my text out loud because the spell checkers in word-processing software don’t go far enough in catching errors. For example, they can’t tell you when you’ve typed “portfolio manger” without a vital “a” instead of “portfolio manager.”

Don’t like the sound of your voice? If you own Adobe Acrobat Pro, you can get it to read your text out loud for you as you follow along onscreen. It’s amazing how this frees your brain to catch typos, even words that sound alike, such as “who’s” and “whose.” I’ve discussed this technique in more detail in “Why I love Adobe Acrobat Pro for proofreading.”

6. Mistake revealer #2: Online Consistency Checker or PerfectIt

This tool is for folks who are compulsive about punctuation. The free Online Consistency Checker and its paid cousin, PerfectIt, uncover inconsistencies in the punctuation and usage of your document. PerfectIt is an add-in that runs on PCs using Microsoft Word.

The Online Consistency Checker is a bit more sophisticated than Microsoft Word in its approach to typos. When I used it on this blog post, I saw the following message: “These words are frequently misspelled, so please check: ‘manger’ appears. Did you mean ‘manager’?” I also like how these tools find my inconsistent use of hyphens with terms such as “euro zone” vs. “euro-zone.”

The advantage of the paid PerfectIt software is that it finds more errors than the Online Consistency Checker and it can also correct them. It’s also much better than Microsoft Word at helping me eliminate excess spaces, which are a big problem when I extensively edit documents. It has a handy “Convert two spaces to one” feature. PerfectIt also lets me customize my style preferences.

Which tool will you try?

Writing can be challenging, so take advantage of tools that can help you address your weaknesses. Which tool will you try? Or can you suggest a tech tool that helps you write? Please comment.

The Adviser’s Mobile World videocast: Watch the replay now

Technology available today allows you to decide when and where you want to work. Resources such as the cloud, integrated apps, and powerful mobile devices really do allow you to become the mobile adviser.

In this broadcast, I joined advisers Blair duQuesnay and Sunit Bhalla along with moderator Davis Janowski to cover all things mobile for financial advisers.

Just click the play button below to watch the live videocast of The Adviser’s Mobile World, hosted by InvestmentNews.

(click to watch on YouTube)

FPA of Georgia members, get your summer technology update on July 25

If you’re an FPA of Georgia member, or live within a reasonable drive of the Atlanta metro area, consider attending next week’s practice management and technology meeting.

On Thursday, July 25 at 11:30 a.m. ET, I’m presenting along with Ted Jenkin of oXYGen Financial on how to use technology to engage the next generation of clients.

Registration is $30 for members, $60 for non members, and $15 for students.

Click or tap the button below and register today!

register

(click to watch on YouTube)

The adviser’s mobile world: Register for this free videocast

By the end of 2014, mobile devices will outnumber people on planet Earth.

What is your mobile strategy?

Watch The Adviser’s Increasingly Mobile World, a FREE videocast hosted by InvestmentNews, live on July 17 at 4:30 p.m. ET.

Just visit the link above right before 4:30 p.m. ET, and barring any technical difficulties, watch the broadcast live at InvestmentNews.com

I will join panelists Blair duQuesnay, Sunit Bhalla, and Davis Janowski in this live discussion on all things mobile for financial advisers.

(view the promo on YouTube)

Office 365 versus Google Apps: Which one is right for financial advisers?

Office 365 and Google Apps deliver your office software through the cloud. But which one is right for financial advisers?

Office 365 and Google Apps deliver your office software through the cloud. But which one is right for financial advisers?

Office 365 and Google Apps give financial advisers the flexibility to use office software on any Internet-connected computer.

But there are substantial differences in the way these applications work compared to their desktop counterparts (Word, Excel, and PowerPoint on Windows, Pages, Numbers, and Keynote on Mac).

Still, if the thought of switching to device-agnostic office software that is available anywhere you have Internet access is appealing, read my contribution to the July issue of the Journal of Financial Planning.

Read Your Office Apps in the Cloud at OneFPA.org today (FPA member login required).

Managing over $100 billion, Addepar’s Mike Paulus reveals how the company will cultivate RIA business

With its build first objective, Addepar has quickly attracted hundreds of billions in assets and is now targeting the lucrative RIA market

Addepar, the Silicon Valley tech startup, spent four years building the next-generation portfolio management platform.

Now the company is ready to solicit business from RIAs with its premiere analysis and reporting capabilities.

Addepar’s Origins

Mike Paulus, Chief Strategy Officer of Addepar

Mike Paulus, Chief Strategy Officer of Addepar

I recently sat down with Addepar Chief Strategy Officer Mike Paulus (who held the title of president up until June 2013) to clear some of the mystery surrounding the tech startup.

