Tag Archives: tamarac

FPPad Bits and Bytes for August 8

Posted on August 8, 2014 by in Bits & Bytes

On today’s broadcast, online investment advisors are coming to an RIA new you. Find out who the latest company is to enter this growing market. JemStep is another provider that’s white-labeling its technology to RIAs. Learn how one RIA is using the platform to serve its emerging clients. And Joel Bruckenstein is concerned about the future of advisor technology. Find out what issues keep this technology expert up at night.

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:

Upside Raises $1.1M To Help Investment Advisers Compete Against Wealthfront, Betterment And Co. from TechCrunch

[This week’s top story comes from Upside Advisor, the latest startup to join the class of online investment advice providers. But unlike the direct-to-consumer startups like Wealthfront and FutureAdvisor, Upside Advisor is specifically targeting financial advisors who can white label Upside Advisor’s platform to provide a low-cost managed account solution to their emerging clients.

Upside’s platform offers paperless account opening using a DocuSign integration, automated trading and rebalancing, a client portal, and more, and just raised $1.1 million in new funding to continue to enhance its features for advisors. Upside comes on the heels of the introduction of Guide Financial, a similar advisor-focused solution I highlighted back in March in episode 124, giving you one more solution to offer a low-cost, high-tech automated solution to compete with the algorithm-based competition.] Upside, which today announced that it has raised a $1.1 million funding round led by Cultivation Capital, gives financial advisers a white label solution that’s very similar to what other robo-advisers offer.

Upside Advisor video

Traditional advisory firm hammers out deal with robo-adviser from InvestmentNews

[Now another online investment provider also dipping its toe into the RIA waters is JemStep, which just recently announced a partnership with Redhawk Wealth Advisors based in Minneapolis. Under the agreement, the RIA is able to white label the JemStep platform as Redhawk Online Advisor, where investors can sign up online, connect their financial accounts, and receive investment recommendations for a fee ranging from $17 to $69 dollars a month based on the amount of assets under advisement.

It’s important note that while JemStep offers investment recommendations, it does not automatically execute trades on behalf of its users. Actually following through on JemStep’s recommendations is the responsibility of either the advisor or the end-user, which could pose an implementation challenge as the platform gains momentum with RIAs.] Redhawk Wealth Advisors, a registered investment adviser with a wealth management practice, and Jemstep Inc., also an RIA but with an algorithm-driven account aggregation and investment advice platform, have become partners, bringing online advice to help Redhawk’s retail clients manage their investments, including funds held in their 401(k) accounts.

Things That Keep Me Up At Night from Financial Advisor Magazine

[And finally, all this news about competition from online investment advice providers might give you cause for concern, and it’s also one of the topics that keeps technology consultant Joel Bruckenstein up at night, too. In his latest column for Financial Advisor Magazine, Bruckenstein expresses his anxiety over the state of affairs in financial advisor technology.

He highlights complacency, insufficient integrations, and competition from automated online advisors as significant threats to the growth and success of the independent advisory industry. Fortunately, Bruckenstein cites vendors like Envestnet|Tamarac, Orion Advisor Services, Ornaj, Advyzon, and more who can equip independent advisors with technology solutions that not only rival those of the competition, but can also live up to the increased expectations from today’s tech-savvy clients and prospects.] Over the last several months, I’ve traveled thousands of miles, met hundreds of advisors and spoken with numerous representatives of custodians, broker-dealers and software vendors. Although I’m generally rather upbeat about the future of this industry, there are some things that concern me about current affairs.

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

Advent’s Black Diamond Platform Surpasses 500-Client Milestone from Advent

Advent Software, Inc., a leading provider of software and services for the global investment management industry, today announced that Black Diamond, an independent business group of Advent, has surpassed 540 clients and exceeded $245 billion in assets on its portfolio management, reporting, and rebalancing platform.

Wealth Managers Enlist Spy Tools to Map Portfolios from the New York Times

Some of the engineers who used to help the Central Intelligence Agency solve problems have moved on to another challenge: determining the value of every conceivable investment in the world.

Vestorly Partners With Advisor Websites to Enhance Client Engagement and Lead Generation from PRWeb

Vestorly, a leading client engagement and lead generation platform, and Advisor Websites, a leading provider of websites to advisors, announced today a joint venture to develop highly engaging websites that build advisors’ brands with investors, as well as generate qualified leads for marketing purposes.

Announcing our new release from Guide Financial

At Guide Financial, our core mission is to help America’s next generation achieve a secure financial future. We are excited to roll out a new release that underscores our commitment to advisors serving the next generation. The new release is now available to currently subscribed advisors and will become more broadly available in the coming weeks.

