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The financial industry is currently undergoing rapid technological transformation. As a result, more tools are available than ever to help financial advisors save time, streamline costs, and strengthen their client relationships.
Embracing the right tools can make the difference between honing your competitive edge and falling behind. It can also help your firm retain top talent. After all, over half of financial advisors are considering leaving their current firm for one with better tech tools.
So, which tools for financial advisors are worth the investment in 2024? Below, we’ll outline ten must-have tools for financial advisors.
#1 CRM for Financial Advisors (Customer Relationship Management)
Our Pick: Salesforce
CRM software for financial advisors helps them store and review your client data from one place. As a result, it serves as the cornerstone of your financial advisory practice. Along with helping you manage client interactions efficiently, a robust CRM can streamline your recordkeeping and ensure all relevant information is easily accessible to everyone at your firm.
Some key features and benefits of CRM software include:
- Streamlined client interactions—CRMs centralize client information into one platform, enabling you to access critical details about past interactions with a few clicks.
- Automated reminders – Acquiring clients doesn’t always happen overnight. You often need to schedule well-timed follow-ups to obtain their business. A CRM can simplify this process by automating follow-up reminders and ensuring no client requests fall through the cracks.
- Data analysis and reporting – Many CRMs can provide valuable insights into clients’ behavior and preferences. You can use this data to optimize your marketing efforts and service offerings.
- Segmentation and targeting – CRMs allow you to segment your clients based on their age, investment preferences, and financial goals so you can target different segments with tailored messaging.
- API integrations – Many CRM platforms integrate seamlessly with other software tools you may be using, such as email marketing platforms or financial planning software. As a result, they can consolidate your information and prevent data silos.
While Salesforce is the leading CRM program in the United States, there are many others you can choose from. For example, Redtail is a popular CRM for financial service providers, while Wealthbox is a CRM designed specifically for financial advisors.
#2 Financial Planning Software For Advisors
Our Pick: Right Capital
Scheduling software streamlines the meeting booking process by allowing clients to choose their preferred time slots to meet with you online. It reduces the back-and-forth emails and phone calls that often accompany appointment scheduling.
As you browse your scheduling software options, look for one that offers:
- Automated booking capabilities – You can eliminate the need for cumbersome email exchanges by allowing your clients to book meetings online at times that work best with their schedules.
- Customizable appointment types – Some meetings require more time than others, from initial consultations to portfolio reviews. Fortunately, many scheduling software programs allow you to set up different appointment types and customize their duration.
- Calendar integration – Scheduling software that integrates with your calendar can automatically update your availability and prevent double bookings.
- Meeting confirmations and reminders—When life gets busy, some clients may forget about their meetings. Scheduling software that sends automated meeting confirmations and timely reminders can solve this problem, reducing no-show rates and enhancing operational efficiency.
- Time zone support—If you work with clients in different regions, scheduling software that automatically adjusts for time zones can help avoid confusion.
As the most popular scheduling software, Calendly boasts an easy-to-use interface and integrates with various calendars. You can also look into other options, such as Acuity Scheduling or SimplyBook.me.
#3 Turnkey Asset Management Platforms
Our Pick: Alden COVE
Since 2020, video conferencing software has become increasingly popular, with Zoom experiencing a staggering 2,900% surge in daily meeting participants during the COVID-19 pandemic. While the pandemic is over, video conferencing software is here to stay.
Video conferencing software allows you to meet with clients from across the globe, making the meeting process more convenient for everyone involved. Since these meetings facilitate face-to-face interaction, they foster stronger relationships than phone calls alone.
Some key features to look for in video conferencing software include:
- Screen sharing capabilities – Screen sharing allows you to present your clients with financial plans, performance reports, and other crucial documents during meetings.
- Meeting recordings – Recording meetings is an efficient way to document your discussions with clients and share information with colleagues who can’t attend. AI can transcribe these meetings, eliminating the need for note-taking during your discussions.
- Security measures – Some video conferencing platforms provide more comprehensive security features than others, making them a better choice for financial professionals who regularly discuss sensitive client information.
Zoom achieved an impressive market share during the COVID-19 pandemic, but it’s not the only video conferencing software available. Microsoft Teams may be more convenient for firms that use other Microsoft Office applications, while Webex stands out for its robust security features.
Read more: How to Choose a Turnkey Asset Management Platform (TAMP)
#4 Scheduling Software
Our Pick: Calendly
Scheduling software streamlines the meeting booking process by allowing clients to choose their preferred time slots to meet with you online. It reduces the back-and-forth emails and phone calls that often accompany appointment scheduling.
