Tag Archives: Robo Adviser

FPPad Bits and Bytes for August 22

Posted on August 22, 2014 by in Bits & Bytes

On today’s broadcast, LPL Financial unveils new back-office technology for its representatives. Will the tools set a new bar for advisor productivity? Laser App continues to expand its library of fillable forms. Can you guess how many paper forms have avoided the shredder? And, did you know you can now build a “robo shield” for your business? Find out what steps you should be taking right now to differentiate yourself from the online advisor competition.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

This week’s episode of Bits and Bytes is brought to you by Total Rebalance Expert, the industry’s largest, privately owned portfolio rebalancing software provider.

Total Rebalance Expert

Now available as a part of the Orion Advisor Services platform, TRX features tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. Learn how you can gain a half a million dollar return on your technology investment by downloading their latest white paper at fppad.com/trx

Here are the links to this week’s top stories:

LPL Financial Unveils Next Generation ClientWorks Platform for Advisors at focus14 Annual Conference from Marketwatch, and

LPL Financial Announces Expansion of CRM Offering for Advisors at focus14 Annual Conference Through New Relationship With Redtail Technology from PRNewswire

[This week’s top story comes from LPL Financial, the nation’s largest broker-dealer with over 13,000 representatives, who held it’s annual Focus conference in San Diego last week. On the technology front, LPL unveiled ClientWorks(SM), a completely new technology solution that should offer expanded functionality and more seamless integrations.

Victor Fetter, chief information officer at LPL Financial, told attendees that ClientWorks is designed to work on any device, including phones and tablets, will feature streamlined workflows for account opening and trading, and will offer business analytics to increase advisor productivity. The first phase of ClientWorks, including a Resource Center library, will release later this fall, with the full ClientWorks suite anticipated sometime in the Spring of 2015.

Also making news at the Focus event was the announcement of new relationship between LPL Financial and Redtail, the leading web-based CRM for financial advisors. Beginning in October, LPL representatives will be able to subscribe to Redtail for $50 per month for each 15-user database, and the CRM will likely feature a tighter integration with LPL data once ClientWorks rolls out next year.] LPL Financial LLC, the nation’s largest independent broker-dealer*, an RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. LPLA, +0.80% today unveiled ClientWorksSM, a next-generation technology solution for advisors and institutions that will seamlessly integrate and expand its offerings.

Laser App Software Sees Continued Growth With New Custodian and Broker-Dealer Clients from Marketwired

[Another event held in San Diego last week was the Laser App 2014 Conference. If you haven’t seen them already, I filmed five videos on site providing highlights of the educational sessions as well as the networking events, which included some pretty epic surfing attempts by attendees, including yours truly.

While the company did not make any specific new product announcements, Laser App did provide an update on how widely the solution is being used across the financial services industry. There are now over 32,000 forms in the Laser App library accessed by over 115,000 users, and the company estimates that documents in its library have been processed in some way, shape or form over 45 million times. Clearly a lot of business is being streamlined with the Laser App solution.] From its 2014 Financial Services Conference, Laser App Software is pleased to announce it has added 40 new customers so far in 2014. The forms-filling and automation management software provider sites the growing need for advisor efficiency as a key driver of broker-dealer and advisor adoption of its solutions.

 Fox Financial Planning Network Announces New Industry Whitepaper: “How to Build a Robo-Shield™ for Your Financial Advisory Firm: 20 Effective Tactics to Marginalize the Rise of Robo-Advisers” from Marketwatch

Use this link to download the white paper.

[And finally, while at the Laser App conference last week, Deborah Fox of the Fox Financial Planning Network took the opportunity to introduce a new white paper to financial advisors. Titled “How to build a robo-shield™ for your financial advisory firm,” the nearly 40-page white paper offers 20 tactics you can implement right now to differentiate your business from the online software-based investment services.

Fox recommends strategies like focusing on a specific client niche or specialty, building service teams of two advisors and one admin, defining and then automating workflows in your business, and much more.] Fox Financial Planning Network (FFPN) announced today the availability of a new industry white paper that identifies ways advisors and institutions will need to enhance their business model and service offering to counteract the threat from online investment advice platforms known as ‘Robo-Advisers.’

