In this highly fragmented ecosystem, advisors are trying a wide range of tools based on differing styles, strategies and focuses. Here’s what they say works best:
• Morningstar‘s tool that compares variable annuities has totally revamped our ability to create an honest disclosure form.
• Rebalancing software reduced time to rebalance by 95% and allows more frequent and more accurate review of portfolios.
• We have had a lot of success using emoney to model various scenarios for clients on retirement and/or estate planning. Being able to show them graphically how things would look if “something happened” is very powerful. The five-year cash-flow reports are an excellent tool as well.
• Raymond James’ “Vault” feature offers amazing file sharing, particularly for clients who are retired and traveling abroad. They can have access to all of their important documents from anywhere that has internet.
• We have started doing more video conference-type meetings with busy clients, which has allowed us more time and less travel, while helping busy clients who can’t make it to the office or those who live too far away. It allows us to better meet their needs!
• The ability to work remotely and not being tied to a physical office has been amazing. Nothing is stored on our servers anymore.