Watch FPPad Bits and Bytes for August 8, 2014

Watch FPPad Bits and Bytes for August 8, 2014

FPPad Bits and Bytes for July 3

Posted on July 3, 2014 by in Bits & Bytes

On today’s broadcast, a group of NexGen financial planners reveal their top technology apps. Are you using any of these popular tools in your business? A startup named Quovo aims to streamline account aggregation. Will they be able to solve frustrations with managing held-away accounts? And, this month’s Journal of Financial Planning is packed with great content. Find out which contributions can help you boost your firm’s technology.

So get ready, FPPad Bits and Bytes begins now.

(Watch FPPad Bits and Bytes on YouTube)

Today’s episode is brought to you by the 2014 T3 Enterprise Conference, exclusively designed for the technology needs of broker-dealers and financial enterprises.

T3EClogo600

If you’re looking for the best place to monitor trends in broker-dealer technology, you need to come to Atlanta November 11th through 13th. Reserve your spot today by visiting t3enterpriseconference.com

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

What an Elite Group of Younger Advisors Has to Say from Advisor Perspectives

[This week’s top story comes from Bob Veres, the savant of the financial planning profession, who provided an introspection of the FPA NexGen gathering he recently attended in Moline, IL. FPA NexGen is a community of over 2,000 FPA members age 36 and under, representing the future of the industry as they succeed today’s advisors who are entering retirement.

While Veres presents several thought-provoking discussions from the event, you’ll find his recap of technology tools and apps mentioned at the NexGen gathering to be of particular interest. Some of the top apps include ScheduleOnce, and online calendar clients can use to automatically book meetings, Evernote, an omnipresent note-taking app, Pay Simple, an online billing and payment service, and many more.] I recently served as a facilitator for the annual NexGen conference, this year held on the campus of Augustana University in Moline, IL., … [where] I was able to gain insight into the very different way that the financial planning landscape looks through the eyes of younger advisors just starting their careers — and in many cases, from the bottom end of a planning firm’s organizational chart.

Advisor Aggravation from Financial Advisor Magazine

[Next up is a column from technology consultant Joel Bruckenstein. In his latest update for Financial Advisor magazine, Bruckenstein highlights a start up in the account aggregation space called Quovo.

For the longest time, reconciliation-ready account aggregation was available from just a handful of providers. First is ByAllAccounts, which was just purchased by Morningstar back in April for $28 million, then CashEdge, which was acquired by Fiserv for $465 million in 2011, and Aqumulate, formerly known as Advisor Exchange.

New to the scene is Quovo, which claims to aggregate data from over 18,000 financial institutions to provide detailed performance reports, asset allocation reviews, and even simulated market stress testing. Bruckenstein wrote that “Quovo has great potential in the advisory space,” so it’s worth adding the company to your technology radar, especially if you’re looking to improve your ability to work with clients’ held-away accounts.] In the wake of Morningstar’s recent purchase of ByAllAccounts, this seems like a particularly good time to take a look at a firm called Quovo.

Journal of Financial Planning July Issue from OneFPA.org

[And finally, the July 2014 edition of the Journal of Financial Planning is now available, and it’s a very good one with respect to technology. You’ll definitely want to check out the cover story that features two case studies on how to effectively market a financial planning business, then read a column from past FPA President Dan Moisand on why robo-advisors are a problem for the profession, and also read my own contribution on the seven most important tips you need to follow to enhance the videos you upload online.

You need to be an FPA member to access the digital edition of the magazine, but I think it’s worth it given the value you’ll receive from the Journal as well as the other member benefits offered by the FPA.] Marketing experts Kristen Luke and Kristin Harad, CFP®, offer specific marketing tactics for two very different advisory firms—one new, eager to start marketing, but not sure how; and one established, wishing to better attract high net worth clients.

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

MoneyGuidePro® Announces Enhanced Integration with Morningstar Office from BusinessWire

MoneyGuidePro®, a leader in goal-focused financial planning, and Morningstar, Inc., a leading provider of independent investment research, today announced greatly enhanced integration between MoneyGuidePro and Morningstar OfficeSM, the practice and portfolio management system for independent financial advisors.

Rebalancing Made Easy from Financial Advisor Magazine

Portfolio rebalancing can be a time consuming and largely inefficient task if attempted manually. That is why portfolio management software and rebalancing solutions have become so popular.

Morgan Stanley lets advisers write what they tweet from InvestmentNews

Morgan Stanley Wealth Management has given financial advisers the go-ahead to write their own Twitter content.

ProTracker pulls cloud-based CRM back into beta from InvestmentNews

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.

Watch FPPad Bits and Bytes for July 3, 2014

Watch FPPad Bits and Bytes for July 3, 2014

FPPad Bits and Bytes for January 3

Posted on January 3, 2014 by in Bits & Bytes

On today’s broadcast, hackers make headlines targeting high-profile companies, so how can you avoid a security breach in your business? Electronic signature technology gains momentum, find out which providers you should add to your processes. Big data is coming. Who’s harnessing all the data you gather in your business, and how will these tools help you make better decisions in 2014 and beyond? All this and more.

