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I was shocked recently when I calculated that I spend 25% of my practice’s annual revenue on software and web-related technology. The benefits I gain, including better time management and ease of connecting to clients, make the expense worth it.
Yet because of this, I am always on the lookout for new technology to use in my practice. Here are some of the platforms that have recently caught my eye.
ADVIZR
The same players have dominated the planning software space for a while. In the Financial Planning 2014 Technology Survey, the top three platforms — MoneyGuidePro, eMoney and MoneyTree — served 66% of the market. These technologies are very sophisticated and provide a fine level of detail when it comes to planning.
But many clients don’t need this — they just need the basics. This is where Advizr comes in.
Launched last year, Advizr’s platform does not include complex planning issues, such as Social Security optimization or Black-Scholes stock option testing. The tool is designed for the mass market, including Gen X and Y clients who have simpler situations.
Advizr provides a beautiful user experience, allowing both consumers and advisors alike to use it with ease. One nice feature is that clients can input data themselves, and then aggregate their accounts. This is great news for advisors looking to save time, as it delivers a preliminary plan they can make changes to before setting up a client meeting.
This feature could also be a big value-add to clients who want additional, more holistic services from advisors who are only offering investment management.
Alternately, if clients are paying for financial planning by the hour, this feature will reduce their cost without watering down the advice they receive. It will also allow the advisor to service more people.
Personally, though, I’m holding off for now and sticking with MoneyGuidePro while Advizr builds out its integrations...