Here are stories that didn’t make this week’s broadcast:

The Power of Marketing Videos for Financial Advisors from GuideVine

With high consumer demand, it’s clear that creating personable, tailored marketing videos can offer an efficient and powerful way to attract new clients.

External IT puts Junxure on its virtual desktops from InvestmentNews

External IT has added the office-management software offered by Junxure to the applications it can include within the cloud-based virtual desktops it creates for advisers.

 

Watch FPPad Bits and Bytes for August 22, 2014

Watch FPPad Bits and Bytes for August 22, 2014

FPPad Bits and Bytes for July 11

Posted on July 11, 2014 by in Bits & Bytes

On today’s broadcast, Junxure Cloud has officially arrived after several years of delays. Will the features in version one make it worth the wait? Wealth Access continues its growth as a personal financial dashboard for high net worth clients. Does it have what it takes to get advisors to stop using Mint.com? And consulting firm QuonWarrene announces a new technology audit service. Find out how their service can help move your firm’s technology in the right direction.

So get ready, FPPad Bits and Bytes begins now.

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by ITEGRIA, providers of complete outsourced technology support, security, infrastructure and IT solutions exclusively for RIAs.

itegria - providing a 360-degree, comprehensive approach to financial advisor IT needs

To learn how you can keep your data safe from attackers, download a free copy of their latest white paper on social engineering attacks by visiting fppad.com/itegria.

Here are the links to this week’s top stories:

Junxure Announces Wide Release of Junxure Cloud CRM for Financial Advisors from PRNewswire

[This week’s top story covers two CRM providers in financial services. First up is Junxure, which issued a press release announcing the general release of its long-awaited Junxure Cloud product after what seems like an eternity in development.

The Junxure Desktop product has always been a top contender among CRMs for advisors, but as firms became more comfortable with software in the cloud, Junxure lacked a completely web-based version of its CRM. With Junxure Cloud, the company finally has an answer.] Junxure CRM, an industry-leading practice improvement firm for financial advisors that integrates CRM technology, consulting, and training, today announced the general release of Junxure Cloud™, its comprehensive, cloud-based CRM/office management solution for financial advisors.

ProTracker pulls cloud-based CRM back into beta from InvestmentNews

[But another CRM provider with a web-based solution has actually pulled its software out of general release and put it back into beta testing.

The CRM is ProTracker Cloud, which is built on top of open-source software called SugarCRM. Warren Mackensen, president of ProTracker Software, said he suspended product sales earlier this year, citing dissatisfaction with its look and feel and feedback from customers. Mackenson did not offer insight as to when ProTracker Cloud will once again be available for purchase, but as soon as I know, I’ll be sure to share the update with you.] Eight months after announcing the launch of a cloud-based customer relationship management product for advisers, ProTracker Software Inc. has stopped selling its ProTracker Cloud CRM while the company fixes some kinks in the product.

Wealth Access Experiencing Rapid Growth and Momentum in Wealth Management Industry from PRWeb

[Next is an update from Wealth Access, a high net worth personal financial management platform I originally covered for Morningstar Advisor back in September 2012. The company has come a long way in two years, as it now aggregates $7 billion in assets and has a grown from a team of two people to over 17 today.

Wealth Access works a lot like Mint.com and eMoney Advisor, but caters to high net worth clients that typically own real estate, hard assets, and collectibles that can’t be updated with simple account aggregation.

In addition, clients have granular control over who can see their account information. For example, CPAs might be able to view just the accounts that generate taxable income, while wealth managers have permission to see all of the client’s investable assets. So if you want to offer something like Mint.com to your clients, but with more sophisticated account management, then Wealth Access may be worth exploring for your business.] Wealth Access, an innovative high net worth personal financial management platform for advisors, announced today several milestones that represent fast growth and adoption of its industry leading technology. In only its third year, Wealth Access now reports on $7 billion, adding an additional $600 million per month, up from $250 million per month in 2013.

