If there is one trend that is abundantly obvious in financial services, it is the increasing use of mobile devices to access information and serve clients. The popularity of mobile devices such as tablet computers has contributed to this trend. And to meet the growing demand, many of the software companies that serve advisors have introduced mobile versions of their software, often at no additional cost. The question remains, though, whether those solutions are truly equal to desktop versions.
Attendees at the LaserApp Software Conference, held in August, got to see examples of how mobile technology has affected the efficiency of financial advisory practices. In 2012, LaserApp (www.laserapp.com) introduced “LaserApp Anywhere,” the mobile version of its software used for creating and filling out forms. It operates across modern browsers on tablets, Macs, PCs and even smartphones. The system integrates seamlessly with Web-based client relationship management software such as that offered by Redtail Technology, Ebix, Salesforce, Advisors Assistant and Grendel. It provides account opening tools to prefill investment, insurance, advisory and broker-dealer forms.
Once the e-forms are filled, they can be printed, saved or electronically signed and securely transmitted. Imagine having the ability to pull up a form, prefill it automatically with client information, have it signed by the client and then submitted—all from your smartphone. Not only is it a paperless transaction, but it’s a highly efficient way to process business that saves an enormous amount of time. It also reduces keystroke errors, since the form is filled from data in the CRM, not manually.
Typically, it could take 20 minutes or more to manually prepare a one-page form, then fill it in manually too and print it. With LaserApp Anywhere, the same task can be accomplished in seconds. This translates into cost savings for the advisor, better time management for staff and increased capacity for the firm as a whole.
A number of Web-based client relationship management software companies offer mobile versions. Redtail Technology, for example, (www.redtailtechnology.com), offers its regular users a mobile version of its software for free. With the mobile version, you can search client records, view and update your calendar, add notes, e-mail or call clients with a single tap or even map directions to a contact’s address. It works with iPhone, Android and BlackBerry phones and related tablets.
Like Redtail, Grendel offers its Mobile Office module free to all current users (www.grendelonline.com). It is designed to work with Android or Apple devices and includes access to all account information, e-mail archives, tasks, projects and calendars.
Advisors Assistant (www.advisorsassistant.com) offers both a desktop and mobile application. This mobile application can also work with any Apple or Android devices and with any tablet computer. Advisors Assistant has built several layers of security into its software, and unlike others it allows the financial advisory firm to back up files locally. Since the company’s mobile version does not run in a browser, it’s noticeably faster than most browser software.
The mobile device trend in financial services is not confined just to CRMs or form-filling software. There are also transcribers. These are useful to advisors. Studies have shown that when you finish a meeting with a client, you could forget almost 25% of the details of the meeting if you can’t jot your notes down within an hour or so. If the notes include tasks to perform, there could be delays or, even worse, errors.
One company, Copytalk (www.copytalk.com), offers a smartphone application that permits its users to capture details, task assignments, notes, etc. The user has the choice of getting the transcribed notes sent to a specific e-mail address or having those notes deposited directly into CRM software. For the busy professional who may be jumping from one meeting to another, this is an efficient, quick and accurate way to capture notes, thoughts, drafts of e-mails and tasks. The cost of Copytalk is $79.95 per month (as of this writing).
Compare this with the cost of having a staff member type in the same information. Most people can type at 40 to 50 words a minute. But a person can dictate the same information at a spoken rate of 200 to 250 words a minute. Using a dictation service can allow an advisory firm to save thousands of dollars over the course of a year and increase its efficiency, productivity and capacity for clients without necessarily spending more. Such software frees the owner of a firm to focus on higher level tasks. Put simply, it is better time and resource management.
Still, when advisors choose mobile solutions, they also have to look at data security. Hardly a week goes by that we do not hear about a breach of security. Hackers from all over the world are intruding in cloud-based data. In the financial services profession, there are a number of standards for data security, such as the rules set by Finra, the SEC and even the FDIC. At the very least, a cloud product should have 256-bit encryption with intrusion detection systems and U.S.-based servers that are constantly monitored. Then, with multiple password authentications, you can be reasonably assured that your data is safe.
It is common sense to inquire about the security of a particular software vendor. With mobile solutions, it is even more important to have high levels of security. Not all vendors provide the same security protocols. Cisco’s annual security report (https://www.cisco.com/web/offer/gist_ty2_asset/Cisco_2014_ASR.pdf) claimed in January that 99% of all malware in 2013 targeted Android devices. The phones were targeted for internal data often protected only by four-digit pass codes. Cloud software accessed by the same phone, however, is highly secure if it meets or exceeds federal encryption standards. The newer smartphone operating systems are addressing this security concern as well, and as more software companies offer mobile solutions, the issue of security is likely to be at the top of their agenda.
David L. Lawrence is founder and president of EfficientPractice.com, a consulting firm that provides financial practices, broker-dealers and independent firms with comprehensive, profit-driven efficiency consulting and resources. He is also the author of The Efficient Practice: Transform and Optimize Your Financial Practice for Greater Profits and Success, available at Wiley.com and other book retailers.