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6 Digital Tools Financial Advisors Can't Live Without

Software can help streamline the operations of your wealth management business. Here are six essential wealth management tools you should know about.

1. Client Relationship Management Software

Think of client relationship management (CRM) software as the mothership of your business operations. It’s a hub that keeps track of existing client information, leads and prospects. From phone numbers, addresses and personal details about clients to detailed conversation logs, a CRM manages all of the little things — freeing you up to handle the big-picture aspects of growing your business.

2. Financial Planning Software

You’re probably already using a financial planning platform, but that doesn’t negate its well-deserved spot on our list. Financial planning software provides you with a dynamic, visual way to show clients a bird’s-eye view of their goals and the steps being taken to achieve them. With its ability to project and compare potential scenarios on everything from retirement planning to taxation and the capability to stress test and customize to individual clients, a good financial planning tool helps you guide clients to success.

3. Risk Assessment Software

Risk, as it pertains to a client’s hard-earned money, is a confusing and often scary concept for them to understand. As their financial advisor, you’re responsible for explaining risk, and you’re entrusted to manage a client’s investments in a way that respects their risk tolerance. Risk assessment software helps you navigate the complex nature of risk so that you can develop portfolios based on realistic expectations of risk exposures. Farm Bureau’s use of Riskalyze means that our Wealth Management Advisors have tools that analyze risk and help you build investment portfolios.   

4. Online Scheduler

There are so many ways to communicate these days, all of which can make scheduling a meeting more complicated than it needs to be. Eliminate the time-consuming back and forth with an online scheduler. Customized scheduling tools set meetings, collate names and contact information, schedule follow-up appointments and adjust to your calendar so you won’t be accidently double-booked. Any tool that you can use to streamline the scheduling process with clients helps you — and them — focus on the important stuff.     

5. File Sharing Software

While some clients appreciate hard copies of documentation, it’s important to offer the option of receiving digital files, especially with younger clients. Consider a cloud-based file-sharing software to act as storage space and a transfer system no matter where your client is.

6. Account Aggregation Tool

In order to keep your client’s best interests at the forefront of everything you do, you need a full and complete picture of where they stand financially. This is where account aggregation software comes in. Account aggregation provides you with a comprehensive tool that compiles information on all of a client’s financial assets — health savings accounts, trusts, self-directed investments — into one place, giving you critical insight into their finances.

The Tools You Need at Your Fingertips

As a Farm Bureau Wealth Management Advisor, you’ll be set up for success with RBC Black, an innovative, integrated platform that utilizes the latest digital tools for Wealth Management Advisors. You’ll have access to the technology that will help make you more efficient, from Envestnet MoneyGuide and Redtail to CircleBlack and Riskalyze. Contact a Regional Manager to learn more.