The next computer you buy could be just that.
Those poor, sentimental romantics. That's how I used
to characterize the half-dozen or so e-mails I receive annually
inquiring about the feasibility of running a financial advisory
business using Apple computers. "Apple designs great computers," I'd
tell them, "and the operating system is rock solid, but there's one
fact you cannot ignore: There is no, and I mean no, professional
desktop financial planning software commercially available for the Mac
operating system."
After bursting their bubble, I'd rarely hear back
from these poor souls, but every now and then someone, obviously a
glutton for punishment, would come back for more: "What about Virtual
PC?" they'd ask.
I'd patiently explain that Virtual PC, (a $249 Microsoft software
program with Windows XP Pro, $219 with Windows XP Home), which creates
a Windows partition on a Mac hard drive, really isn't the answer.
Virtual PC is a software program designed to run the occasional Windows
program on a Mac machine. It can be slow, and it is prone to all of the
Windows flaws, viruses, etc. If you are going to run primarily
Windows-based programs, you are much better off with a Windows
computer; purchasing a Mac and then using it extensively to run Windows
software defeats the whole purpose of purchasing a Mac in the first
place.
I found it quite ironic that I, who knows better
than anyone that the financial planning world is virtually 100%
Windows-based, recently found myself asking: "What if I was determined
to create a business relying solely on an Apple computer?" Could it be
done? I decided to find out, and along the way I made some interesting
discoveries.
"Is your Web site compatible with browsers other
than Internet Explorer?" I asked the representative of a major
financial planning software firm. "What, you mean like Firefox? she
said. "I think it is."
"What about Safari?" I asked. "Safari?" she said.
"What's that?" (Safari, for the uninitiated, is the Web browser that
comes bundled with the Mac operating system). So began my quixotic
quest to determine whether or not a Mac could find happiness in the
financial planning workplace.
Introducing The Mac Mini
Why the sudden interest in Apple? Simple: the Mac
mini. From the moment I first laid eyes upon it, I realized that this
computer was a marvel of engineering. Imagine holding a desktop
computer in the palm of your hand (I am right now). This little gizmo
may change the way we think about computers. It is already changing the
way some people buy computers. It may mark the beginning of drastic
shift in computer design.
At six inches square, two inches tall and weighing
in at less than three pounds, the Mac mini is the most impressive
looking desktop computer I've ever seen. The white reflective top looks
good anywhere; the anodized aluminum sides are strong yet stylish;
there's a non slip coating on the bottom so it will stay where you put
it.
The mini body houses a real, full featured computer,
but surprisingly, it is the least expensive Mac computer ever, with
prices starting at $499.00 That price does not include a mouse,
keyboard or monitor; but don't worry; the Mac mini is designed to work
with the ones you already own.
The mini uses Apple's G4 processor, not the newer
G5, but mine, configured with extra RAM, zipped through all common
tasks. The base model includes a 1.25 GHz processor, 256 MB of RAM, a
40 GB hard drive, a built-in speaker and a graphics card with 32 MG of
DDR memory. Also included are a modem, Ethernet port, USB ports, a
FireWire port, support for both DVI and VGA video and a combo DVD
player/CD burner. For an additional $100 you can upgrade to a 1.42GHz
processor and an 80 GB hard drive. Doubling the RAM to 512 MB (highly
recommended) costs $75.00. If you want a DVD burner instead of the
combo drive, add $100 to the price, and you can purchase both Bluetooth
and 802.11g wireless networking for $99.00 more. At a minimum, I'd
probably want the $599 model with 512MB of RAM, for a "true"
entry-level price of $674.00.
The system comes bundled with iLife, Apple's
excellent A/V software for organizing music and photos. It is great for
creating music, movies, and CD's/DVD's. It also comes with Apple Works
for basic word processing, spreadsheets, presentations, databases,
drawing and painting, a full version of Quicken, iChat (for video
conferencing), iCal (a nice calendar program), an address book, an
e-mail program and the Safari web browser.
There are potentially some additional costs. For
example, you'll need a set of speakers, because the built-in speaker is
weak. If you don't have an old set of PC speakers, figure at least $20
to $40 for a serviceable pair.
I tested my mini with Apple's wireless keyboard
(which is magnificent) and mouse. You can use your existing USB
keyboard and mouse, but if you do you'll occupy the mini's 2 USB ports,
so you'll need a hub, which adds additional USB ports. The Apple store
sells one online for $29.99, but they are available online for under
$20.00.
Making A Case For Mac
OK, so the Mac mini is wonderfully designed and a
relative bargain, but why buy one? Well, for one thing, the Mac
operating system, Panther, is rock solid. It is well designed,
intuitive and stable. Most importantly, it is secure. To the best on my
knowledge, the current Mac operating system has never been successfully
attacked by a virus, and it is spyware free. The operating system
includes FireVault, which allows the user to encrypt their home
directory, so the data will be protected even if their computer is
stolen.
The Mac mini is the quietest computer I've ever used. Most of the time, it runs absolutely silently. The only time I noticed a sound was when I used the optical drive.
For common computing tasks, such as surfing the web, e-mail, word processing, spreadsheets and presentations, Apple is as good as, if not better than, comparable Windows programs. Financial professionals, who must maintain compatibility with a Windows-based world, will most likely have to purchase Microsoft Office for Mac, however.
