Vendors respond to advisers' lack of tech-savviness with educational resources

Vendors are taking notes on the wants and needs of the advisers using their programs — and more and more are offering educational resources for users to take advantage of their software and services. Junxure, the client relationship management program provider, is the latest to roll out an interactive tool for learning the software called eXpert. With it, users of Junxure Cloud — the Internet-based version of its CRM system — will have access to interactive guides that walk them through the features and functionality of the program. It's an attempt to get advisers to use the technology at their disposal to the fullest extent. That's because advisers are usually wasting time and money underutilizing the software and devices that they already have. "One of the problems advisers are having with platforms is understanding what they're capable of," said Greg Friedman, the chief executive of Junxure. The firm's eXpert program shows advisers how to master the functionality of its program, as well as training tips and tools for how to handle certain common situations using the software. Many advisers would like to use the technology that they already have more effectively, rather than jumping ship to another provider or continuing to buy more software. When advisers were asked in the 2015 InvestmentNews<>/i Technology Study what would be most critical to achieving their goals for growth, 55% of the 234 advisers who answered said fully utilizing their firms' current technology offerings. Another 28% said investing in new and emerging technologies, while only 17% said technology will not play a significant role in their firms' ability to grow. Other vendors have also taken note of this need to teach. Aaron Guidotti, the chief executive of Grendel, another CRM system for the financial services industry, said the company has taken a number of initiatives to help advisers learn to use the program more effectively. "If you don't know the system, you're not going to like it, and you're going to go somewhere else," Mr. Guidotti said. Grendel offers documents and videos for advisers to use, as well as training sessions. As more features come out, vendors ramp up their training initiatives, and sometimes the classes will be adjusted based on what each advisory firm's support department says its personnel are being asked about the most. CRM provider Redtail has Redtail University, with one-day classes for advisers in various cities throughout the year. The firm also participates in many industry conferences. "It helps to know the best-practice approach to utilize information," said Brian McLaughlin, chief executive of Redtail. "We're really trying to teach best practices." The concept of elearning is really taking off in the industry, according to some advisers. Earlier this year, Deborah Fox, a financial adviser and founder of the Fox Financial Planning Network in San Diego, teamed up with robo-adviser Jemstep to offer Symphony, a guide for advisers to use the online automated investment platform. The reason for the initiative was that Ms. Fox believed that many advisers did not know how to use the set of tools in ways that maximize the software's potential. At Clientwise, a marketing company for financial advisers, community-based and peer-to-peer learning methods have gained prominence. Alessandra Suarez, a relationship manager at Clientwise, said the firm's eXchange program offers content on a wide range of topics, including practice management and technology usage. "It gives them an opportunity to never stop growing," Ms. Suarez said. "The financial services industry is everchanging. “This gives them the ability to stay up to date with new content we release and also to learn from peers," she said. The service also provides coaching and workshops. At the end of the day, as advisers are managing their businesses, vendors need to be at the forefront of educating them about their products and services so that advisers can keep learning in a manner that boosts their level of efficiency. "Financial advisers are not necessarily very technical, and we aren't expecting them to be," Mr. McLaughlin said. "Just like you learn a language, you learn software, and when you learn it, you get the best possible results out of it."