So get ready, FPPad Bits and Bytes begins now!

(Click to watch on YouTube)

Today’s episode is brought to you by New Planner Recruiting, which specializes in the sourcing, screening and integration of entry level financial planners within financial planning firms nationwide.

NewPlannerRecruiting620

Whether you’re a firm looking to hire or an aspiring planner establishing your career path, sign up for the free newsletter full of valuable resources and information by visiting fppad.com/npr

Here are this week’s links of interest:

Financial Adviser Technology Trends in 2014

Financial advisor technology news moved at a snail’s pace over the holidays, so today’s episode is going to cover the most important technology trends I see coming in 2014. These trends break down into four main categories:

  • Security
  • Electronic signature
  • Big data, and
  • Enhancing your online presence

Security

Security news has received a lot of attention recently, headlined by the recent data breach at Target of over 40 million credit and debit card accounts, and quickly followed up by the release of over 4 million usernames and phone numbers from users of Snapchat, the private mobile messaging service.

While these are big companies with a potential bounty of user information, don’t think that your business is immune to attacks from hackers seeking personal and financial information.

This year, you should make it a priority to strengthen the defenses of your computers, mobile devices, and your network. Also, social engineering will likely be the primary method hackers will use to exploit people in your organization, so periodically test how susceptible your organization is to well-designed social engineering attacks.

Vendors that can help with your security include Mimic Technologies, Right Size Solutions, True North Networks, Envision Consulting, and many more, and you can use simulated phishing applications from Wombat Security Technologies, TraceSecurity, ThreatSim and more.

Electronic Signature

Next up is the increased adoption of electronic signature by financial institutions. You heard about e-signature several times in last years’ broadcasts as TD Ameritrade Institutional, Fidelity, Pershing, LPL and others support some form of the technology in their existing account processes.

But you can also deploy e-signature for the contracts and agreements you have for your internal documentation. So it’s worth exploring your options from providers such as RightSignature, Adobe® EchoSign®, DocuSign, and more to streamline your signature-gathering process, all while satisfying compliance, of course!

Big Data

The third trend I see ramping up big time for advisors in 2014 is Big Data. More technology providers are developing big data capabilities to help you analyze your data more effectively so you can make informed decisions about your client needs and business opportunities.

Look to adopt one or more of the business analytics tools available from Redtail Data Cloud, AssetMark, Orion Advisor Services, Envestnet|Tamarac and more.

Enhancing Your Online Presence

Finally, 2014 should be the year you make a serious effort to enhance your online presence. This is about more than just creating a Twitter account, posting a few tweets, and calling it a day.

More and more prospects are looking for financial advice and evaluating financial advisors online, long before they pick up the phone to schedule an initial meeting. And some prospects don’t even care that your office be in the same city where they live; they want an advisor who is an expert regarding their specific needs and circumstances, without imposing some arbitrary geographic requirement.

That said, does your website have what it takes to attract this generation of web-savvy prospects? Does your social media activity reinforce your value proposition to potential clients? And does your technology live up to the expectations of individuals born in the digital age?

Boost your online presence with services from providers like Advisor Websites, Wealth Management Marketing, Vestorly, Advisor Studios, Wired Advisor, and more.

So there you have it!

You’ve heard what I think the most important technology trends of 2014 will be, and I’ve given you a head start with a number of vendors and providers that can help you get the new year off to a fantastic start.

Watch FPPad Bits and Bytes for January 3, 2014

Watch FPPad Bits and Bytes for January 3, 2014

FPPad Bits and Bytes for December 6

Posted on December 6, 2013 by in Bits & Bytes

On this week’s broadcast, learn the hits and misses from the year’s most anticipated advisor technology survey, the pending termination of several financial planning software products catches advisors off guard, how the leading independent custodians are stepping up their technology, and more.

So get ready, FPPad Bits and Bytes begins now!

(watch FPPad Bits and Bytes on YouTube)

This week’s episode is brought to you by Angie Herbers Incorporated, a consulting and research company to financial advisory firms, who just released a new white paper called Take Two: The New Direction of Succession that addresses the key elements to create a successful transition to your junior advisors.

ahi 600

Download the Take Two white paper for free, along with other practice management resources, by visiting fppad.com/ahi

Here are this week’s top stories:

Tech Survey 2013: What’s New iIn Advisor Tech? from Financial-Planning.com

[Leading off as the top story is one of the most anticipated technology articles that comes out every year. The first of December marks the release of the annual Financial Planning Magazine Technology Survey, where Joel Bruckenstein digests over 1,100 responses about the various software programs and practice management tools used by financial advisors today.

