Tag Archives: Bits & Bytes

FPPad Bits and Bytes for October 7

Posted on October 7, 2011 by in Bits & Bytes

Thank you, Steve.

. . .

I’ve had a relatively quiet week this week before I hit the conference circuit once again. Over the next several weeks, I’ll be presenting at CabinetNG Collaborate 2011, NAPFA Practice Management & Investments, and Schwab IMPACT 2011. See all the details on my speaking page.

Now on to this week’s stories of interest:

I missed last week’s post for Morningstar Advisor, Fast-Track Your CRM Selection. If you custody with TD Ameritrade, you might find this CRM screening tool highly useful.

Fidelity launches new salvo in custodian technology “war” from InvestmentNews.com

[I had the privilege of presenting at Fidelity’s Technology In Practice event last week at the custodian’s headquarters in Boston. Davis Janowski attended and provides a great review of the takeaways advisors learned from the event.] Last Tuesday, Fidelity brought out the big guns at its Technology in Practice day held at the company’s hands-on research think tank in Boston.

Is Financial Planning A “Set It And Forget It” Process? from Blueleaf.com

[My latest contribution for Blueleaf highlights the increasing options advisors have for account aggregation, but once client data is consolidated, do advisors do anything useful with it?] Creating an initial plan is essential to identify things your clients can do to best meet their goals and objectives right now. But what many advisors fail to do is proactively review the plan according to new data collected as time goes on.

Also, the folks over at Arkovi launched a brand new resource center with terrific information for advisors looking to add social media to their toolkit. Click here to visit the Arkovi Resource Center (free account registration required).

Finally, if you’re interested in attending the T3 Conference being held in our backyard in Dallas, registration is now open. The conference runs from February 16 to 18 and discounted early bird registration ($275) ends October 31. Click to register: http://t32012.eventbrite.com/

FPPad Bits and Bytes for September 30

Posted on September 30, 2011 by in Bits & Bytes

I’ve been on the road Monday through Thursday, sharing information on how advisors can use transformative technology in their businesses today. Despite my travel, I am still keeping you informed on the top stories in tech this week.

Here are this week’s stories of interest:

Orion Updates Advisor Desktop for RIAs from AdvisorOne.com

[Orion is in the news again, this time announcing updates to its rebalancing tool to provide household-level management.] Orion Advisor Services unveiled the latest release for it Advisor Desktop portfolio management suite for RIAs on Monday with new features designed to make it easier for advisors using the primary database management tool to rebalance their clients’ portfolios and create tax efficient strategies at the household level.

Fidelity is set to add Envestnet, Redtail, Morningstar, AppCrown and Salesforce to WealthCentral from RIABiz.com

[If you’re a major custodian, you have technology news to share leading up to November. Case in point: Fidelity announces key integrations for its advisors.] As part of an accelerating arms race among RIA custodians, Fidelity Investments has more than doubled — to 11 from five — the number of vendors it plans to invest in integrating as part of its WealthCentral platform.

Trust Company of America is giving RIAs more weapons for free-wheeling from RIABiz.com

[Trust Co. of America announced its Liberty mobile platform two weeks ago. Hear from affiliated advisors on the benefits they see in the system.] Advisors currently using the product say that it takes the use of a mobile platform to a new level because everything that can be seen on a PC can be seen on a smart phone or tablet in the exact same configuration.

Advisor Software Debuts goalGetter App for iPad from Financial-Planning.com

[Today, if you don’t have a solution for mobile devices, iPad in particular, you might as well go back to the drawing board with your strategy. Here’s another iPad app for advisers from Advisor Software.] Advisor Software, a provider of wealth management applications for financial advisors, announced that its goalGetter financial planning application for the iPad is now available for free download from Apple’s App Store.

FPPad Bits and Bytes for September 23

Posted on September 23, 2011 by in Bits & Bytes

It’s the quiet before the storm. There are just a handful of updates this week, as I suspect many of the major technology providers are saving their big stories for October.

But first, you may be failing to deliver services that your clients expect. Find out what that may be in Clients Want Great Service. Does Your Financial Advisory Firm Leave Them Hungry?, my latest post for Blueleaf.

