What's the best software you don't know about?

When it comes to portfolio management tools, there are a lot of options. Sheryl Rowling offers up one of her favorites.
OCT 07, 2013
I first heard about ReportCheck from its creator, John Norwood, at an industry conference. He's a nice guy, so when he suggested I take a look at his program, I said I would. I must admit, I didn't think it would make much of a difference in my practice. After all, we already were pretty quick about distributing quarterly reports. My client service manager and I read through the program’s specs and features. One in particular seemed too good to be true. ReportCheck offered automatic reviews of all our clients' quarterly returns and would identify those with returns outside of acceptable parameters. Really? Software that could actually do this could easily improve the integrity of our numbers and save us countless hours of review time. So, we tried it and we liked it. We are now able to instantly identify client returns outside of pre-set ranges. With this information, we can either correct errors or delve into why a particular client has unexpectedly higher or lower returns. When asked about his inspiration for creating ReportCheck, Mr. Norwood said "The idea of developing an automated error checking application for PortfolioCenter came from listening to the staff of an advisory firm in Phoenix describe their process for manually checking their reports for errors. They produced a trial print run and then all the staff retired to the conference room and reviewed all the reports, page by page, passing reports around the table to each person in the room. The whole process … took the better portion of a week each quarter." In my opinion, ReportCheck hits a home run; it is easy, effective and reasonably priced. The cost is $1 per account per year, with a minimum fee of $1,000. There is one downside though: ReportCheck only works with PortfolioCenter. If that's your portfolio accounting software, then get ReportCheck now. If not, you might want to convince Mr. Norwood to expand his offering. Now it's your turn, do you have a favorite little program that has made a significant difference in your practice? Sheryl Rowling, CPA/PFS is CEO of Total Rebalance Expert and principal at Rowling & Associates. She considers herself a non-techie user of technology.

Latest News

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

Raymond James hauls Ameriprise advisors managing $1.1B in New York
Raymond James hauls Ameriprise advisors managing $1.1B in New York

Elsewhere, Sanctuary Wealth recently attracted a $225 million team from Edward Jones in Colorado.

Cetera debuts new alts allocation portfolios for accredited investors
Cetera debuts new alts allocation portfolios for accredited investors

The giant hybrid RIA is elevating its appeal to advisors with a curated suite of alternative investment models, offering exposure to private equity, private credit, and real estate.

Steward Partners expands in California with $1.1 billion RIA acquisition
Steward Partners expands in California with $1.1 billion RIA acquisition

The $40 billion RIA firm's latest West Coast deal brings a veteran with over 25 years of experience to its legacy division for succession-focused advisors.

Invictus managers withhold $10M, trigger ERISA asset showdown
Invictus managers withhold $10M, trigger ERISA asset showdown

Invictus fund managers allegedly kept $10 million in plan assets after removal, setting off a legal fight that raises red flags for wealth firms.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.