So who are the winners and losers from this year’s survey?

Redtail Technology, Salesforce, and Tamarac Advisor CRM are the winners among CRM software, as advisors continue to embrace cloud-based technology, with slippage coming from Junxure, ProTracker, ACT, and Goldmine.

In financial planning software, this year’s results are essentially a carbon copy of last year’s survey, with MoneyGuidePro, eMoney, and MoneyTree claiming the top three spots.

And the same is true with portfolio management software, as the top 6 vendors are also a total repeat of last year’s results.

So who missed out on opportunities this year? The survey randomly selected new products from Blueleaf, inStream, and Market76, but found that few advisors had even heard of these relatively new players, which tells me that financial advisors, well, those who don’t watch Bits and Bytes, continue to be a challenging market for new providers to gain exposure.] The move to the cloud is finally taking place. In category after category of this year’s Financial Planning Tech Survey, we found software providers making the shift, and advisors responding.

NaviPlan financial planning desktop products to be discontinued from InvestmentNews

[The next story features news from Advicent Solutions, the company formerly known as Zywave, who provides a suite of financial planning software to advisors under the NaviPro brand.

In an unexpected announcement to some users, the company announced it will sunset six of its NaviPlan products on March 31, 2014, citing an “ever-changing marketplace.”

Going away will be all of the NaviPlan Extended and NaviPlan Standard desktop-based variants, making the cloud-based NaviPlan Premium and NaviPlan Profiles the sole applications that will receive ongoing support and enhancements in 2014 and beyond.

This news reinforces the trend of advisors adopting cloud-based solutions as seen in the Financial Planning Software Survey, so don’t be surprised when other providers announce the discontinuation of their own desktop-based software in favor of cloud-based alternatives.] NaviPlan financial planning products for desktop computers will be discontinued as the owner develops its NaviPro products for online use.

Plowing Ahead from FA-Mag.com

[Software providers aren’t the only ones making big changes in advisor technology, as four of the major custodians are also investing heavily in advisor-facing technology in a very competitive arms race. Once again, Joel Bruckenstein interviewed executives from Fidelity, Pershing, Schwab Advisor Services, and TD Ameritrade Institutional to reveal their strategies to help make advisors more efficient and more profitable through enhanced technology.

There’s a ton of great information in this article, so be sure to read it to see what your custodian is doing to help you grow your business.] Over the last several years, custodians have been investing in advisor-facing technology like never before.

Envestnet | Tamarac’s Advisor Xi(R) Platform Added To Pershing’s NetX360(R) Technology Channel from WSJ.com

[And finally, one company benefiting from custodian technology enhancements is Envestnet|Tamarac. This week, the company announced that its Advisor Xi suite will soon integrate directly with Pershing’s NetX360 custodial platform, giving advisors straight-through processing capabilities for trades in accounts held at Pershing, as well as access to real-time custodial account data.

The real-time data feeds will compliment existing integrations with Schwab and TD Ameritrade supported today, and expand straight-through processing trading capabilities announced at Schwab IMPACT several weeks ago.

Tamarac anticipates that the new integrations will roll out to its 660 firms during the first quarter of 2014.] Envestnet | Tamarac, a division of Envestnet, Inc., a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, announced today that it has formally begun the integration of its Advisor Xi(R) platform into Pershing’s NetX360(R) custodial channel for investment professionals and Registered Investment Advisors (RIAs). Advisors will have access to this integration in the first half of 2014.

 

20131206 episode thumbnail 600

Watch FPPad Bits and Bytes for December 6, 2013

 

 

 

FPPad Bits and Bytes for October 18

Posted on October 18, 2013 by in Bits & Bytes

On this week’s broadcast, a popular financial planning software suite gets a complete overhaul, find out which investment policy statement provider just got acquired, learn how avoiding social media can actually be a risk to your business, and more.

(Watch 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

Designed by well-known CPA Sheryl Rowling, TRX features tax-efficient rebalancing, an easy to use interface, and more, all at an affordable price. To learn how you can gain a half a million dollar return on your technology investment, download the latest white paper by visiting fppad.com/trx

Here are this week’s top stories:

Money Tree Software Announces New TOTAL ONLINE Financial Planning Solution from MoneyTree.com

[This week’s lead story comes from Money Tree Software, providers of one of the leading financial planning software applications used by advisors. Money Tree’s flagship product, Silver Financial Planner, originally started as a desktop program over 30 years ago, and the company introduced cloud-based versions of its software over the last decade.

But with competitors like MoneyGuidePro from PIETech, eMoney Advisor, and NaviPlan from Zywave all performing major redesigns in recent years, Money Tree’s programs began to show their age. But all that is about to change.

