For example, when a natural disaster hits a certain part of the country, the team understands how it can wreak emotional and financial havoc on its clients. Using the CRM zip code search function, the team quickly identifies clients living in nearby areas, builds a database of those potentially affected, and reaches out to provide needed support with things like filing insurance claims, determining if there is enough cash on hand to cover short-term expenses for hotels or transportation, and figuring out if clients need help accessing essential financial documents. We want our clients to know we are here for them—to assist in any way we can. The ease with which the CRM allows us to connect with clients has made a real difference in the strength of our relationships.
The firm also takes advantage of the CRM dialog tool to engage with clients on the highly effective process of “if-then” planning. With in-depth knowledge of its clients and the challenges they face, such as preparing for retirement, divorce, or the death of a loved one, the team builds dialogs and a series of workflows, so that every step in the process is followed explicitly, and documented.
Have your clients requested that you add any other financial technology offerings that you are not presently providing? Do you anticipate adding any new fintech offerings in the next year?
Financial Consulate’s clients truly value the innovative technology that helps them keep track of their financial health. Our ability to update our clients’ net worth statements in a more timely fashion, much more comprehensively than we could accomplish previously on paper every few years, has changed the way they view their financial future. Much of our current focus on expanding the tech we use with clients is to create better online meetings through high-end video conferencing, as well as looking into better scheduling tools that give clients easier access to their advisors calendar.
As Financial Consulate’s business continues to grow, the team looks forward to its ongoing partnership with Tamarac. With Tamarac’s pace of innovation, Financial Consulate will remain at the forefront of integrated technology, allowing our advisors to focus on deepening relationships by serving clients better.
Finally, how do you think fintech will impact advisors in general, and your practice specifically, in the future?
I think fintech is not only making it easier for the advisor to do his or her work in a more efficient way, but is also giving them the tools they need to start more meaningful connections with clients. Implementing technology that facilitates and enhances the advisor/client relationship is one of the best ways to help clients reach their financial goals. Getting clients involved is an important component of developing the most appropriate plan for them and getting them to implement that plan; by getting advisors the technology to better manage those processes and relationships, we are empowering both parties to reach success.
Most recently, Financial Consulate implemented an integration with Envestnet | MoneyGuide, enhancing our ability to provide holistic financial advice. With MoneyGuide, our ability to build comprehensive financial plans has increased dramatically. Additionally, the firm’s integration with Envestnet | Yodlee allows advisors to uncover held-away assets and help clients obtain a full picture of their wealth.