Now on to this week’s stories of interest:

How advisers can really make tech pay off from InvestmentNews.com

[Davis Janowski again ties to uncover what makes larger firms more successful with their technology. The revelations are limited to 1) a “highly customized version of Salesforce.com” with no insight on cost, 2) how easy breakaway brokers have it as they generally don’t need to deal with legacy systems, and 3) the significant leverage portfolio rebalancing software adds.] Financial advisers often equate technology with progress. And while it can be one of the major keys to unlocking profitability, it also can be responsible for strangling and stifling your firm.

12 Steps to Near-Paperless Bliss from AdvisorOne.com

[Bill Good is taking his office mostly paperless, clearing out 40 four-drawer filing cabinets. While the 12 steps outline a suitable capture system, I feel the important discussion of indexing and filing into a true document management system is omitted.] Digitizing paper files and routine processes is so valuable that it has to be at the top of advisors’ lists on ways to be more productive

FPPad Bits and Bytes for September 16

Posted on September 16, 2011 by in Bits & Bytes

Summer is “officially” over. How do I know (besides the snow blower inventory in Wisconsin, thank you Nathan Gehring)? Temperatures have finally dipped below 100 degrees here in Dallas, and the floodgates have opened on technology news for financial advisers. Most guilty this week is RIABiz with multiple contributions.

Here are this week’s stories of interest:

If you work hard but feel like you’re not making any progress, view my latest update for Blueleaf, Was Otis Redding Singing About Your Advisory Practice?

Salesforce.com is more than a CRM app from InvestmentNews.com

[Again, Salesforce continues to dominate technology talk for financial advisers. Here Davis Janowski highlights how the Salesforce platform does much more beyond the basic CRM functions.] When thinking about Salesforce, advisers shouldn’t view it as stand-alone, dedicated CRM software.

AdventConnect Report: Black Diamond will sell rebalancing software and better reporting on alternative investments from RIABiz.com

By the start of 2012, Black Diamond Performance Reporting, now part of Advent, intends to provide rebalancing software as part of its capabilities and to vastly improve its ability to report on alternative assets.

Fidelity jumps into the game of providing technology for picking RIA technology from RIABiz.com

[I noted Fidelity’s new spreadsheet tool in last week’s Bits & Bytes, so thankfully Lisa Shidler dipped in for more research on the tool for RIABiz.] Before RIAs rush out and spend tens of thousands of dollars on new technology, Fidelity Investments executives want them to look at its new tool for determining the economic impact of costly technology purchases.

As advisors flunk social media 101, CRM makers are starting to pick up the slack from RIABiz.com

[In this article, Nevin Freeman points out Pivotal CRM’s social features. I’ve been spoiled by social aggregators that integrate with email programs like Gmail and Outlook and I share those tools in my presentations to advisers.] Customer relationship management suites like Salesforce.com are beginning to put more emphasis on interacting with online social networking sites like Facebook and Twitter – and it may answer a prayer or two for RIAs who are tired of asking their 14 year-olds for advice.

FPPad Bits and Bytes for September 9

Posted on September 9, 2011 by in Bits & Bytes

Originally I hadn’t planned on posting a Bits and Bytes update today. I was on vacation until today and there were no relevant stories that came across my feeds. Then yesterday afternoon came.

While on my return flight to Dallas, my feeds and screens peppered me with updates from many of the major custodians including Schwab, TD Ameritrade, and Fidelity.

Say Goodbye to Paper-Based Compliance Practices

But first, my September column for Morningstar Advisor covers a technology product aimed at reducing the manual data-gathering process associated with compliance activities, namely trading supervision and pre-clearance approval. Go read it! Say Goodbye to Paper-Based Compliance Practices.

Now on to this week’s stories of interest:

 TD Ameritrade to release customized version of Salesforce from FA-Mag.com

[So if you’re Schwab and announce a partnership with Salesforce in October 2010, then take a year to roll something out to advisers, someone might steal your thunder. That’s just what TD Ameritrade did this week as it announced the rollout of a customized version of Salesforce at about a 40% discount to advisers. I’m going to view the demo this afternoon and hope to report shortly thereafter.] TD Ameritrade Institutional (TDA) is putting final touches on a customized version of Salesforce that it will release in October.