This week, Money Tree unveiled TOTAL Online, a significant redesign of Money Tree’s original software which dramatically simplifies data entry and overall usability. Advisors should find the new layout intuitive to use, but still offers the powerful features advisors have some to expect from their planning software.

And you’ll be glad to know that the complete overhaul did not come with a dramatic cost increase. First year pricing for TOTAL Online is $1,342, which includes both the Easy Money Power Planner and Golden Years Cash Flow modules. This is a 25% savings off the regular price when purchased individually, and in subsequent years, a continuing subscription of both modules is just $999.] We know cloud-based software is important in today’s financial industry because advisors want to create, collaborate, and deliver financial plans anytime and anywhere. But that software needs to be flexible and easy-to-use. That’s why we created TOTAL Online.

fi360 Acquires IPS AdvisorPro from PRNewswire.com

[Now when you use any financial planning software, you’re most likely going to define some kind of investment allocation in-line with your client’s goals and risk tolerance. So how exactly do you define the objectives of your clients’ portfolio? With an investment policy statement, of course.

IPS Advisor Pro, founded in 2006 by advisors Norm Boone and Linda Lubitz Boone, has been the go-to solution for advisors seeking ways to streamline the investment policy statement creation process.

But in news this week, IPS Advisor Pro announced it was acquired by fi360, the leading advocate for fiduciary behavior in the investment advisory world.

Financial details of the acquisition were not disclosed, but in a letter to IPS Advisor Pro users, the company assured that functionality and support of the software would continue as it is today for the foreseeable future. Norm Boone and Linda Lubiz Boone will remain on board as consultants to fi360, but no doubt the acquisition will allow them to devote a little more time to running their own advisory firms as well as other activities and interests.] fi360, the premier organization for fiduciary education, investment analytics, support services and industry insights for financial professionals, today announced it has acquired IPS AdvisorPro®, a cloud-based technology that helps financial advisors develop customized investment policy statements (IPS), which are used to document client investment goals and the subsequent procedures to achieve those goals.

Defend your online reputation before it’s too late from InvestmentNews.com

Kristen Luke, founder of Wealth Management Marketing, gives advisers five ways to combat negative online search results.

Kristen Luke, founder of Wealth Management Marketing, gives advisers five ways to combat negative online search results.

[In other news, you’re probably watching this broadcast because you saw a link on Twitter, LinkedIn, or Google+, so chances are you have some type of presence on social media. But did you know that NOT having a social media presence can actually be a risk to your business?

In her debut column for InvestmentNews, Wealth Management Marketing founder Kristen Luke provided two examples of how an advisory firm’s reputation was tarnished because of unflattering information that showed up on the first page of search results for each company.

So what can you do if your firm’s reputation is affected by online search results?

Luke offer five actions you can take right now to combat negative online publicity and reduce the impact of unfavorable press.] You are at risk for a negative online reputation whether or not you engage on the Internet. Two examples come to mind.

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

[And finally, you know how important comprehensive training is when you roll out any new technology in your business. Training is critical to the adoption and success of any tool you introduce in your firm.

The folks at Envestnet|Tamarac understand that, and have rolled out a new massive online training resource called Tamarac University Online.

I got a preview of Tamarac University Online, which features training modules on their entire suite of tools, including Advisor CRM, Advisor Rebalancing, and the Advisor View online portal. Each module features hours of how-to videos and instruction, which you can watch on demand anytime, and since it’s mobile friendly, using any device.] Envestnet | Tamarac builds an online university to help advisers master the company’s total office software

 

Watch FPPad Bits and Bytes for October 18, 2013

Watch FPPad Bits and Bytes for October 18, 2013

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

Posted on October 17, 2013 by in Portfolio Management Software, Practice Management, Technology

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.

FPPad Bits and Bytes for August 2

Posted on August 2, 2013 by in Bits & Bytes

It’s here! Bits and Bytes has gone video.

I’m now delivering the week’s best technology bits for financial advisers in a video broadcast you can bite into anytime you like (oh yes, I just did that).

This week’s edition of Bits and Bytes is brought to you by Redtail Technology, providers of cloud-based CRM for financial professionals since 2003.

Redtail Technology

Check out their popular advisor solutions and sign up for a 30-day free trial. Visit fppad.com/redtail for more information.

(Watch on YouTube). But still, those with short attention spans or aficionados of the written word can get this week’s stories of interest in their full-text glory below.

Like it? Hate it? Let me know!

Like the new format? Hate it? Don’t care for it? Be honest, and let me know by contacting me.

Tech reporter Davis Janowski leaving InvestmentNews to become editor for WealthFront, via Davis’ Twitter feed

[In this week’s lead story, venerable technology reporter Davis Janowski announced this week that he will be leaving his position as tech reporter at InvestmentNews to assume the editor role over at WealthFront. Most of you should recognize WealthFront from a number of past articles about online financial advice platforms and so called “robo-adviser” platforms. For as long as I can remember, Davis has been a solid journalist covering technology for financial advisers and inspired me to launch FPPad back in the day. So Davis, thanks for all your work and passion, and I look forward to what you have in store for advisers with your new role at WealthFront.]

