Financial Planning Software and Internet Primer

Transcription

1 Financial Planning Software and Internet Primer Presenter - Keith Heichel, CFP, ChFC President - Pinnacle Professional Marketing Vice President - Pinnacle Wealth Planning Services, Inc. 1

2 Agenda Pinnacle Background Information Gathering Client Management Software Financial Planning Software Portfolio Management Software Useful Internet sites and other resources 2

3 Pinnacle Wealth Management Services Founded in 1994 Staff of 18 Wealth Management Company working exclusively thru CPAs and Attorneys to high net worth clients. 430 clients in 18 states and $450,000,000 in assets under management I have been in Financial Planning for 18 years 3

4 Pinnacle Professional Marketing Founded in 2006 Staff of 3 Business Consultant to CPAs and Attorneys to provide marketing and business development support 4

5 Information Gathering How many of you are currently offering Financial Planning services? How many of you are planning to offering Financial Planning services over the next 12 months? How many of you a providing planning services on your own? With a partner? 5

6 Overview Software can make or brake your Financial Planning practice. You need to understand the importance of each piece and how to integrate into your practice. Data Info Marketing Planning Staff Clien t Service Investments Tax 6

7 Client Management Software This is the heart of your CPA/Financial Planning practice Internet Based or Computer Based Software Integration with other Software (Tax, Planning, Investments) Pricing and selection 7

8 Client Management Software Benefits of a good Client Management Software - Information Management at a high level - High level of efficiency - High level of Client Service - High level of Client Satisfaction - High client retention - Increased Profitability 8

9 Client Management Software The Heart of your practice Why is this software so important: Helps you manage your tasks and your relationships. Capture, centralize, and secure business-critical data. Organizes financial, life planning, and estate information for clients. Manages s, scans, and other electronic documents. Expedites communication with individuals, clients, and groups via and printed mailings. Imports from portfolio management systems and accounting software. Provides Marketing Campaign management and analysis. Facilitates regulatory compliance. Stay in touch with your clients, wherever you are. Stay on top of your schedule and tasks. Stay focused on clients with built-in processes. Improve business predictability with reporting tools. Find the right information fast for better service. Encourage client trust using quality marketing. Speed time to productivity with additional resources. 9

10 Client Management Software Complete Data Warehouse Access to ALL client information: Contact management and Activity Personal Information Associates Assets, Liabilities, Insurance Policies Financial Plan Maintenace Goals Gifts Estate Plan Documents Correspondence 10

11 Client Management Software Office Management Capabilities Process Management Actions Management Actions Dashboard View open items by client, date, employee, or priority Globally reassign actions Monitor Employee productivity Evaluate and identify sources of new business Ability to review the profile of your business Time studies: How is time spent 11

12 Client Management Software Pricing and Selection Pricing - Start up cost ($1,000 to $3,000) - Annual cost ($1,000 up depending on number of users) Selection - Junxure ( Computer based only - Protracker ( Computer based only - IAS Software ( Internet based only - ACT! by Sage for Financial Professionals ( - Computer based only - CRM-4-CPAs ( Computer based only 12

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17 Financial Planning Software Issue #1 Goals Based or Cash Flow Based planning Issue #2 Internet Based or Computer Based Software Issue #3 Presentation Format Graphics vs. print Issue #4 Pricing and selection 17

18 Financial Planning Software Issue #1 Goals Based vs. Cash Flow Goals Based - Less time commitment - Target Driven - More Graphics - Pre-Retirement Clients Cash Flow Based - More time commitment - More information for Planning issues (taxes, estate tax, business planning, ect.) - Retirement or High Net Worth Clients 18

19 Financial Planning Software Issue #2 Internet Based or Computer Based Internet Based - Easy access from anywhere - Backups daily - Software upgrades done automatically - Good with long distance clients - Security issues or client does not like information on the web. Computer Based - Software on your computer - Data only accessible by you - More control over output - IT issues (updates or problems) - Integration with other applications 19

20 Financial Planning Software Issue #3 Presentation format canned or customized Canned Presentation - Output directly from Software - PDF format only - Easier with less time commitment Customized Presentation - Word, PowerPoint and PDF optional output - Provide a unique plan for your clients - More time commitment or staff cost - More flexibility 20

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25 Financial Planning Software Issue #4 Pricing and Selection Pricing - Start up cost $1,500 to $5,000 - Annual cost $1,500 to $2,500 Selection - Money Tree ( Computer based only - Golden Years (Cash Flow) - Easy Money (Goals) - NaviPlan ( Internet or computer based - Extended (Cash Flow) - Standard (Goals) - Money Guide Pro (Goals) ( - Internet based only - IAS Software (Cash Flow) ( - Internet based only 25

26 Portfolio Management Software Used for tracking your clients investment assets Provide Rate of Return and Cash Flow Provide Asset Allocation vs. Target Management fee invoicing Compliance support tools 26

27 Portfolio Management Software Pricing and Selection Pricing - Start up cost $1,000 to $10,000 - Annual cost $1,500 to $25,000 Selection -Dbcams ( Computer based only - PortfolioCenter ( Computer based - IAS Software (www. iassoftware.com) Internet based - Advent ( Computer based - Albridge ( Internet based 27

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30 Good Internet sites stock and mutual fund information at your finger tips great communication service for clients Create and Edit Investment Policy Statements for clients website design for financial professionals up-to-date financial information on all markets provides great resource for CD and mortgage rates around the country Online collaboration with clients video phone technology work on your office computer from anywhere provides tracking charts for stocks and indexes provides a tool for cost basis reconstruction with dividend reinvest and stock splits. There is a cost for this site. organization for fee-only advisors international financial planning organization. Great annual conference marketing and consulting for CPAs and Attorneys 30

31 Summary Need to pick the right software for you Need to understanding time commitment Need to provide a high level of service in financial planning Financial Planning sets you apart from the competition 31

32 Where to Get More Information Go to annual conferences from the FPA (October 4-8 in Boston), NAPFA, Schwab or TD Ameritrade. Books - Deena Katz's Tools and Templates for Your Practice: For Financial Advisors, Planners, and Wealth Managers - Practice Made Perfect: The Discipline of Business Management for Financial Advisors by Mark C. Tibergien - Getting Started as a Financial Planner, Revised and Updated Edition by Jeffrey Rattiner, CPA Consulting services, other sources - Pinnacle Professional Marketing