Fidelity Rolls Out ‘Technology Investment Evaluator’ for Advisors from Financial Planning

[Not to be left out, Fidelity is providing its internal consultants with an Excel-based spreadsheet that helps rank the various tools available to advisers by how well the tool might meet advisers’ needs.] Fidelity Investments’ RIA custodian business has announced a new tool, Technology Investment Evaluator, to help advisors run their businesses more efficiently.

And on Monday, I posted that Schwab revealed its new Intelligent Integration website and formed a new subsidiary called Schwab Intelligent Technologies to support the effort.

For my thoughts on Salesforce, read Is Salesforce the future of adviser CRM?

FPPad Bits and Bytes for September 2

Posted on September 2, 2011 by in Bits & Bytes

Sorry, there’s no Bits and Bytes update for this week. I’m on vacation with my family to end the summer and won’t return until September 12 (so there may not be a Bits and Bytes next week, either!)

In the meantime, make sure you see my coverage of this week’s Gemini + Orion Advisor Forum:

Orion aims to impress at its annual Advisor Forum

Orion announces integration with Salesforce/AppCrown CRM

Orion Advisor Desktop updates include performance screens and file sharing

FPPad Bits and Bytes for August 26

Posted on August 26, 2011 by in Bits & Bytes

Again, I found myself fully engaged in content creation and research this week. I completed my Morningstar Advisor column for September and added new content to my Transformative Technology slide deck for a presentation in September. Next week I’ll be attending the Gemini + Orion Advisor Forum in Denver, CO, immediately followed by a week of vacation to escape this brutal heat in Dallas.

Here are this week’s stories of interest:

There are multiple stories on Schwab Advisor Service’s Intelligent Integration initiative to kick off this week.

My take: Schwab’s Intelligent Integration is finally producing results. But will Schwab’s approach on limiting its integrations prove to be a prudent move or a platform-limiting one? Think about Apple’s success with app developers: Would the iPhone and iPad be so successful today if Apple were the only developer of applications for the devices?

ByAllAccounts and Redtail Technology Offer Centralized Access to Clients’ Comprehensive Account Data from GlobeNewswire.com

ByAllAccounts, Inc., the financial advisor’s choice for account aggregation, and Redtail Technology, a leading provider of Client Relationship Management software, today announced a partnership that provides financial advisors easy access to a more comprehensive client snapshot.

Special Report: The technology products advisers use most from InvestmentNews.com

My take: There are a few articles here about adviser use of technology plus two updates of survey results listing the most popular technologies overall and by category. I’ll likely compare the InvestmentNews survey results with those of the 2010 Financial Planning Magazine Technology Survey.

A Look Inside LPL Financial’s Social Media Strategy from Financial-Planning.com

[If you’re the nation’s largest independent broker-dealer by assets, just how do you implement social media across thousands of reps?] At focus11, LPL Financial’s national conference held earlier this month, it was clear that social media was clearly more than just a casual “focus” for the 5,000-plus attendees.

FPPad Bits and Bytes for August 19

Posted on August 19, 2011 by in Bits & Bytes

While August may mean a typical slowdown in client activity for advisors, I’ve had one of my busiest week’s yet. I’m working on my second contribution for the Journal of Financial Planning (to be published in November), conducting research for September’s Morningstar Advisor column, creating content for Blueleaf, and creating two new slide decks for presentations coming up in September and October.

Here are this week’s stories of interest:

Financial Advisors Putting Client Data in “The Clouds” from RegisteredRep.com

[Jude is a good friend and I’m pleased to see this interview about how he runs his new practice almost entirely in the cloud.] When Jude Boudreaux launched his solo practice, Upperline Financial Planning in September, he headed for the clouds. There’s no server, no software upgrades, no technology manager — just him, his MacBook Air and a home office.

Cabinet NG Introduces Industry First Features With CNG-WEB 8 from Marketwire.com

[The battle in document management for financial advisers continues. Cabinet NG steps it up with increased support for web and mobile access to documents stored in its hefty repositories.] Cabinet NG, provider of document management and workflow management software, today announced a new version of CNG-WEB, its browser-based document management interface. This release marks the latest step in the company’s strategy to make documents available to authorized users securely at any time, from anywhere.

