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All Financial Advisors and Agents Need These Software Programs

Posted by Mark Triplett, CEO of Triplett-Westendorf Financial Group on Tue, Jan 17, 2017 @ 05:04 PM

Financial professionals should be using technology to help their clients faster and with more precision. Financial advisors and agents need these software programs to manage relationships, nurture prospects, and create financial plans. The following tools can improve your interactions with clients along with the effectiveness of your business. 


Client Relationship Management

There are many Client Relationship Management (CRM) systems to choose from. You need a CRM system to manage client and prospect records, track communications, remind staff to follow up, and more. I typically recommend Redtail to advisors, however, others like using Salesforce, or other popular programs. There are a host of options and some free versions to get started. Data entry is the most important element when starting out. You need to input reliable data so you can effectively nurture prospects and clients.

Automated Prospect Nurturing System

An automated system can help you improve the way you nurture leads, prospects and clients. So even if a few prospects do not immediately set an appointment after a workshop, you can continuously provide valuable information to them. Then, your prospects are more likely to remember your name when they need assistance with their financial decisions. Prospecting 365 is an automated prospect nurturing system with more than 100 pre-built campaigns targeted for the financial services industry. It even offers the option to build custom campaigns specifically for your business. Prospecting 365 also connects your CRM, marketing, website, and more.

Financial Aggregation Software

An aggregation program is an effective tool to pull all of your client’s financial life together into one highly secured, password protected portal. It’s like a picture window. You can look but not touch. No transactions may be made, but you can see everything in one place, build reports, and deliver them to clients as frequently as you (or they) like. Blue Leaf and Orion are great examples of aggregation programs. You can access all of your client’s financial assets and liabilities to create a daily picture of their balance to see which direction they are heading (toward or away from debt).

Risk Tolerance 

Risk tolerance mapping software helps your client identify their true tolerance for loss. The real benefit is in the interactions with a client. When you show that their current portfolio is out of alignment with their risk profile, it opens the conversation for your team to build a risk adjusted portfolio that meets their needs. Riskalzye is a good option for demonstrating client risk.

Portfolio Analysis Tools

Portfolio analysis tools allow you to recreate a prospect or client's entire portfolio, and place it under a microscope. Kwanti is one of my favorite tools. It allows me to re-create someone’s entire portfolio using their statements. We use ticker symbols to identify each of their holdings, and then enter the number of shares they own. The program pulls up-to-date values, and reconstructs the entire portfolio. I can identify excessive fees, risk adjusted return, and compare their current portfolio to alternatives that may cost less, have the same or less risk, and potentially offer better risk adjusted return.

Financial Computer Aided Design 

You should have financial computer aided design (CAD) software for income planning. There are many to choose from. I personally use Retirement Analyzer. Other computer aided design programs include Profiles, E-Money, and Money Guide Pro. They are a must for retirement income planning. An effective financial CAD program allows you to account for retirement resources including retirement income sources, social security, pension income, and retirement assets like qualified and non-qualified retirement assets. They should also account for future cash flows (both in an out), adjust for inflation, taxes and taxation of specific account types, rates of return on assets, and produce a net worth statement. A good system will make it easy to organize the client’s retirement resources and make it relatively easy to find any cracks in their current plan.

Social Security Planning

Social Security planning software is necessary for proper income planning. Social security is expected to make up 30% - 50% of the retirement income sources for many entering retirement. Making well educated claiming decisions may dramatically impact the longevity of the client's retirement resources. Social Security Timing is a great product supported by experts at a fair price. It’s like having social security experts on retainer.

Secure File Storage

An online repository for documents is a great tool as well. A virtual vault provides a convenient way to store important documents, and share files with clients in a secure manor. Many CRM programs include the ability to store and share documents. If your computer crashes, you need to have the ability to recover documents from the online storage.

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Tags: prospecting, practice management


This content is for informational and educational purposes only and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action.