Technology to boost customer service and lift AUM? It exists.

ByAllAccounts helps capture 401(k) and other similar assets without banging the door down. A win-win?
OCT 07, 2013
If I told you that an affordable technology could help you provide better service to your clients and increase your assets under management effortlessly, would you be interested? There is such a product, yet most advisers are not utilizing it. I'm referring to ByAllAccounts. I should note that ByAllAccounts is not paying me and they did not ask me to write this article. I'm just an adviser who uses their service. Consider this: How many clients actually pay attention to their 401(k) allocations? My estimate is zero. And how do advisers deal with this? Typically, every couple of years, the adviser will look at the client's 401(k) statement and recommend a contribution allocation that approximates a model strategy. This approach is less than ideal for the client and doesn't increase adviser billings. With ByAllAccounts, 401(k) assets, as well as other outside accounts, can be downloaded daily into the adviser's portfolio accounting system (PortfolioCenter, Morningstar Office, Orion, etc.). This download enables integrated, continuing management and, importantly, allows the adviser to charge fees on these accounts. With integration (and sophisticated re-balancing software), the adviser can apply location optimization strategies and cherry-pick from the plan's fund offerings. As an adviser managing these outside accounts, you can bill clients on them as part of their overall portfolios. In my advisory firm, ByAllAccounts assets represent more than 10% of our AUM. Many of you are likely thinking, "My clients will not want to pay for this." I had the opposite experience! When I informed clients that we could now integrate management of their 401(k)s and other outside accounts (such as annuities and life insurance investments) along with the rest of their portfolios, the only reaction was excitement. Not one client complained about higher fees. So, this is your chance to boost AUM without marketing to new clients, all while providing better service to boot. That's what I call a win-win. What do you think? What kinds of technology have helped you boost AUM? Or how have you been able to bring in clients' 401(k) or other assets? Sheryl Rowling is chief executive of Total Rebalance Expert and principal at Rowling & Associates. She considers herself a non-techie user of technology.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.