Socialware raises $7 million from Statesman.com

[Social media compliance services are getting serious. Many companies are now entering a period of strong growth, including Socialware, which has nearly tripled its staff in less than a year.] Software developer will use funding for research and development, adding staff.

Schwab Intelligent Integration Begins Pilot Phase from Financial Advisor magazine

[Schwab IMPACT is about 2 months away. Will SII’s platform be ready for primetime with all advisers by then?] Charles Schwab & Co. Inc. has completed beta testing of its custom Salesforce integration, and is entering the pilot testing phase.

FPPad Bits and Bytes for August 12

Posted on August 12, 2011 by in Bits & Bytes

Enjoyed the wild ride this week? The market must be captivating everyone’s attention, as there’s been a distinct lull this week of tech-related news worth sharing. And I’m in New Orleans to round out this week strategizing on where FPPad is headed over the next few years. So stay tuned.

Now on to this week’s stories of interest:

Did you send a blast e-mail (or several?) to clients this week? Then you should read my column this month at Morningstar Advisor, Tools to Manage Your E-Mail Newsletter.

Automate & Integrate Arkovi Reports with Evernote, Box.net & more from Arkovi.com

[Arkovi continues to expands its capabilities, a very good sign that they’re proactive in support of new social media platforms.] We are pleased to announce today that Arkovi customers can easily automate the distribution, via email, of their Arkovi archives to any email destination. Most compelling, this includes integration with Evernote, Box.net and Zoho Docs along with any cloud storage platform or digital storage destination that provides an email address for adding files.

Bulletproof Your Practice Using Mobile Dictation from Mobile Assistant

[Corey Westphal, President of Mobile Assistant and a good friend, talks about two important features advisers should seek in their dictation solution.] Increased client documentation combined with time savings is hard for most advisors to imagine, but mobile dictation accomplishes both.

Legal analysis: The chances that Wealthcare beats UBS or upends the financial planning community at RIABiz.com

[You use financial planning software. Say MoneyGuidePro. Well then you need to read Ron Rhoades’ contribution regarding Wealthcare vs. UBS at RIABiz] Wealthcare Capital Management (i.e. Financeware, Inc.) alleges that UBS, by providing “financial advice and reports” to clients “utilizing computerized financial advising software and systems, including, for example, MoneyGuidePro” has infringed two patents.

 

FPPad Bits and Bytes for August 5

Posted on August 5, 2011 by in Bits & Bytes

I spent much of the week attending a retreat to help plan the future of the financial planning profession. Add to that my commitments for Morningstar, Blueleaf, and the Journal of Financial Planning and I had a nose-to-the-grindstone schedule.

But still, you can count on my Friday updates to deliver the best tech related articles from around the financial planning industry. Here they are:

Ebix may hit a CRM sweet spot for some RIAs from RIABiz.com

[I used SmartOffice CRM from E-ZData back in 2006-2007, now part of the Ebix family. It has the potential to grow in the financial adviser space, but the CRM has a lot of work ahead of it.] For advisors looking for a happy medium, say a company with some heft whose people – and maybe even the inner workings of its computers – know the difference between an advisor and a carpet wholesaler, Ebix might be worth a look.

VirtualPlanning from Financial-Planning.com

[Think you need to meet clients in your office all the time? Think again. Here are some spotlights of advisers using remote tools like Skype and RingCentral to meet with clients on their terms.] In an era when clients can easily reach their accounts online, many planners are cutting overhead and staff and working remotely.

The Mobile Advisor from Financial Advisor

[Another article on advisers working remotely, only this time the focus is on eliminating operating overhead and infrastructure, rather than identifying specific technology to facilitate remote working.] In the wake of economic pressures on financial advisory practices, some have chosen to dramatically downsize their firms, opting to fire staff, work without an office or even give up certain types of clients.

CRM: An Untapped Engine for Growth from AdvisorOne.com

[Schwab Advisor Services VP Neesha Hathi explores survey results on advisers using (and not using) CRM effectively.] By taking advantage of these key untapped growth drivers in CRM, advisors can boost their success in three areas.