FPPad

Day three of the NAPFA Technology Conference leads to the close of this invigorating trip.  I had the opportunity to share many stories and ideas with practitioners and back-office staff alike, and have come away with several new ideas I hope to implement over the next several months.  Here is the recap of day three:

Human Capital

Richard Lee of Lee Financial Corporation opened the final day with a session titled Human Capital and Systems.  Richard commented that financial advisers have come a long way since the days of VisiCalc, but advisers are still defining the business and profession.  He played a video featuring a staff member who discussed how spreadsheets and computer programs simplified financial product illustrations in the early 80s.

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Day two of the NAPFA Technology Conference has been exhausting.  Admittedly, I was up late last night, but digesting the volume of information and resources highlighted today is something I’d compare to drinking water from a fire hose.  So here it is, a recap of day two:

If you haven’t seen a Tamarac demo, DO IT NOW!  If your firm trades on a consistent basis (e.g. over 2,000 trades a year or so), Tamarac will save time, reduce mistakes, and facilitate compliance.

Tamarac is poised to give 3rd party money managers a run for their money.

I recommend requesting a demonstration of the program.  Connor Wilson presented for this conference, and he has deep knowledge of the program yet is able to explain its complex features with ease (note: I receive no compensation whatsoever for saying this, as noted in my About page).

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Here’s a quick post on the highlights from today’s NAPFA Practice Management and Technology conference held in Las Vegas.

Chris Parker, Franklin Covey: Success Is In The Systems

• If you closed your financial planning practice today, what would your clients miss?  The answer makes up a significant part that differentiates your firm from other firms around you.
• On leadership: You can choose who to follow, but you can’t choose who follows you.
• Finally, clarify your business purpose: You must define the specific job to be done at a high level.  Next you must identify the strategic link between your firm’s mission and strategy.  Lastly, you must ensure you have a money making model and operate profitably

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