One of those choices is a firm called Adhesion Wealth Advisors (www.adhesionwealth.com). Michael Stier, president and CEO, says Adhesion offers programs to reduce stress by taking on operational tasks associated with investment management, monitoring and reporting. Financial advisors who work with the firm have considerable flexibility in mandating the models used, restrictions needed, etc. The company offers an alternative to the piecemeal approach, or what Stier refers to as the “hobbyist approach.”

Adhesion only works with fee-only RIA wealth advisors, he says. While relatively new, the firm has already amassed $13 billion in assets under management. Its wealth advisor platform offers a rich environment, and the firm provides tools that the financial practitioner may not have had before, such as tax reporting components.

Another firm, Advisor Software, or ASI, is a platform that has been around for a while, but it has recently upgraded its services (www.advisorsoftware.com). The firm’s goalgamiPro program is a popular choice for financial advisors looking for ways to replace the comprehensive financial planning document (typically 70 to 80 pages) with something more client-friendly. The tool has been designed to offer a quick assessment of a client’s situation and needs with concise reports that can be presented quarterly, semiannually or annually. According to its Web site, the goalgamiPro plans can be created in less than 10 minutes. The tool uses a household balance sheet as the basis of planning—to assess goals and decide whether they can be funded.

ASI also offers a portfolio rebalancing tool, a client acquisition tool and an array of portfolio diagnostic tools. And the firm has worked with several other providers to integrate data, including Redtail Technology, Grendel, Concenter Services, Orion and Salesforce.

It can be a time-consuming, demanding and potentially expensive pursuit to market your practice. But there are third parties that offer more cost-effective solutions than simply trying to do it all yourself. One example is a company called FiPath4Advisors (www.fipath4advisors.com/). FiPath offers a range of solutions such as a system to generate leads and make better use of social media. It also offers prepackaged marketing programs and coaching. The firm’s “WiserPath” is a strategic initiative between FiPath4Advisors and WiserAdvisor (www.wiseradvisor.com) that raises a company’s online search profile and generates investor leads. A training program helps advisors better use social media to increase new client acquisition and clarify their messages. You can get started with them for as little as $9.95 per month.

And while the companies mentioned in this column are far from the only choices, they illustrate the diversity of the providers. There are several other categories, such as virtual receptionist services, back-office support services and financial plan preparation services. Once you have identified what jobs in your practice can be outsourced, selecting the right provider is critical. In the end, the right vendor can help you increase capacity, productivity and profitability. It can also free up more of your time to do the tasks that bring the greatest growth and value to your practice, especially by increasing face time with clients and prospects.

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.
 

First « 1 2 » Next