Adviser technology: Pardon the disruption

Mar 20, 2013 @ 12:00 am

Runtime: 5:25

How game-changing software often radically rejiggers the way advisers do their jobs.

Video Transcript

If you have on your road map a purchase of any just type of major advisory-related application. All the vendors are here in one place and can seem overwhelming but at least can do some in-person research and get demonstrations of the software itself from multiple vendors at one time and see what you actually like all in one place. All the major custodians are here. They're all talking about the things they've built. It's in a way refreshing that they're very competitive here to share what they're doing with all the third partiers that are here. What I'm always excited about here are some of the unknowns that end up showing up at this particular forum that are potentially disrupted to the industry. So just about anything you could think of related to technology for advisors you can find here at Q3. -I've been in this industry for over 13 years and what I have noticed that the financial planners they have started moving slowly from those paper business plans to more interactive and it's coming from a number of reasons. There are some demographic factors especially younger generation, generation x, generation y-- they don't want to deal too much of paper, so the advisor thought of having an incentive to provide them online planning. In fact, they want to involve some of those clients in terms of, you know, having them do a little bit of work. Understand some of the find and [unk] and then they do their planning. So the plan is not something you produced once and it stays there. It becomes in an ongoing process and that's what the planning should be so some of the advisors who are using our wealth planner for example which is a comprehensive financial software. What they do is they have the client to come in to their conference room and they're seated with the client and they do all the things there in about an hour to two-hour session. And at the end of their session, they are done with the plan. So it's not like the old-style going back and forth, do the planning and upload on the paper then presented to the client and then go back and then change. -Document storage is obviously a necessity to enabling the Cloud. I really want you to be inside the browser all day long not having to deal with any of this-- the other items running your business. And then some service bureaus gonna help you out with things. My goal is to have an advisor doing nothing but talking to clients and managing money. It's where they make money and that's for client's benefit. That's where the industry benefits as a whole not on all those extraneous technology stuff. So I wanna simplify it so they don't actually have to be, you know, experts. -The advantages of the Cloud over the desktop are obviously, everyone knows as you know, you don't have to do your own backups. You don't have to worry about a server. You can be pretty much anywhere you wanna be to connect up. You have an internet, you're there, so the remote possibilities all that kind of stuff. With our first four aims of the Cloud was with our product-client view where we were real early to the game with that because advisors weren't quite ready to like, put their data-- their clients performance reports and stuff on the web. But the time savings that they got by publishing these reports, putting them on the web instead of having a print and mail reports, I mean, some firms would spend 2, 3 days doing nothing but printing and stuffing envelopes to get these reports out. By switching the client view, what they're able to do is instantly like even once a week publish these reports out through the web and then they can see when their clients are viewing, so maybe they see a client 2 in the morning every morning. So it's a little bit better for feedback in terms of what your clients were doing and the time saving was there. -Yeah, I know a lot of advisors love to get an iPad and just put a bunch of games on it and, you know, it's hard to find actual real applications that will help their business but I think the industry as a whole is moving towards that direction and-- for example, we pioneered a mobile app called [unk] Logics last year which got a lot of recognition, you know, Money Magazine, all that kind of good stuff and the reason is, is because it's kind of an innovative new way to introduce financial planning to clients. It's essentially a digital replacement of your back of a napkin that advisors often used to, you know, try to draw down some concepts when they're talking to clients sort of reception or some kind of cocktail party. -We saw this trend a long time ago where these iPads and these mobile devices started to really not necessary replace the desktop PC but certainly, you know, augment what people use desktop PC's for. And a lot of cases replace a laptop use because they don't actually need a laptop. So we kinda made a decision to pursue that, you know, and I've said it before. I think if you think touch and mobile, you know, isn't the future. It's like denying gravity. It's coming. It's been coming for many, many years actually. It wasn't until the iPhone and the iPad were actually become technically possible to build, you know good experiences. So for us, what we're looking to do is give you future parity on a mobile device for the desktop platform. -We see technologies in a real part of every advisor's practice and would really to see more advisors here. We think that this is probably the only place I can come to get all in one conference, everything they need about technology. And I think-- and we're always trying to get the word out to a wider group of advisors because I think this conference could be so beneficial to them.

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