 

USB flash drives masquerading as keyboards mean more BYOD security headaches from ZDNet.com

[In my Defending Against Phishing, Hacking, and Spoofing Attacks presentation, this is one of the attacks I talk about under social engineering. See, hackers drop these little USB flash drives in business parking lots, labeled with enticing messages like “personal and confidential” or “2012 tax returns.” They hope than an unsuspecting employee will pick it up and plug it in to their corporate computer, which unbeknownst to the employee unleashes all kinds of malware and spyware inside the corporate firewall. The best defense against this tactic: train everyone in your organization not to use USB drives from unknown sources. The risk of stumbling on a rogue device is just too great.] You should be already aware of the data theft risks that USB flash drives pose to your company – even a seemingly lowly 2GB drive can hold a lot of precious data – but a new threat has emerged which makes them even more dangerous.

inStream Hires Professor Dr. Wade Pfau to lead Financial Planning Research from inStreamWealth.com

[inStream, the provider of free web-based financial planning, strike that, practice management software, just beefed up its chops in the retirement planning area by hiring Dr. Wade Pfau to lead its Financial Planning Research division. Pfau is the Professor of Retirement Income for the American College and has authored a number of influential papers on retirement research. Clearly, advisers looking to serve the needs of their retiring clients want access to the leading research on retirement planning, and Pfau’s connection with inStream will likely raise the company’s profile on most advisers’ radar. A final note: inStream is an advertiser on FPPad and helps support content production just like this.] inStream Solutions (“inStream”) announced today that American College Professor of Retirement Income Dr. Wade Pfau has joined the firm to lead Financial Planning Research.

Orion Advisor Services Enhances Integrated Performance Reporting Capabilities from MarketWatch.com

[Orion Advisor Services is well-known for its hosted portfolio management software and reconciliation service bureau. One issue with many of these services is that the reports themselves might not be exactly what advisers are looking for and want to present to their clients. Some advisers turn to third-party providers like MorningStar or AdvisoryWorld for more attractive reports that better convey information advisers want to put in front of clients. Well this week, Orion announced that its Report Builder solution now integrates with AdvisoryWorld, so advisers can pull in components like risk analytics, Modern Portfolio Theory statistics, and diversification and overlap analysis directly from AdvisoryWorld, but be able to match the font size and look and feel of standard Orion reports. If you’re one of the hundreds of Orion users, check out the updated Report Builder and see how you can enhance your reports with the latest AdvisoryWorld integration.] Orion Advisor Services, LLC, a premier portfolio accounting service provider, is delivering more robust performance reporting capabilities to its advisor clients through expanded integrations with AdvisoryWorld, a leading provider of customizable portfolio analytics and investment planning applications to the financial services market and PIEtech’s MoneyGuidePro, the leading goal-based financial planning software for financial advisors.

BlazePortfolio Completes Integration with Black Diamond from BlazePortfolio.com

[For rebalancing software, advisers are pretty familiar with Envestnet|Tamarac, TD Ameritrade Institutional’s iRebal, and Total Rebalance Expert. One of the programs not on most advisers’ radar is Atom Align from Blaze Portfolio. This week, the folks at Blaze Portfolio announced that their solution, Atom Align, is now integrated with Advent’s Black Diamond portfolio management software. So if you’re a Black Diamond user and don’t have rebalancing software, you have one more option to consider to increase your efficiency when rebalancing client accounts.] BlazePortfolio is excited to complete its integration with Black Diamond.  The BlazePortfolio and Black Diamond integrated solution offers Investment Advisors the opportunity to utilize both platforms for their back office systems.

LinkedIn Company Pages Add Analytics from Mashable.com

[If you’re like me, you work hard to build your brand and build your profile through a number of social media websites. So a big part of measuring your success for the time you spend on social media is the ability to get metrics and real data behind your social media activity. Mashable reported on Wednesday that LinkedIn is now offering analytics for Company Pages set up on the site, so if your firm has a Company Page, go sign in and look for the new analytics tab in your menu.] LinkedIn added analytic support to Company Pages Wednesday, giving businesses the opportunity to track how content shared on LinkedIn performs.

And if you want to read the best material in financial planning knowledge and information over the weekend, click or tap the button below to head over to Michael Kitces’ Nerd’s Eye View blog and see the latest in Weekend Reading.

Click to view Weekend Reading at Kitces.com

FPPad Bits and Bytes for June 21

Posted on June 21, 2013 by in Bits & Bytes

integration

For financial advisers, integration, no matter how simple or complex, leads to higher revenue, profitability, and income says one survey.

