People are fond of gadgets, which can make life easier and more fun. The popularity of the iPhone, for instance, is proof of how a cleverly marketed device can capture the imagination of the consumer. And in the financial services world, there are many items to capture the fancy of advisors-from desktop tools to software to peripheral equipment. The challenge is finding the tools that actually improve your efficiency instead of creating unnecessary distractions.
One tool that could prove to be an inexpensive way to boost collaboration among your staff members is Evernote (www.evernote.com), a great note-taking tool. You're always moving; your notes should be too. With Evernote, your memories are on every computer, phone and device you use. You can save entire Web pages to your Evernote account with the company's nifty browser extensions. You get the whole page: text, images and links. You can also share your notes with Evernote and collaborate on projects with colleagues and other parties you give access to.
With Evernote, all of your notes, Web clips, files and images are made available on every device and computer you use. Additionally, Evernote integrates with Microsoft Outlook and allows you to capture all or just part of an e-mail with the click of a button for saving and sharing. And Evernote can capture voice notes for later playback, for those times when typing on a computer, laptop or phone device is just not convenient.
As a collaboration tool, Evernote can provide a communication-sharing venue for quick notes, ideas, concepts and/or images that can be shared with others for discussion and/or collaboration. Often, attempting to text instructions to staff while on the go can be time-consuming and frustrating, depending on the device used. With Evernote, details can be quickly and efficiently disseminated to staff.
Also, Evernote is free, unless you upgrade to the Premium edition.
One of the more difficult aspects of client meetings for advisors is trying to listen to what the client is saying while taking accurate notes. There are two tools that could be useful in this endeavor. The first is a digital recording device compatible with voice recognition software. Typically, these two items are bundled. Nuance Dragon Naturally Speaking (www.nuance.com) offers such a bundle. Its latest software edition boasts up to 99% levels of accuracy. No training is required.
However, it should be pointed out that if you already own or have recently upgraded to Windows 7, you already have voice recognition software in your operating system that rivals the accuracy of Dragon. For example, you might decide to use a laptop in a client meeting; it could be configured to capture and show the text conversion during the meeting.
But advisors must remember that recording devices in client meetings are subject to privacy rules and may be prohibited by their broker-dealer's compliance rules. Check for such rules before using the software. In every case, the client's permission should be obtained.
The second tool advisors might consider using is a digital pen. These can capture whatever you write and transform it into text in a computer. There are two models worth checking out. One is the Livescribe Echo SmartPen (www.livescribe.com). Not only does this allow you to transform notes into text, but it also allows you to capture the audio for later conversion to text. Livescribe is fully compatible with Evernote and can come bundled with it.
However, Livescribe Echo requires the use of special grid paper. A competing digital pen from Logipen, (www.logipen.com) advertises that it can be used with any paper by clipping a device onto the pad of paper you are using instead of using grid paper. Logipen does not have the audio capability of Livescribe, but at half the price, it is certainly worth checking out.
More and more, advisors are using the iPad tablet computer as an efficiency tool. Paired with the iPhone, it can be helpful as a data collector and display device. As a processing tool, though, it is limited in its ability to compete with a full-featured laptop. And until recently, the storage capacity of the iPad was a serious impediment. But then Apple introduced iCloud. This is more than a hard drive in the sky. It offers quick and effortless access to just about everything on the devices you use every day. The iCloud automatically and securely stores content so that it's always available to your iPhone, iPad, iPod touch, Mac or PC. It gives you access to your documents, music, applications, latest photos and more from whatever device you happen to be using. And it keeps your e-mail, contacts, and calendars up to date across all your devices. No syncing required. No management required. In fact, no anything required. When you sign up, you automatically get 5 gigabytes of free storage. And that's plenty of room given the way iCloud stores your content.
If you do not want to go the Apple route, no worries. Both Microsoft and Google offer competing products (which have been around longer). Microsoft offers Office Live (with SkyDrive) and Google Docs was the first of the online storage solutions.
Whether you choose the Apple product or others, the concept is the same. Documents and information are stored online for easy retrieval and sharing. There are also other pure storage solutions that auto sync with various devices, including the offerings from Dropbox, NetDocuments, Family Office Network and SugarSync. Again, though, these solutions may be subject to compliance rules and/or regulatory restrictions.
Before purchasing any of these devices, gadgets, tools or software applications, though, you should ask yourself a pivotal question: How does this solution benefit your client and your practice? It's counterproductive for you to simply buy the latest fad and then try to figure out how to fit it into the operations of your firm. It might only waste valuable time. First, you must identify the need and then investigate your options. In the end, you may stand a better chance of making efficient use of the product you select.
David L. Lawrence, RFC®, AIF®, is co-founder and president of Global Practice Network, a technology and consulting firm that provides financial practices, broker-dealers and independent firms with comprehensive, profit-driven efficiency consulting, technology solutions and resources. Global also offers Collaborative Data Solutions and support services. For details, visit www.globalpracticenetwork.com.