10 Best Tools for Financial Advisors

Financial advisors have a complex and fluid job, helping a range of clients with unique situations and financial goals—keeping track can be difficult! New applications, software, online products and services, and cloud-based systems designed to help financial advisors are cropping up at rapid speed.

When it comes to serving clients in a state-of-the-art way, these 10 tools are indispensable.

Key Takeaways

  • As an independent financial advisor, having a suite of tools and applications at your fingertips can streamline your business and help you better serve your clients.
  • Software and mobile-based apps are now available (many for free) to help you organize, keep track of clients, compute financial formulae, and find new client leads.
  • Here we summarize ten such tools that every advisor should consider.

1. Retirement Nest Egg Calculator

The Nest Egg Calculator, a Vanguard tool, runs a client’s finances through a powerful Monte Carlo Simulation that breaks down how long that client’s retirement savings would last. The advisor simply plugs in a client’s minimum required period for retirement savings, their savings balance, and their yearly spending. After that, the advisor would adjust the tool to accurately portray their client’s portfolio allocation as percentages of stocks, bonds, and cash. The tool will show a curve and determine the probability of the client’s savings lasting through the time period that was selected. This is a very useful and simple tool.

2. Black Diamond Wealth Platform

Advent Software’s Black Diamond Wealth Platform is a cloud-based portfolio management platform. The features it offers independent financial advisors include information aggregation, customizable reporting, rebalancing, and daily account reconciliation.

This tool is useful for client-facing interactions as the dashboard is clear and easy to understand, even if you are not well-versed in finance. This makes it easy for the advisor to explain complex scenarios to a client with materials that facilitate the client’s understanding.

3. Black Diamond Mobile App

The Black Diamond mobile app, an add-on to the Black Diamond management platform, is one for the clients. It keeps them updated on their account and portfolio information. The app also offers a secure messaging system, ideal for advisor and client collaboration.

4. Hootsuite

Although many older advisors eschew the newer marketing and communication models, the planner without a strong online presence across Twitter, Facebook and LinkedIn is at a disadvantage. To reign in these unwieldy platforms and systematize their delivery, Hootsuite, a social media marketing aggregator, is ideal.

This “freemium” product allows the advisor to post and respond to many social media accounts from one central location. A favorite Hootsuite feature is the opportunity to schedule social media posts in advance.

5. Paladin Research and Registry

This free-to-consumers site serves people seeking a professional financial planner. To appear in their directory gives an advisor credibility and exposure. For a fee, this investor watchdog organization will rate an advisor according to experience, education, certifications and other proprietary criteria. If the advisor passes the Paladin screening, he is eligible for a spot on its “five-star registry,” thereby broadening his professional profile.

6. Fugent

Fugent offers a variety of software geared to financial service professionals. Its app for tablets is a unique remote presentation tool for out-of-office client meetings. The beauty of the app is that the advisor can elaborate on any uploaded document or report’s content, trends and information by writing on the document with their finger.

7. Dropbox

Cloud-based back-up services: These storage and transfer systems are constantly improving in accessibility as well as security. There are many to choose from, but today’s advisor and her clients need a system to access and share important information from anywhere. Dropbox is one of the more popular and reliable.

8. Precise FP

Data-gathering is one of the most tedious parts of the financial advisor’s job. Precise FP outsources this task. Clients input their information and attach appropriate forms and documents, and Precise FP aggregates the data into consistent, user-friendly forms. The attractive sheets can present the client data in diverse formats.

9. Bookeo

Scheduling meetings can be time-consuming for both the advisor and staff, frequently leading to lost minutes or hours. Bookeo.com acts like a super-secretary/concierge. From a ‘get acquainted’ meeting to a follow up with an existing client, Bookeo takes care of making appointments, gathering the name, email, address, and phone information of the other party or parties. The system is highly customizable too.

10. Google Alerts

The advisor must stay on top of their online reputation. Google Alerts is an ideal tool to find out the ‘who, what, and where’ of your personal and company mentions. Set up an alert for the company name as well as your individual name. That way, you know whenever you receive a media mention online. It’s a great way for the professional to monitor social media marketing efforts and online presence.

The Bottom Line

Technology is redefining the way financial advisors do their jobs today. Finding and utilizing the latest tools is essential for creating and maintaining relationships and maximizing productivity.

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