Like most large broker-dealers, the Advisor Group makes LaserApp available to advisors so that forms can be prepopulated. It then makes two types of e-signature technology available to advisors, when possible. One technology is a signature pad that captures a virtual client signature. The other is a digital authentication method that does not require a signature pad. DocuPace document management software is integrated into the portal. This software captures, stores and indexes all back-office paperwork so that the advisor and the back office have access to the same set of documents.
The Advisor Group offers a wealth management fee-based platform powered by Envestnet. The platform offers model portfolios constructed by institutional-grade money managers, separately managed accounts, unified managed accounts and advisor-managed portfolios that are customized to client objectives and risk tolerances. Additional features include a risk tolerance assessment tool, portfolio analytic tools, extensive research capabilities and a proposal system.
ING Financial Partners
ING Financial Group recently rolled out their SmartWorks 2.0 platform to their approximately 2,400 advisors. The similarity between the ING SmartWorks and the previously discussed Cetera SmartWorks is not coincidental. When ING sold a number of broker-dealer units some years ago, they retained the rights to use the SmartWorks technology then in use.
Since that time, as discussed earlier, Cetera has incorporated additional capabilities and applications into their platform. In the case of ING Financial Partners, they set out to build a new version of SmartWorks for their advisors, which they have named SmartWorks 2.0. Ashish Kale, the architect of the original SmartWorks platform, assumed the role of architect and director of information technology at ING, and he has created SmartWorks 2.0 on the Salesforce.com platform.
According to Karl Lindberg, CEO and president of ING Financial Partners, "SmartWorks 2.0 goes beyond anything we've done before. It gives advisors a full picture of what is going on in their business. It goes beyond aggregation, providing custom workflows." Building on Salesforce, he adds, "got us out of the software business."
Steve Tarca, the director of technology practice management at ING, says that SmartWorks represents a change in their approach to technology. "There was a time when we let reps do whatever they wanted to in terms of technology," he says. Reps wanted flexibility, but when they tried to get technology to work the way they wanted it to, they ran into trouble. "With SmartWorks 2.0, we can provide the flexibility that advisors need while at the same time providing efficiencies by leveraging the resources of ING."
Although ING advisors are required to pay a $125 affiliation fee, which covers the cost of SmartWorks 2.0, they get a great deal for their money. In addition to a fully functional, integrated, customized Salesforce CRM system, they also have the use of third-party applications that are deeply integrated into SmartWorks 2.0. These include MoneyGuidePro for financial planning, Forefield, Morningstar snapshots, Albridge data feeds and much more. Some applications, such as the full version of Morningstar Workstation and Albridge performance reporting are available for a modest additional monthly fee.
As is the case with Raymond James, ING integrates deeply with MoneyGuidePro's asset allocation section. Through MoneyGuidePro, advisors can assess a client's risk tolerance and arrive at an asset allocation model. Advisors can then choose to use Morningstar analyst picks or funds selected by experts at ING to implement the asset allocation model. As part of the proposal generation process, SmartWorks can generate a detailed Morningstar snapshot of every holding in a client's current portfolio as well as every proposed holding in the recommended portfolio.
Since SmartWorks 2.0 is Salesforce based, it provides extensive support in the area of client servicing, sales and marketing, practice management (calendaring, task management, etc.) and operational processing (automated account openings, the ability to connect with the ING back office, etc.).
One of the functions of CRM that is often overlooked and underappreciated by advisors is the ability to perform analytics. Salesforce excels at this. Using the application, you can mine for data. You can look across your business to see which clients are increasing or decreasing assets, which are referring you the most business and where new opportunities reside.