I have been a financial executive for about 25 years now. I started at American Century Retirement Planning Services. Shortly after I started, JPMorgan Chase bought it and I created the divisional accounting department there. I have held other roles at various companies in consumer goods retail, manufacturing and packaging. I came to Prime Capital Investment Advisors in January 2020, shortly after they had raised some private equity money and needed a CFO. So, after all these years I returned to financial services.
CRM: XLR8 Overlay for Salesforce
In use XLR8 overlay for Salesforce (from Centering Services). This is cheaper for us, but we can still accomplish everything we need through our CRM. Before I came here, they had been using different overlays, including Sycamore, but they had just switched back to XLR8 when I started. We've been building it over the last four years.
That's been our mantra the whole time we've been building this: We want to use systems that can share data back and forth, whether they have an API or our business intelligence team can create one. For example, we've had to do this with our Salesforce to push the data we want. Whether we have to build it ourselves or use theirs, we want to be able to share it between systems. We have everything fully integrated. Salesforce is the hub. We mean if it's not in Salesforce, it didn't happen. We try to tag everything in Salesforce. All data converges there.
Reporting, Portfolio Management, Trading and Rebalancing: Orion Advisor Solutions with Amazon Redshift / Orion Eclipse
We use Orion. When I arrived, they were using the SS&C Black Diamond Wealth platform. There were some issues with the way the firm implemented the SS&C Black Diamond Wealth Platform. It was not a vehicle that would have taken us into the future. It doesn't share data as easily as Orion.
We also use Amazon Redshift with Orion. This gives us our Amazon database straight to the data. Amazon Redshift allows our business intelligence team to run queries and pull that data into our data lake more easily.
Financial Planning: eMoney / MoneyGuidePro / Wealth.com
We are open. We mainly use eMoney and MoneyGuidePro. We leave it to the advisor what they use well. We also use Wealth.com for estate planning and trusts.
Before that, they had nothing. About two and a half years ago, we created a central financial planning department to help our advisors create financial plans for their clients. They now submit requests to our financial planning department, which allows them to build financial plans in eMoney or MoneyGuidePro.
Document management: Google Docs / NetDocuments
For internal document management, we will be using Google Docs for the most part. However, for filing custody forms, client agreements and other types of documents, we use a product called NetDocuments.
Marketing: HubSpot / SmartAsset / WiserAdvisor
In use HubSpot, which is integrated with Salesforce for marketing outreach, campaigns and the like. Some advisors have subscriptions to SmartAsset AND WiserAdvisor. We also have our own in-house department and marketing department that does a lot of Google advertising.
AI Data Mining: Amazon Text
We have dealt with AI, mostly at the advisor level. If they are trying to create communications with customers or emails, this is where this has come in handy. Internally, we haven't relied on this in terms of marketing campaigns or delivering workflows within Salesforce.
We use Amazon Texttract to read documents. It's an optical character reader that pushes information into our databases.
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).