Mac is clearly superior to Windows for desktop publishing. (It's no
coincidence that Apple has always sold well in the publishing
industry). A new program, iWorks, available for $79.00, includes Pages,
a Word Processing/Desktop Publisher, and Keynote 2, a presentation
program with strong graphic capabilities.
iDisk, part of the iMac service ($99.00 per year for e-mail and
storage) offers up to 250 MB of seamless online storage, which the user
can access from anywhere. Storage can be upped to $1 GB for an
additional $49.00 annually. iDisk data can be shared with others over
the Internet if desired.
Apple really shines, however, when it comes to A/V. My wife recently tried to create a slide show from photos, set it to music and transfer the project to a CD using the software that came with her Windows PC. It literally took her days to figure everything out, perfect the show and burn the disk. With the Mac mini, a similar project was accomplished in a matter of minutes.
If you or your firm performs any of the above tasks regularly you are a candidate for a Mac mini; not as a replacement for your existing system, but as an accessory to it. For example, if you produce your own newsletter, or if you occasionally produce videos for clients, those functions alone justify the purchase of a mini. If you currently have a few good clients who use Mac and you'd like to video conference with them, that alone might justify the cost of a mini. If you are thinking about adding a second or third home computer, the Mac mini would make an excellent choice. But there is more.
While I'm not suggesting that anyone other than a Mac fanatic try this (not yet, anyway), it is finally possible to run a Mac-based practice. While it is still true that no desktop software exists for financial advisors today, plenty of Web-based programs are available, and most (but not all) of them will work with a Mac. I know, because I recently sampled a number of Web sites using my Mac mini test unit. Here's what I found.
First, I visited the Schwab Institutional Web site and launched their Java applet, which provides quotes, positions, online trading, etc. The site clearly states that Microsoft Internet Explorer 5.0 or higher is required, but I found that the application worked fine during my brief visit using Safari, although the applet loads noticeably slower than it does on a Windows machine. Firefox for Mac had problems with this site, however.
I was not able to test the TD Waterhouse interface, since I don't have a log-in, however Waterhouse spokesperson Brian Stimpfl told me that they had checked their institutional site's compatibility with Safari last year, and that it worked OK. They have not tested Firefox yet, although Stimpfl indicated that they would do so if their advisors requested it.
Next, I visited MoneyGuidePro and NaviPlan Central (NaviPlan's new
Online version) to see how two of the best and most popular online
financial planning packages performed. MoneyGuidePro performed
flawlessly on my visits using both Safari and Foxfire for Mac. NaviPlan
was a bit more problematic. On my first try, with Safari, I ran into
some error messages, so I figured I'd try Internet Explorer for Mac,
which promptly crashed on me. Firefox however, performed better. The
pages I visited displayed correctly, but I didn't stay around long enough to draw any conclusions.
Investigo, an online portfolio management system
with some CRM capabilities, did not work with Firefox or Safari when I
began this survey, but Scott Fergusson, their chief technology officer,
assures me that Investigo will be compatible with Firefox by time you
read this, and probably Safari too.
Our Business Online (OBO), an online CRM package
from Redtail Technology Inc., does not currently work with Safari or
Firefox, although it did seem to work fine with Internet Explorer for
Mac. Brian McLaughlin, chief technology officer at Redtail, assured me
that OBO would be compatible with Foxfire and Safari by the time you
read this.
While my informal survey is far from comprehensive,
it does demonstrate that in a matter of hours I was able to find a
custodial platform, a portfolio manager, at least one (and maybe two)
top-notch financial planning packages and a CRM system, all online,
which are compatible with Mac. It is also worth noting that some
programs, while primarily Windows-based, can support remote Mac users.
For example, the new version of Junxure-I will allow firms to make
their Junxure-I data available remotely over the Web, so while Windows
will still be required in the office, the Web version will support Mac.
Recommendations
I'm not suggesting that you run a financial advisory
practice from a Mac mini, although I do believe it is significant that
for the first time ever you can, if you want to. Yes, you would be
limiting yourself exclusively to Web-based software, but if you are a
sole practitioner and you intend to remain small, that might not be
such a bad thing. Realistically, though, I don't expect to see many Mac
mini practices soon, although a few Mac devotees might try.
For the majority of readers, the message is this: if
you need an extra computer at home or in the office, give the Mac mini
a serious look. It is great for general computing (e-mail, Web surfing,
word processing), and it really shines at desktop publishing,
presentations and all audio/visual tasks. The fact that you can access
your Web-based applications using a Mac mini is just an extra added
bonus.
There's also an argument to be made for buying one
as a supplement to your standard PC. If you purchase a KVM switch ( a
little gizmo that allows two computers to share a monitor, mouse and a
keyboard), you can toggle back and forth between two computers, using
your primary desktop for financial work and your Mac mini for general
business tasks and creative projects. The mini is so small, it can sit
right on top of your desktop PC, but it is so nice looking that you
will be tempted to position it in a prominent location.
Until someone creates some truly outstanding
financial software for Mac, Apple will only be a peripheral player in
our world. However, as a secondary computer for the office, home or for
the kids, the Mac mini is a compelling choice.
Joel P. Bruckenstein, publisher of
Virtual Office News (www.virtualofficenews.com) and an expert in
applied technology for financial services professionals, can be
contacted at [email protected].