Here are this week’s stories of interest:

What I Learned from Getting Robbed: Part 1 from Advisortechbuzz.com

[This is a last-minute addition to this week’s Bits and Bytes. Here’s a personal story from Commonwealth’s Justin Unton about a robbery at his house and the theft of a bunch of his electronics. Unton strongly advocates the use of two-factor authentication (see: How to enable two-step verification on your LinkedIn account) which renders these devices and online logins useless without access Unton’s mobile phone. Let this be a lesson to us all: turn on two factor authentication wherever you can to give yourself an additional layer of protection in the event something like this happens to you.] At first, we thought it was our cat, Oscar, who had caused the mass destruction in our living room. We even laughed it off, thinking that he must have seen a fly and done his best puma impression to track it down and pounce on it. That all changed as we went down the hallway to our bedroom and saw the contents of our drawers strewn about the floor.

Envestnet | Tamarac White Paper: Technology Integration Leads To 20% More Annual Income For Advisors from Marketwatch.com

[I think it’s generally common sense to equate the use of integrated software tools with increased profitability. But just in case you have your doubts, here’s a white paper compiled from an Aite Group survey that demonstrates this fact. So what is “some degree” of technology integration? The white paper says it’s single sign-on, manual data sharing, automatic data sharing, and cross-product functionality. Want a copy of the white paper? Visit http://tamaracinc.com/White-Paper-Download.aspx and offer your contact information.] Envestnet | Tamarac, part of Envestnet, Inc., a leading provider of integrated web-based portfolio and client management software for independent advisors and wealth managers, has released a white paper showing that financial advisors at independent RIA practices with some degree of technology integration earn approximately 20 percent more in annual income than their counterparts at independent RIA practices with no technology integration.

AssetBook rolls out mobile portfolio management application from InvestmentNews.com

[AssetBook joins other portfolio management software providers including Black Diamond and Orion Advisor Services (see: Eric Clarke, President of Orion Advisor Services, on additional integrations and mobile apps) in offering a native mobile app advisers can use to view portfolios.] AssetBook LLC announced Friday the release of AssetBook Mobile: a native application for devices running both iOS and the Android operating system.

Smarsh, an archivist for the information age from OregonLive.com

[Smarsh routinely appears on FPPad for email and social media compliance. Clearly they’re a popular service provider among their regulated financial service customers, and that popularity has resulted in dramatic growth of what was once a small start up in the Pacific Northwest.] Companies used to wish away their old correspondence. Old letters were a legal liability, the thinking went, and ought to be destroyed. Smarsh has built one of Portland’s fastest-growing tech businesses by taking the opposite approach, contending that in the information age nothing is ever really gone.

Dell owns 60 percent of Smarsh, with an option to buy more from OregonLive.com

[This is a sidebar to the Smarsh article above, but I felt it important enough to break it out separately. Did you know Dell, yes, that Dell, now owns 60 percent of Smarsh? I didn’t either. That news managed to fly under my radar.] Companies that produce the kind of growth that Smarsh has inevitably attract suitors. But don’t look for a buyout at Smarsh: It’s already happened.

Tweet this: Finra spot-checking firms for social media compliance from InvestmentNews.com

[Surprise, surprise, FINRA is checking broker-dealer rep’s use of social media! It’s not breaking news, FINRA is doing what they’re supposed to be doing; their job! Still, if these spot-checks scare you, here’s what you need to have: 1) A compliance manual that includes your social media policy, 2) documentation that reps are periodically trained, and 3) a monitoring and archiving system that contains the history of social media posts. Is there anything I left out?] The Financial Industry Regulatory Authority Inc. is doing social-media compliance spot checks on some of its member firms. In a notice posted Monday on Finra’s website, the regulator said it wants broker-dealers to identify the sites used by a firm, as well as all individuals who post or update the firm’s content on social-media sites.

 

TD Ameritrade adds iRebal to the cloud and offers it for free to affiliated advisers

Posted on January 31, 2013 by in Software, Technology

TD Ameritrade’s rebalancing software will soon be available online via the cloud and at no additional cost to affiliated advisers.

In a press release today, TD Ameritrade Institutional announced that it will soon offer its proprietary iRebal® portfolio rebalancing software directly through the cloud. Also, advisers who custody assets with the custodian can access the web-based version of iRebal for free.

The new version of iRebal will be integrated with TD Ameritrade Institutional’s Veo® adviser platform (see: TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes), giving advisers access to powerful rebalancing software once reserved for desktop or server installations.

“With iRebal in Veo, advisers can reduce weeks-long processes down to minutes, putting them in a better position to pursue potential opportunities, react to changing market conditions and ultimately provide more valuable service to their clients,” said Tom Nally, president, TD Ameritrade Institutional, in the press release.

