Advisor Planning Tools in 2024
Integrating technology and digital tools into financial advisory operations is an absolute must for financial service professionals. With technology taking an increasingly important role in nearly every aspect of financial services, failing to harness these tools will become a significant competitive disadvantage going forward.
For independent advisors, this can be an expensive proposition. Scaling up and growing your business without a larger digital ecosystem to tap into can create massive barriers of entry for those looking to grow their practice—all while focusing on building and managing the wealth and legacies of the investors you serve.
But by working with a partner who can provide access to these tools, financial advisors can cost-effectively streamline operations, boost productivity and enhance flexibility. This article goes into what is needed for the modern wealth manager to thrive in today’s tech-driven market.
Wealth Management Technology Basics
The investment lifecycle requires substantial project collaboration, interdepartmental communication, trade execution, and responsive client service. Automating, augmenting or supporting these needs can make the difference between growth and stagnation. As a modern wealth manager, you NEED technological support related to:
- Income Solutions
- IRA & Roth IRAs
- 401(k) Rollovers
- Insurance
- Investment Management
- Charitable Giving
But the majority of these tools are proprietary and siloed, meaning most independent advisors will be forced to take an ala carte approach. For example, you’ll need a program like Black Diamond Portfolio Review for portfolio management but will also need a platform like Redtail for your CRM. This also extends to practice management tools like DocuSign for documentation and SIGNix for legally binding agreements.
The Value of an Advisor Technology Ecosystem
With the high capital costs of technological integration weighing on the minds (and wallets) of independent advisors, asset management platforms that provide access to a comprehensive range of first-and-third-party tools are becoming much more popular due to their cost savings, increased efficiency and substantial resources.
At NBC Securities, we recognized the importance of technology in wealth management early on, and structured our advisor solutions to target the areas of your practice that can be effectively digitized to create streamlined workflows, responsive communications and more reliable and informed decision making.
Each of the operational categories listed above are available through NBCS, and when combined with their extensive advisor and resource network, our independent advisors and wealth managers have all the tools of the biggest firms in a boutique advisory setting. This enables advisors to focus more on meeting the needs and goals of investors.
Clearing & Custody
Our clearing and custody services are provided through our close partnership with RBC Clearing and Custody, a division of RBC Capital Markets, LLC. This partnership offers our advisors several services, including practice management, lending services, marketing support, research, broker desktop technology, and trust services. This also includes access to thousands of mutual fund agreements, a no transaction fee mutual fund program, and online account access for clients.
Portfolio Management
Our portfolio platform provides an integrated, end-to-end solution that helps you focus more on what matters most: your clients. This includes utilizing Black Diamond, ICE Bond Point, and Envestnet’s integrated proposal tool, amongst others. Additionally, we used Redtail for client relationship management and multiple tools for reporting and account aggregation, including FactSet, Addepar, and RBC Insight.
By looking at all of the factors above (and much more), we can more effectively create an accurate picture of your financial situation and provide a custom financial and retirement planning solution—built specifically for your goals and needs. We believe retirement planning in 2024 is too important to view in silo, and always consider it as a foundational aspect of every financial life plan.
Account Management with ProAM
Along with general advisor productivity and workflow tools, we also offer customized separate account management for investments. Our internally developed Professional Asset Management (ProAM) program helps guide clients through the investment process by developing and executing a strategy to help achieve their specific goals. This includes custom strategies, performance reporting, tax planning and Revelation Investment Research analysis and insights.
Putting it All Together to Optimize Advisory Firms
We are here to help sophisticated advisors take their practice to the next level by giving them the tools, resources, and network to succeed in the modern marketplace. Having these tools at your disposal will save time, money, and energy that you can place on cultivating the client relationships required to grow and thrive.
Connect with us today to see how NBCS can help optimize your practice and deliver these benefits to your clientele.
