Advisers to boost reliance on web tools

Technology consultants and industry insiders predict a greater reliance by advisers on web portals and online tools in 2008. They cite CRM, document management, web portals, integrated adviser platforms and RSS as areas of expected growth. Timothy D. Welsh, president of Nexus Strategy LLC a technology consulting firm based in Larkspur, Calif., said he expects advisers will be forced to spend more on technology to bolster creaky infrastructures, although it might be too little too late for some. “Document management will evolve into a ‘paper moving’ and ‘work flow’ automation tool beyond its current use by advisors as just a storage and retrieval system,” he said. He said he also expects more firms to finally bite the bullet and purchase true CRM systems that will act as the “hub” of their offices. Fellow consultant Jim Starcev, managing principal of Overland Park, Kan.-based Etelligent, said there will likely be more rollouts of integrated platforms like that announced by Fidelity Institutional Wealth Service’s forthcoming WealthCentral platform. “Web 2.0 social networking is going to begin having an impact. We are starting to see more advisors and more companies offering client portals with customizable content,” Mr. Starcev said. Scott Niesen, director of marketing at Attensa, Inc. of Portland Ore., agrees. A veteran of the web technology industry, Niesen said that really simple syndication (RSS), in particular will begin to resonate in the industry. Attensa produces RSS server, reader, and aggregator software for large companies. “2008 will be the year of enterprise 2.0 tool adoption in the financial services arena,” he said, adding, “when old tools like e-mail are supplemented with secure wikis [a simple website meant for collaboration that can be easily edited by users], search, tagging and RSS technologies you get tremendous efficiencies…less effort will be required to locate highly relevant information.”