Addepar originated with the goal of solving founder Joe Lonsdale’s frustration with managing his own personal wealth from his success at PayPal and Palantir.

“[Lonsdale] looked at the tools that were available to him and really didn’t see any tools that met his need,”said Paulus.

Lonsdale founded Addepar in 2009 with the goal of creating “modern, well-built technology” that was capable of addressing the intricacies of a complex portfolio. Non-public and non-traded assets including private equity, committed capital, and hard assets are examples of holdings that can be difficult to manage with existing technology.

What About RIAs?

Four years later, Addepar’s robust platform is available to registered investment advisers.

“Some of our happiest clients are RIAs,” said Paulus.

“A lot of our workflows around billing and reporting are just better suited to RIAs,” he added.

Watch the entire interview to learn more about Addepar’s capabilities, how the company retains top talent in Silicon Valley’s competitive environment, and details on pricing.

(click to watch on YouTube)

RIA technology updates from Schwab Advisor Services’ Tech Talk series

Neesha Hathi, Senior Vice President of Schwab Advisor Services

Neesha Hathi, Senior Vice President of Schwab Advisor Services

In a move to be more visible and transparent, Schwab Advisor Services launched a periodic series of conference calls called Tech Talk, featuring the latest updates on Schwab’s technology and related services for independent investment advisors.

Here are the most significant updates from the latest conference call held Monday June 24, featuring updates by Schwab Advisor Services Senior Vice President Neesha Hathi and Vice President Brian Shenson.

Schwab Intelligent Integration

Over 700 advisors are using some kind of solution from Schwab Intelligent Integration, which includes Schwab OpenView Gateway and Schwab Integrated Office. The Schwab OpenView Workflow Library (hey, I don’t choose the names for these solutions!!) is not included in the advisor count (see the next item).

The Schwab OpenView Workflow Library resources have been downloaded over 8,000 times with over 1,000 firms benefiting from the information.

New financial planning software integrations were announced, with Zywave’s NaviPro Planning Suite and PIEtech’s MoneyGuidePro to be added soon to Schwab OpenView Gateway. The integrations will allow financial profile and account information to be delivered from the custodial application to the planning software.

OpenView Gateway will also include the Envestnet|Tamarac Advisor Rebalancing® application. Here, too, advisors will be able to access Schwab’s custody data using the rebalancing application to evaluate and generate trade instructions to streamline portfolio rebalancing.

Move Money Directly from CRM

One of the features hinted by Hathi and Shenson is the ability advisors will soon have to initiate Move Money transactions directly from their CRM of choice.

Move Money requests have historically been restricted to the Schwab Advisor Services online custody platform or by placing a phone call to a service team. According to Shenson, Move Money from CRM will first appear in OpenView Gateway for all Salesforce CRM users, currently estimated to be roughly 200 advisory firms today. Soon after, Move Money will be made available to all Schwab OpenView Gateway CRM partners, which includes Junxure, Salentica, and Envestent|Tamarac.

PortfolioCenter Hosted Update

According to Hathi, roughly 40 advisory firms have contracts in place (which I take to mean not completely rolled out as of today) to use PortfolioCenter Hosted in their business.

Black Diamond Integration

Hathi also updated the Schwab OpenView Gateway integration with Black Diamond software from Advent Software, Inc. Black Diamond is in pilot testing with real time custody data, and is expected to reach general availability by the end of July 2013.

Web Trading

In one of the most eagerly anticipated updates, Hathi updated the status of the new web trading platform in Schwab Advisor Center. The new web trading layout will begin to roll out to select advisors in July 2013, with all of Schwab’s advisors using the new functionality by the end of the year. A preview of the layout is below.

A preview of the anticipated updates to the web trading interface from Schwab Advisor Services

A preview of the anticipated updates to the web trading interface from Schwab Advisor Services

OpenView MarketSquare

OpenView MarketSquare has been available to advisors for several months, and nearly 600 reviews are now available covering roughly 80 products used by advisors.

Mobile Initiatives

In response to a question submitted via Twitter, Hathi addressed coming changes in mobile initiatives from Schwab Advisor Services. Coming soon will be the ability for advisors to use the Schwab Advisor Center mobile app to conduct remote deposit of client checks.

Schwab’s retail customers have enjoyed remote deposit from the retail mobile app for well over a year, so finally this functionality is making its way to advisor devices for those who continue to receive checks from their clients.

Finally, Schwab will add functionality to the retail app to allow clients to authorize a wire transfer request submitted by their advisor.