QuonWarrene Announces Spot-Audit Service from QuonWarrene.com

[And finally, many of you come away with great technology ideas from my Bits and Bytes broadcasts, but you’re still looking for some guidance on where you should focus your efforts. In addition to the consulting services I provide to advisors, there’s a new service available from Quon Warrene, an advisor consulting firm, called the Spot Audit™.

The QuonWarrene Spot Audit is an efficient way to address the technology challenges you face in your business. Start by completing a questionnaire about your existing technology, then participate on a collaborative conference call, and then receive an assessment report score card with recommendations on what you should tackle first. So if I don’t have immediate availability for technology consulting, QuonWarrene now gives you another option to identify where you can make improvements in technology.] QuonWarrene today announced an expansion to its services tailored for financial advisors and institutions, introducing the Spot-Audit.

Here are the stories that didn’t make this week’s broadcast:

Amazon Zocalo from Amazon.com

Amazon Zocalo is a fully managed, secure enterprise storage and sharing service with strong administrative controls and feedback capabilities that improve user productivity. 

Pershing Announces the Next Generation of its Block Trading and Rebalancing Tool for Advisor-Directed Programs from MarketWatch.com

Pershing LLC, a BNY Mellon company, today announced the next generation of its block trading and rebalancing tool—delivered through its technology platform NetX360®—which offers a series of new capabilities for advisors.

Be a robo-adviser, the human way from InvestmentNews

It’s not hard to see why robo-advisers are generating so much buzz: They purport to use powerful technology to deliver what they call tailored investment recommendations at a fraction of the cost of traditional investment managers. That’s a pretty compelling proposition, especially for newbie investors.

 

Watch FPPad Bits and Bytes for July 11, 2014

Watch FPPad Bits and Bytes for July 11, 2014

FPPad Bits and Bytes for January 17

Posted on January 17, 2014 by in Bits & Bytes

On today’s broadcast, have robo advisers finally cracked the code to asset gathering? A leading document management provider rolls out mobile and social features your business soon can’t live without, and who are the top industry bloggers all financial advisors should be reading? All this and more.

So get ready, FPPad Bits and Bytes begins now!

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by Blu Giant Advisor Studios, a multi-disciplinary creative firm, empowering advisors to engage clients though branding, social media, video and the web; an experience called “hypermedia.”

Blu Giant Advisor Studios

Experience Blu Giant’s new interactive website and see what’s possible for your business by visiting fppad.com/blugiant

Here are the links to this week’s top stories:

Wealthfront Reaches Over Half a Billion Dollars in 2013 from Wealthfront

[This week’s top story comes from the world of online advice providers, aka “robo advisors,” as Wealthfront announced this week that the company surpassed $500 million dollars in assets under management. While topping $500 million in AUM might seem like celebrating another 1,000 point threshold in the Dow Jones index, Wealthfront is starting to increase the gap over similar competitors like Betterment, which manages a reported $360 million, and Personal Capital, weighing in at a little over $200 million.

Wealthfront claimed over $67 million dollars in new assets for the month of December, which for many RIAs would make up a great year in new assets under management. Still, Wealthfront may not be a profitable business just yet, as Nerd’s Eye View blogger Michael Kitces estimated an optimistic annualized revenue of $1-and-a-quarter million dollars generated to support a team of expensive, full-time software engineers.

But pay careful attention to the types of clients Wealthfront cites in its announcement. Google, Facebook, LinkedIn, and more make up the top ten list of Silicon Valley companies with the most employees that are Wealthfront clients. This group IS next generation of clients for your business, so if you’re interested in attracting them, your technology needs to be up to par, but you must offer something that robo advisors completely lack; a real relationship with a trusted advisor.] Although we began the year with less than $100 million in assets under management, we closed 2013 with over $538 million, growing over 450% to become the largest and fastest-growing software-based financial advisor.

