Cut Through the Complexity of Financial Technology Solutions

Fintech is a competitive market. There are hundreds of firms (see Michael Kitces’ Fintech Solutions Map) offering software that advisors can use for everything from financial planning and risk management to reporting and digital marketing. With so many choices, it’s not surprising that breakaway advisors feel overwhelmed by the complexity of selecting the best software to help them manage their RIA.

The choice is business critical. To deliver the experiences that today’s clients demand, advisors need to run their firms from within their technology stack. Provide inferior experiences, and clients might start looking at the competition for the services they want.

“Today’s clients expect seamless, on-demand experiences from their advisors, just like they do for everything else in their lives—from online retail to car sharing,” says WAGN co-founder Jay Hummel. “The advisors that will succeed are the ones who take advantage of the power of technology to streamline and scale their practices.”

Simplifying the Decision

While the options can be overwhelming, the solution for breakaway advisors is straightforward:

  • A proven software platform for delivering advice
  • Customer relationship management software
  • A team of expert consultants to configure and manage the platform

Delivering Experiences that Satisfy

The Envestnet unified advice platform empowers advisors with better intelligence to help make financial wellness a reality for more people. It reduces the complexity of managing a practice by including capabilities for:

  • Billing and administration, including account setup, account funding, and back-office administration 
  • Portfolio accounting and management to help you stay on top of accounts with features like drift alerts and a rebalancing engine to help you bring allocations back in line
  • Compliance fiduciary solutions so you can capitalize on the fiduciary opportunity to provide a high standard of client care
  • Client portal that features a complementary set of configurable modules that allow your clients to aggregate their personal finances to obtain a holistic view of their wealth and assess their financial health

Managing Customer Relationships

Customer relationship management (CRM) includes the activities, strategies, and technologies that advisors use to manage their interactions with clients and prospects. Using CRM software, advisors can systematically manage these touchpoints, building relationships that drive revenue by increasing loyalty and retention.

Envestnet offers integrations with some of the industry’s most popular CRM providers to streamline communications with clients. You can download the Envestnet app in your CRM software and have your client information synched with the Envestnet platform.

Focusing on Core Capabilities

Breakaway advisors have lots to think about — building a business plan, launching their firm, managing investments, hiring and managing staff, and much more.

Unless you’re an expert at managing and configuring technology, you should consider delegating that responsibility to the experts. By working with a team of experienced tech consultants, you can focus on your core competencies—serving clients and giving them the experiences they want.

If you’re thinking about breaking away, consider the value you offer your clients and prospects. Few advisors have experience running a firm using integrated software. By partnering with an experienced team of consultants, you can focus on satisfying your clients and outsourcing non-differentiating capabilities to a team of trusted partners.

Next steps

For help breaking away, contact Alli Jordan.


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