As you browse your scheduling software options, look for one that offers:
- Automated booking capabilities – You can eliminate the need for cumbersome email exchanges by allowing your clients to book meetings online at times that work best with their schedules.
- Customizable appointment types – Some meetings require more time than others, from initial consultations to portfolio reviews. Fortunately, many scheduling software programs allow you to set up different appointment types and customize their duration.
- Calendar integration – Scheduling software that integrates with your calendar can automatically update your availability and prevent double bookings.
- Meeting confirmations and reminders—When life gets busy, some clients may forget about their meetings. Scheduling software that sends automated meeting confirmations and timely reminders can solve this problem, reducing no-show rates and enhancing operational efficiency.
- Time zone support—If you work with clients in different regions, scheduling software that automatically adjusts for time zones can help avoid confusion.
As the most popular scheduling software, Calendly boasts an easy-to-use interface and integrates with various calendars. You can also look into other options, such as Acuity Scheduling or SimplyBook.me.
#5 Video Conferencing Software
Our Pick: Microsoft Teams
Since 2020, video conferencing software has become increasingly popular, with Zoom experiencing a staggering 2,900% surge in daily meeting participants during the COVID-19 pandemic. While the pandemic is over, video conferencing software is here to stay.
Video conferencing software allows you to meet with clients from across the globe, making the meeting process more convenient for everyone involved. Since these meetings facilitate face-to-face interaction, they foster stronger relationships than phone calls alone.
Some key features to look for in video conferencing software include:
- Screen sharing capabilities – Screen sharing allows you to present your clients with financial plans, performance reports, and other crucial documents during meetings.
- Meeting recordings – Recording meetings is an efficient way to document your discussions with clients and share information with colleagues who can’t attend. AI can transcribe these meetings, eliminating the need for note-taking during your discussions.
- Security measures – Some video conferencing platforms provide more comprehensive security features than others, making them a better choice for financial professionals who regularly discuss sensitive client information.
Zoom achieved an impressive market share during the COVID-19 pandemic, but it’s not the only video conferencing software available. Microsoft Teams may be more convenient for firms that use other Microsoft Office applications, while Webex stands out for its robust security features.
Read more: Leveraging AI for Financial Advisors
#6 Document Storage Solutions
Our Pick: Dropbox
Regarding security, you need a document storage solution that offers a secure environment to store, share, and manage client documents. Cloud-based platforms that employ encryption, access control, and audit trails can provide this convenience and protection, along with:
- Secure document sharing capabilities – Secure sharing features allow you to send documents to clients without the risks associated with email.
- Version control – Version control features ensure you can always access the most recent document version and track document changes over time.
- Compliance support – Document storage platforms can help you adhere to regulatory requirements with built-in compliance features such as automated audit trails and secure data encryption.
Dropbox Business and Box are two document storage solutions with advanced security features, making them ideal for compliance-minded financial advisors.
#7 Risk Analysis Software
Our Pick: Nitrogen (formerly Riskalyze)
Risk analysis tools can help you assess your clients’ risk tolerance, model various investment scenarios, and predict their potential outcomes. With their help, you can efficiently craft tailored investment strategies aligning with each client’s risk profile.
Here are a few features robust risk analysis tools can provide:
- Risk tolerance assessments – These assessments help you objectively gauge your clients’ risk tolerance.
- Portfolio stress testing – With portfolio stress testing features, you can determine how portfolios will perform under different market conditions and clarify their potential risks to clients.
- Detailed reporting – Clients often like to review reports that explain your investment strategies and their associated risk factors.
Ideally, you want to use risk analysis tools that integrate with your financial planning software. Some worthwhile options include Riskalyze Nitrogen, Morningstar Direct, and BlackRock’s Aladdin.
#8 Financial Advisor Billing Software
Our Pick: QuickBooks
Once you’ve onboarded new clients, you want to ensure you get paid on time. Billing software can automate invoicing, payment processing, and reporting, making it easy to track and analyze your billable hours.
Allowing your billing software to generate invoices and process recurring bills can considerably reduce your firm’s administrative workload. You can also enjoy a more consistent cash flow and enhance clients’ satisfaction with your billing process.
Here are three features to prioritize as you compare your billing software options:
- Online payment processing – Did you know that 70% of consumers prefer digital payments? By choosing a billing solution that integrates with popular payment processors, you can easily satisfy your clients and allow them to pay their invoices online.
- Detailed reporting—Billing software solutions amass a lot of data that you can use to better understand your business’s revenue streams and identify areas for improvement.
