Each advisor is unique in how they attract their clients or what programs they use. They expect a lot of flexibility. Our goal is to provide a set of tools. We often talk to advisors about their needs. We conduct market assessments and look at what's out there, including innovations. We look at software that has high industry penetration. We always keep our ears close to the ground and provide them with the best platforms. It is always a dialogue. We're not saying, “This is the stack. Go use it.”
CRM: Redtail CRM / Wealthbox
We support Redtail CRM AND The treasure box. The caregiver the advisor uses may also have a home-grown CRM. In those cases, these will compliment them.
Portfolio Reporting: SS&C Black Diamond Wealth Platform / Wove by BNY Mellon's Pershing X
There are several platforms where we decided to do a more thorough analysis. A good example would be performance reporting. We are in the process of leaving SS&C Black Diamond Wealth Platform THE Wove by Pershing X of BNY Mellon. We have multiple lines of business and need something strong at a reasonable price. While we support all of these tools, one of the issues we run into is the need for consistent data across the board. This is usually the most important pain point that advisors talk about. Data availability is huge for them. That's one of the reasons we're looking to use it Wove by Pershing X of BNY Mellon. It will allow us to normalize the data. We can see the entire book of business in a single pane of glass. There are data sources that we can send to all of our enterprise platforms.
Financial Planning: Envestnet | MoneyGuidePro / eMoney
We use MoneyGuidePro from Envestnet but are now in talks with him electronic money. We've heard from advisors that they would also like eMoney as standard.
Customer Data Collection: PreciseFP / Jotform
Customer data collection has gained a lot of steam. Nobody likes format. Whether advisors or prospects, they are moving to electronic methods of data collection. We support Jotform.
PreciseFP is another platform that we have used in many ways. We are also using their powerful advisor transition platform. We have grown our business through recruitment. Most account growth comes through transition. We needed something specialized. We built a streamlined advisor transition platform that will help the entire process. This includes when you start talking to a recruiter about how we collect data. We support protocol and non-protocol transfers. We can push information to foster care offices in an efficient way. For a growing firm like us, this was a big challenge to overcome.
AI Assistant: CogniCor
We understand that many questions from our advisors can be responded more efficiently in real-time using an AI-based tool. We are rolling out an AI based tool from CogniCor so the advisor can use and access all available information. It is difficult for advisers to look at 500 pages of policy documentation. Counselors can ask more specific questions. This is very efficient.
Retirement and Retained Asset Management: Pontera
We are getting thrown out Pontera, a platform that allows advisors to manage 401(k)s. It's in a pilot phase now and we'll be rolling out to a wider group of advisors soon. It is a great opportunity for advisors to be able to manage the entire book of business for their clients. For investors who are a little older, many of their assets sit in 401(k)s. This is not yet a well-monetized asset. A counselor isn't touching that.
As told by reporter Rob Burgess and edited for length and clarity. The views and opinions are not representative of the views of WealthManagement.com.
Want to tell us what's in your fortune? Contact Rob Burgess at (email protected).