A communications system that fits in your hand.
Let's face it; if you have been in the financial
services profession for any length of time or plan to be in the future,
at some point you are going to have to confront the concept of
multitasking. There are simply too many demands on today's financial
advisor to ignore ways in which to make more efficient use of your
time. A growing trend among some advisors is to create common
communication portals through which a variety of different types of
communications can be funneled.
A fairly recent example of this is the so-called
"smart phone." The smart phone is given its name for its ability to
funnel a variety of tasks into a single portal (or device). In essence,
the smart phone is both a wireless digital cell phone and a personal
digital assistant (PDA). But because of the combination of both types
of devices, the smart phone can be so much more. It becomes an
effective device for capturing and handling e-mail, managing your
schedule on the road, accessing contact phone numbers and other
information, accessing the internet and, in some cases, even acting as
a global positioning satellite (GPS) device for maps and directions.
In its early introduction, the smart phone gained
the reputation as a "jack-of-all-trades, master of none" type of
device. It had the features of both the cell phone and PDA, but failed
to live up to the hype. With the latest generation of these devices,
all that is now in the past. Smart phones are finally starting to live
up to their promise.
There are essentially five models of smart phones
that appear to have the features most needed or wanted by financial
advisors. (There are many more models available than just five, but
these five stand out among the rest, bearing in mind that model numbers
and availability may change without prior notice)
The first is the HP IPAQ HW6500 Mobile Messenger (to
be offered in the United States through Cingular Wireless, www.hp.com).
The price is approximately $450 to $500 after any rebate. The HW6500,
currently available overseas but to be introduced in the United States
in the near future, is taller and wider than comparable models, such as
Palm One's Treo. But it is also considerably slimmer and light at under
six ounces. It uses a quad band GSM/GPRS/Edge network that provides
voice and high speed data in almost any country. It also has Bluetooth
capabilities to connect with a wireless headset, for instance. GPS is
built in, and your model may be bundled with software to use it.
Because the IPAQ uses the familiar Microsoft Windows CE operating
system, it interfaces effortlessly with other Microsoft products such
as Outlook, Word, Excel and PowerPoint. This model synchronizes data
with MS Outlook using Microsoft ActiveSync software. In all, the HW6500
model represents a powerful addition to the Smart phone choices now
available.
The second model is Palm One's Treo 650
(http://web.palm.com/products/smartphones/treo650/). Offered through
Verizon Wireless, Sprint and EarthLink Wireless, this is a popular
model. Pricing is carrier-dependent and ranges from $299 to $599. The
main difference between the different carriers appears to be what gets
bundled with the Treo, such as document handling software or Bluetooth
capability. The Verizon version has disabled the feature that would
allow you to use the Treo as a laptop modem, but they sell a PC card
for your laptop that accomplishes the same. The Treo sports the best
keyboard of the five models, and on the 650 it is enhanced with a
five-way navigation button and colored buttons, along with the usual
quick-set buttons. This model also permits conference calling of up to
6 people. Depending on the carrier, though, unlimited data access could
be costly.
Third in the lineup of five models is the
Blackberry. The model called RIM Blackberry 7100G
(http://www.blackberry.com/products/blackberry7100/blackberry7100g.shtml),
offered through Cingular Wireless, T-Mobile and others, sells for
approximately $199 with a two-year contract and rebate. (Deals may
differ from one provider to another; be sure to check your cellular
provider for current information). The Blackberry has been adopted by
many corporations for its nearly flawless worldwide access to voice and
data. However, this model does not use the widely available EDGE
network and may not be as universally available (or as fast) for data
and voice as other models. Another model, RIM Blackberry 7290
(http://www.blackberry.com/products/blackberry7200/blackberry7290.shtml),
is offered by T-Mobile at approximately $399 with a two-year contract
and rebate. This model includes popular features such as Bluetooth for
wireless headsets, among other uses. The Blackberry earned its
reputation on its unparalleled e-mail support. This particular model is
capable of handling multiple e-mail accounts with ease. Instead of
forwarding e-mail to a business address, you can directly send and
receive for up to ten different accounts.
The fourth model is the Samsung i730, offered by
Verizon Wireless at an approximate cost of $599 with a two-year
contract and rebate. This Samsung model has a really cool slide-out
keyboard that allows for a much larger display than other models. It
includes Bluetooth support for wireless headsets, and boasts fast data
transfer rates over the EV-DO and WI-FI network protocols. One drawback
to this model appears to be that you cannot receive a phone call when
the WI-FI feature is activated.
The fifth model is the Nokia 9300, coming soon from
Nokia (www.nokiausa.com/phones/9300); it will probably be offered on
Cingular and T-Mobile networks. This may be the priciest model at
approximately $799 (price not published at press time). Looking like
something out of a James Bond movie, the fold-out Nokia (folds out like
a hot dog bun) with a huge screen inside (smaller screen on the
outside) and large keyboard is the most interesting design of the five.
The Nokia uses the EDGE network for fast data transfers. It contains
office tools such as document, sheet, presentation editor and viewer,
Web browser and e-mail with attachments. It also has an integrated
camera with video capability, and offers Bluetooth wireless technology
that can not only be used for a wireless headset but also to direct
printing jobs to a local or network printer that also has Bluetooth
capabilities. This model handles e-mail with attachments and instant
messaging.
The key to making the most efficient use of any of
the above models is the extent to which you can integrate your client
relationship management (CRM) program and access to e-mail, schedules,
contacts and other data. In choosing one of the above smart phones, be
sure to check with your software manufacturer to be certain your new
phone is going to be able to share data with your office CRM database.
With new services available, such as those that can convert voicemails
to text messages on your new smart phone, the compliance headaches in
keeping track of client communications may be a thing of the past.
David Lawrence is a practice
efficiency consultant and is president of David Lawrence and
Associates, a practice consulting firm based in Lutz, Fla.
(www.efficientpractice.com). David Lawrence and Associates is an
approved sponsor of CFP Board of Standards continuing education credits
and offers CE programs on a variety of topics, including the financial
planning process.