- Easy integration – Some billing platforms can integrate with your accounting and CRM software, streamlining your financial management workflows.
QuickBooks, FreshBooks, and Bill.com are a few billing software solutions worth considering. However, billing support may be included in your suite of services if you select a robust TAMP like Alden COVE.
#9 Client Portal for Financial Advisors
Our Pick: Alden COVE
Client portals provide your clients with 24/7 access to their financial accounts, documents, and reports. They can enhance trust and transparency by enabling clients to view their portfolios’ performance anytime. Some benefits of providing a client portal include:
- Streamlined workload – A client portal can reduce the volume of inquiries you receive from clients regarding routine updates and account details.
- Secure document sharing – Client portals provide secure environments to send and receive sensitive documents from your clients.
- Efficient performance reporting—A client portal can streamline your regulatory adherence by allowing clients to view their performance reports in real-time.
- Convenient communication – Many client portals include messaging features, allowing clients to contact you directly with their questions and requests.
- Customizable interfaces – Some client portals allow you to feature your firm’s branding, giving your clients a more consistent experience across your online channels.
If you want to reap these benefits, you’ll be happy to learn that Alden COVE includes a customizable client portal with all these features.
#10 Email Marketing for Financial Advisors
Our Pick: Constant Contact
Consistent communication can enhance your clients’ confidence in your services. Research shows that clients who receive frequent contact from their advisors have a 49% higher confidence level in their financial plans than those who don’t.
Nearly half of clients with over $500,000 under advisory say they want to hear from their advisors every month. You can easily satisfy these expectations by adding email marketing software to your tech stack. Just search for a solution that provides:
- Seamless segmentation – Email marketing tools enable you to segment your audience by various criteria and send targeted messages that resonate with specific client groups.
- Automated personalization – Some solutions allow you to personalize emails based on client behavior or lifecycle stages. For example, you can send automated welcome messages or meeting follow-ups during your onboarding process.
- Detailed analytics – Monitoring your email campaign’s open, click-through and conversion rates can help you gauge its effectiveness and employ data-driven optimizations.
- A/B testing – A/B testing allows you to test different subject lines, content, and layouts to determine which ones generate the best engagement.
MailChimp and Constant Contact are two email marketing platforms that offer these features, though many others are also available.
Upgrade Your Tech Stack With Alden COVE
Embracing technology is essential for financial advisors who want to compete in the modern landscape. Integrating these ten must-have tools allows you to streamline your operations and provide superior service.
Want to cross a few of these tools for financial advisors off your list? As a full-featured TAMP, Alden COVE includes a private-labeled web client portal and integrated billing, reporting, and accounting support. Some other key features of Alden COVE include:
- Access to over 500+ institutional strategies, including mutual funds, ETFs, and equities.
- An advanced trade order management system (TOMS) that scales across multiple custodians.
- Personalized support from experienced investment professionals.
Want to learn more about this robust TAMP solution? Reach out to Alden Investment Group today.
Sources:
WealthManagement.com. Broadridge: Tech Tools Fall Short, Leaving Advisors Suffering.
https://www.wealthmanagement.com/technology/broadridge-tech-tools-fall-short-leaving-advisors-suffering
Statista. Leading vendor market revenue share of customer relationship management (CRM) applications market worldwide in 2023.
https://www.statista.com/statistics/972598/crm-applications-vendors-market-share-worldwide/
Statista. Market share of scheduling apps worldwide in 2024, by program.
https://www.statista.com/statistics/1331320/scheduling-apps-market-share/#:~:text=Global%20market%20share%20of%20scheduling%20apps%202024%2C%20by%20program&text=Calendly%20and%20Outlook%20Calendar%20are,and%2020%20percent%20share%20respectively.
Notta. 100+ Eye-opening Meeting Statistics in 2024: Virtual, Productivity & More.
https://www.notta.ai/en/blog/meeting-statistics#:~:text=The%20global%20video%20conferencing%20market,the%20outbreak%20of%20COVID%2D19.
YCharts. Advisor – Client Communication Survey.
https://go.ycharts.com/hubfs/YCharts_Advisor_Client_Communication_Survey_2024.pdf
BusinessWire. Fast, Convenient and Secure: 70% of Consumers Prefer Digital Payments, Onbe Future of Payments Survey Reveals.
https://www.businesswire.com/news/home/20230307005341/en/Fast-Convenient-and-Secure-70-of-Consumers-Prefer-Digital-Payments-Onbe-Future-of-Payments-Survey-Reveals
