In many columns, I have examined the choices available on custodial technology platforms, either built or under construction.
To maintain balance, I thought I would focus on some of the tech solutions that independent financial advisers can select on their own.
One solution that advisers may find useful is Grendel Online from Big Brain Works LLC.
Grendel is an information management system that provides customer relationship management, account aggregation and document management. It also serves as a client portal so that clients can access their account information.
NEW FEATURES
Literature buffs may recognize Grendel as the name of a character in “Beowulf,” the medieval epic poem.
I first wrote about Grendel in 2008 and decided that it was time to take another look, as it has undergone a total system rewrite that updates it and equips it for mobile systems, including tablets and smart phones.
Big Brain Works, which says that Grendel has more than 900 users (a mix of representatives at independent broker-dealers, compliance officers and registered investment advisers) is custodian-agnostic.
The interface is built on rich-Internet-application technology that includes Adobe System Inc.'s Flex, the significance of which is that the system almost has the feel of software running on your local PC instead of on the Internet, where it resides.
With CRM and adviser-oriented work flow features at its core, Grendel offers account aggregation and
portfolio management features that go beyond most CRM-only systems, such as the basic Salesforce.com or Microsoft Dynamics offerings, without any of the customized advisory bells and whistles that custodians or overlay firms add on.
“Think of Grendel as CRM with a bunch of extras in a package created from the start for financial advisers,” said Aaron Guidotti, chief executive of Big Brain Works, who began developing Grendel 15 years ago.
The solution has since morphed into a multimodule platform with built-in integrations, including a broker-dealer supervisory module, and several external integrations, including:
• Links to Albridge Data Aggregation (now an affiliate of Pershing LLC and powered by account aggregation provider Advisor Exchange).
• A Google application that syncs with Microsoft Outlook.
• Laser App for form filling.
• The popular
financial planning application MoneyGuidePro from PIE Technologies.
Grendel's supervisory module allows a broker-dealer to audit advisers, manage compliance issues, and maintain files and file-retention policies remotely.
I also want to applaud the no-contract, transparent pricing that is published on Grendel's home page.
The CRM module costs $50 a month and covers up to 15 users. Also priced at $50 a month are the document management module and the client portal, which provides account details, aggregation controls and document storage.
The account aggregation model is $125 a month.
Straightforward pricing is one of the things that many advisers find attractive about Grendel even before they use it.
“For around $250 a month, I can use the entire Grendel system, which is so much less expensive than what it used to cost to get this breadth of services,” said adviser Phil Wood, president of Wealth Partners, a hybrid advisory firm affiliated with independent broker-dealer SII Investments Inc.
His 13-person firm uses every Grendel module, including the account aggregation system, which is another feature that he and fellow advisers find especially convenient.
“We have used the system for two years now,” Mr. Wood said. “The account aggregation features baked directly into Grendel's CRM make it simpler to use than aggregating within Albridge — which we use to download client holdings into Grendel.”
CLIENT PORTAL
Mr. Wood said that the client portal has been particularly helpful in setting up the aggregation of held-away accounts because his firm's operations staff can set up account locations — say, a bank account — and then provide a page where clients enter their own credentials, mitigating compliance headaches.
“I was sick of calling my previous CRM vendor and trying to get things fixed or new features added,” he said. “Grendel, on the other hand, has been very responsive and actually likes to hear from us and evaluate suggestions for their entire customer base.”
Mr. Wood said that he also likes the convenience of using core modules that are well-integrated.
“I love how everything is pulled together,” he said. “I see my typical contact information along with all the accounts, filings and aggregation — that really minimizes the need to flit around to multiple software packages.”
Senior analyst Sophie Schmitt of Aite Group LLC agrees that Grendel's level of practical integration might make it attractive to smaller advisory firms, permitting Big Brain Works to compete against such behemoth providers as Salesforce.com.
“The level of integration and work flow for smaller firms is likely to be one of their core advantages,” said Ms. Schmitt, who also pointed to the website development as a competitive edge.
“Being able to have a website that connects potential leads directly from an adviser's website to the CRM database” is the kind of thing that will make them stand out for advisers, she said.
Check out a
tour of the Grendel interface of the Grendel interface on our blog.
Email Davis D. Janowski at [email protected]