Laserfiche Unveils Product Roadmap at Empower 2014 from BusinessWire.com

[Next up is news from Laserfiche, one of the leading providers of document and electronic content management to financial advisors. Laserfiche held its annual Empower conference for users and resellers in Southern California this week, selling out for the first time in the event’s history.

Laserfiche announced a number of updates, including a complete redesign of its web-based interface called Laserfiche Web Access 10. Users will find the fresh interface easier to navigate and much more user-friendly on tablets and smart phones. And speaking of smartphones, Laserfiche also introduced a brand new app for Android, adding more support for mobile devices since the introduction of the app for iOS back in 2011.

Finally, an interesting development for financial advisors is the addition of new feature in Laserfiche Forms 9.1. Laserfiche posted a form online that anyone could fill out to post a message on Twitter. But before each tweet went global, the message was automatically routed through an approval process built in to Laserfiche.

Tie that in with Laserfiche’s archiving capabilities, and you have a pretty elegant solution anyone in your business can use to stay compliant on social media and also avoid those embarrassing drunk tweets.] Laserfiche today kicked off its sold-out Empower 2014 Conference with a keynote speech from company CTO Karl Chan outlining new and upcoming software releases. The new lineup includes social BPM, expanded mobile offerings and new web products.

The RIABiz top 10 industry blogs — and what bloggers they recommend from RIABiz

[And finally, many of you ask where I get my news and information to produce each episode of FPPad Bits and Bytes. Well several of my favorite sources were just listed among the top 10 industry blogs for financial advisors.

This week, RIABiz published its list of the best industry blogs, and what’s wrong with a little shameless self-promotion since FPPad.com was listed as number three!

So let me thank you for helping make FPPad a part of the top industry blogs, because without your questions, feedback, and loyal viewership, FPPad would not be the resource that it is today.] The RIA business is a land of micro-niches where owner-operated blogs are often the best reading spot for advisors to find the vibe and the level of granularity they seek on a subject

Watch FPPad Bits and Bytes for January 17, 2014

Watch FPPad Bits and Bytes for January 17, 2014

The Financial Planning Flowchart (or why your clients will balk at paying your fees)

Posted on December 27, 2012 by in Practice Management

The BloombergBusinessweek Financial Planning Flowchart

The BloombergBusinessweek Financial Planning Flowchart

BloombergBusinessweek has managed to capture 80% of everything clients need for their financial planning in a one-page colorful flowchart.

Or has it?

Visit BloombergBusinessweek to view the Financial Planning Flowchart.

Here, in one fairly-straightforward graphic, clients have a roadmap to follow to address the essentials of their financial plan. When you connect with a new client or prospect, I argue that you largely repeat many of the same evaluations as you gather data, and possibly make similar recommendations, too.

What’s Your Value?

So how are you prepared to differentiate your value proposition and the work that you do over a flowchart? If you’re not prepared, you’re going to have a hard time justifying the fees you charge.

And if the financial planning decision-making process can be outlined in a flowchart, what’s to stop software designers from writing a program that automatically steps through all of these primary conditions?

I concede that the flowchart is a basic guide and good for a starting point, and it falls short of the complicated planning scenarios when trusts, estates, and multi-generational planning factor in to play. But for those advanced strategies, you’re talking about the needs of (and I’m certainly guilty of over generalizing here) “the 1%.”

You Can’t Charge High Fees for the Basics

For the majority of the general population who admit they could benefit from some financial planning, but just haven’t pursued an engagement with a “real” planner, they’re going to have a hard time justifying fees in the thousands of dollars for guidance they can follow from a magazine they can buy for $2.99 from the App Store.

This post isn’t intended to compress your planning services into something as simple as a flowchart, but rather challenge you to step up your offering while acknowledging the need for simplicity.

Complement Simplicity

A lot of people will get a good financial planning foundation established by following this chart.

So encourage it.

Complement the process.

And when clients, prospects, friends, and colleagues get to a decision point with no clear answer, you step in and shine with what you do best, and charge appropriately, too.

Because if you don’t, you run the risk of being replaced by an automated flowchart (aka robo adviser).