Financial planning has long ceased to be an activity that can be done with pen and paper, though modern technology has also increased the complexity of long-term financial planning. The financial advisors of today need more than just a calculator to work out financial plans that include all of the different elements that make up the lives of their clients, which is where financial planning software comes in.
There are at least three “must haves” that should be included in any financial planner software used by a financial advisor.
A built-in CRM is one of the “must haves” for financial planning software for financial advisors, allowing them to keep everything related to the management of customer relationships, such as data, metrics and notes, in the one place.
A built-in CRM allows data to be visually showcased on a dashboard, making it easier to understand, while also using automation to enhance efficiency and cut down on the amount of time that is usually spend on administrative tasks, which in turn means that financial planners can spend more time on the activities that actually bring in money.
Interactive discovery process and data entry
Financial planning automation technology means that financial planners now have access to superior tools to help them with the enhancement and streamlining of the service they are offering from end to end, which has never previously been the case.
Automation can result in greater efficiency and profitability and having a discovery process that is clear, efficient and interactive is an important aspect for the sales toolkit of a practice based around offering financial advice.
Gathering client information is the first step that needs to be taken in this process, but tedious paper-based forms often put off many potential clients before they have even met an actual financial advisor. The use of an online discovery process that is digital and visual, allowing potential clients to be able to input their financial information and goals easily from home and on a mobile device is an instantly more engaging process.
It also makes it much more likely for potential clients to complete this vital step, increasing lead generation and offering a far more compelling experience. After potential clients have provided their data, a smarter discovery experience will also offer them an immediate snapshot of their financial situation while being directed via a Call to Action to click and make an appointment with a financial advisor.
Statement of Advice
The Statement of Advice that is given to a client should be automated and also visually engaging. In the modern world it is highly unlikely that a client is going to want to receive a physical printout with dozens and dozens of pages that is difficult to even understand, let alone follow the advice of in a helpful manner. Automation makes a Statement of Advice much easier for clients to understand and provides them with a positive feeling about their financial situation and what they may need to do to achieve their goals.
These three features are a vital part of any financial planning software for today’s financial planners.