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Christine Castellano Shares Advisor Technology Stack Advice

Featured in U.S. News & World Report on June 16, 2020

How Technology Can Help Advisors Better Serve Clients

WEALTH STRATEGIST FRED Hubler wanted to use technology to improve client services at the same time as reducing his costs.

Around three years ago, the president of Creative Capital Wealth Management Group in Phoenixville, Pennsylvania, created the Milestone Clarification Process, a retainer-based financial planning system.

 

Hubler's firm implemented workflows for each step in the process, with an eye on optimizing service for particular groups of clients, including executives, business owners and retirees.

The Milestone Clarification Process, which he trademarked, allowed his firm to optimize its customer relationship management system, helping his team use the right piece of software at each step in a client's financial plan.

"We are down to three real people in the office, from six, and have almost doubled our practice," Hubler says on his firm's ability to streamline the planning process for clients.

For advisors like Hubler who are looking to make cost-saving measures, there are a few tools and other programs to look at:

  • Financial advisor planning software.
  • Client knowledge tools.
  • Document managing software.
  • Integrating software programs.
Many advisors already have some kind of technology stack that's more sophisticated than using Excel for spreadsheets. For example, advisors typically use some kind of planning software, such as MoneyGuidePro, eMoney Advisor or NaviPlan. Many also use portfolio assessment tools such as Riskalyze, as well as a customer relationship management system, such as Redtail Technology or Wealthbox CRM, to track client data.

Christine Castellano, chief administration officer at TruClarity, which provides consulting services to financial firms, recommends that advisors get an outside review of their software and systems.

"Working with a consultant who is familiar with the major tech platforms allows you to gain insight and make decisions, without spending your valuable time on working through the maze of offerings," she says. "We have seen very well-established firms jettison older technology platforms and gain much greater capabilities along with more streamlined processes."

Read full article on U.S. News & World Report. 

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