One technology stumbling block for financial advisors has been finding ways to share data across divergent systems and/or software. Typically, software manufacturers have limited the number of other applications their products work with because of proprietary concerns or simply an inability to collaborate with other makers.
Certain integration problems are particularly frustrating for advisors. For example, having to jump back and forth between programs and logging in multiple times can be time-consuming and frustrating. Some software offers a single sign-on, which allows a financial advisor to log in once and access many programs without being prompted to log in over and over again. A single sign-on is an efficient alternative and may be something to look for when considering a software purchase. Another problem that typically frustrates advisors is when data fields can't be integrated from one application to another. Some programs may not allow for anything other than basic information to be imported (i.e. name, address phone number, birth date, and Social Security number), so how much a program or platform can integrate is important too.
Some companies stand out for their efforts to make sure their products work with those of others. One starting point for advisors may be to check out a list compiled by Junxure’s Greg Friedman and Ken Golding (http://www.yoursilverbullet.net/member_companies.html). More than a dozen companies are members of the list. And although all member products don't integrate with all others on the list, they do offer many valuable integrations for popular products.
MoneyGuidePro (www.moneyguidepro.com), a well-known financial planning software application, integrates with a long list of products and automatically populates fields in many financial planning programs. This provides a fast, efficient way to enter or update data. It also cuts down on typing errors.
Laserfiche (www.laserfiche.com), well known for its document management products, announced a new add-on technology earlier this year called The Connector that integrates data from any web-based application to Laserfiche’s document management solutions. The data, once it is grabbed, can then be used to populate forms and/or update data stored on the Laserfiche system or even other software. The Connector provides “a universal integration solution that is fast, efficient and easy to work with,” says Chris Wacker, the company's chairman and CEO.
Other companies that offer software applications that integrate with others include Junxure Cloud (http://www.junxure.com/services/integrations.html), which works with many portfolio management, financial planning, forms management, custodian and other products. Redtail CRM (www.redtailtechnology.com) also offers a large list of integrations and a single sign-on. Salesforce also has many add-ons that allow it to integrate with other applications.
Advisors Assistant (www.advisorsassistant.com) has taken a slightly different approach, building portfolio management, insurance management, a paperless office solution and other software functions into their CRM product. It also introduced a new web-based scanning integration with Advisors Assistant by ReadyDoc. ReadyDoc seamlessly integrates Advisors Assistant with a leading web-based electronic document management system. The result is a powerful combination that converts paper documents to electronic files and automatically links them to each client. There’s minimal data entry and very little learning curve for Advisors Assistant users.
Some products offer an all-in-one approach, where portfolio management, rebalancing, financial planning, client portals and other functionalities are all included in the same solution. Interactive Advisory Software (www.iassoftware.com) and EMoney Advisor (www.emoneyadvisor.com) are two popular choices in this category. The advantage is that most information is typed or entered once and then can be seamlessly used with all of the other functions of the platform, saving time, increasing efficiency and largely eliminating repetitive keystrokes that may lead to data errors.
There are also stand-alone software solutions that sync data. For example, Act-On (www.act-on.com) offers a list of integrations with some of the leading CRM solutions, such as Salesforce, Microsoft Dynamics, Saleslogix, NetSuite and others. Typically, companies like Act-On offer targeted data integration such as sales numbers and marketing programs. Act-On was not specifically designed for the financial services profession.
Another example is Scribe (www.scribesoft.com), which offers intuitive, wizard-based interfaces, built-in collaboration and intelligent connectivity to a broad range of business applications including Salesforce, Microsoft Dynamics CRM, Oracle, Microsoft Excel, Microsoft SQL Server, MySQL, Intuit QuickBooks, Citrix Go-to-Webinar and much more.
Because there are so many different choices, it is wise to do your homework and identify the solutions that will provide you with the specific functions that your firm needs.
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 EfficientPractice.com.