Although I have no official metrics, iRebal seemed to have leveled off in its growth of new users, so this move will no doubt put the software package back on the growth track.

Not only that, but eliminating the cost of the software for advisers who custody with TD Ameritrade Institutional should attract a significant number of the company’s 4,500 RIA custody clients.

Because of its high cost of ownership, rebalancing software has historically been within reach of only the largest RIAs.

Now with no fee, iRebal in the cloud puts significant pressure on vendors such as Tamarac, RedBlack, TRX, BlazePortfolio, and more.

The desktop version of iRebal will still be sold to “well-established” advisers, according to the press release, with pricing of a one-time $10,000 implementation fee and AUM-based pricing starting at $20,000.

FPPad Bits and Bytes for November 16

Posted on November 16, 2012 by in Bits & Bytes

Remember, today at 4:15pm Eastern, 1:15pm Pacific I’ll be hosting FPPad On Air with Steven Ryder of True North Networks to discuss disaster recovery and business continuity in the wake of superstorm Sandy. Check Twitter or Google+ for the link this afternoon.

Here are this week’s stories of interest:

David Drucker and Joel Bruckenstein Announce Preliminary Agenda for “T3” 2013 Conference in Miami from PRNewswire.com

[One of the industry’s top conferences on technology is approaching quickly. Save the dates of February 11-13 and soak up the Miami sunshine while you absorb technology and practice management ideas. Note that the book Technology Tools for a High-Margin Practice will be published with all new information, including a chapter I wrote on the top collaboration technologies. Do not miss this conference!] David Drucker and Joel Bruckenstein, producers of the 8th Annual “T3” Technology Tools for Today™ Conference to be held at the Hilton Miami Downtown from February 11-13, 2013, today announced the preliminary T3 2013 conference agenda and initial details of their new book, Technology Tools for a High-Margin Practice, due out February 6, 2013.

H.D. Vest Chooses Advent’s Black Diamond Platform from Marketwire.com

[H.D. Vest, once part of Wells Fargo & Company and now owned by Parthenon Capital Partners, is equipping its 4,800 affiliates with access to on-demand custom performance reporting via Black Diamond. Clearly this is how wealth management and financial planning services will be delivered in the future; online, mobile, and customized. AND if you were a private equity company looking to increase the value of the H.D. Vest purchase, don’t you think streamline portfolio reporting and management is a decent way to do it?]  Advent Software, Inc., a leading provider of software and services for the global investment management industry, recently announced that H.D. Vest Financial Services® (H.D. Vest) has transitioned its performance reporting to Advent’s Black Diamond platform to enhance their Advisors’ ability to communicate portfolio performance during client meetings.

Envestnet | Tamarac(TM) Brings Tamarac University Online from MarketWatch.com

[Today you can learn how to cut an onion online. So why not learn how to rebalance client portfolios at the same time? If you’re an Envestnet | Tamarac user, you’re in luck, as much of their training content (a.k.a. Tamarac University) is now online and available on demand.] Envestnet | Tamarac(TM), a division of Envestnet, Inc., a leading provider of integrated web-based portfolio and client management software for independent advisors and wealth managers, has announced an expansion of its popular Tamarac University program to include an online option for RIAs covering its entire curriculum.

Envestnet Announces Integration With Junxure CRM Software via PRNewswire.com

[In the second release this week, Envestnet will combine “portfolio management with client recordkeeping and workflow management” inside the soon-to-be-released Junxure Cloud. What’s odd to me is that Junxure Cloud likely will have some type of workflow or task management component, yet the Envestnet integration adds in workflow management of its own. Which one will should advisers use?] Envestnet, Inc., a leading provider of technology-enabled wealth management solutions for investment advisors, has announced that it has agreed to integrate with Junxure Cloud, the upcoming web-based client-relations management (CRM) program for financial advisors. The integration is expected to be included with the initial release of Junxure Cloud, expected in the first quarter of 2013.

Advisor Software, Inc. Signs Agreement With Redtail Technology To Integrate goalgamiPro Quick Planning Solution With Redtail CRM from MarketWatch.com

[If you’re going to create a quick plan for a client, the last thing you want to do is perform double entry of a client’s name, address, etc. In this announcement, Redtail will soon partner with Advisor Software allowing users to pass client information to Advisor Software’s goalgamiPro (see: Yes, you can create financial plans in eight minutes).] Advisor Software, Inc., a provider of wealth management solutions for the financial advisor market, has finalized an agreement with Redtail Technology, Inc., a provider of client management solutions for financial professionals, to provide access to ASI’s unique quick planning tools. The strategic partnership will integrate ASI’s direct-to-advisor product goalgamiPro with Redtail’s Client Relationship Management (“CRM”) suite.