8 Incredible Tools For Financial Advisors

 The technological revolution has transformed the roles of financial advisors as they are becoming more reliant on technology to make decisions and perform their daily activities. From communicating with clients to managing the portfolios of clients, financial advisors use various tools to effectively perform their tasks. While there are many different types of tools available in the market, financial advisors can make their jobs easier by adopting the following 8 incredible tools while performing different activities related to financial advisory services.

1- AdvisorEngine:

AdvisorEngine is an all-in-one, dynamic, and complete wealth management platform designed specifically for financial advisors and wealth management firms. AdvisorEngine provides the following advantages to financial advisors and  advisory firms:

●             Digital Onboarding: The platform's digital onboarding feature allows financial advisors to digitally onboard the customers using e-signatures. The platform can link the newly-created accounts with ACATS and ACH, making it easier for advisory firms to move funds and securities from clients' existing brokerage accounts to the newly-created account. 

●             Client Portal: With the client portal, customers can view the progress of their accounts and download their account statements as well. Customers can link their credit cards and account at other financial institutions with the portal to give real-time status of the client's worth. The portal also lets customers contact their financial advisor and share documents with an e-signature facility, allowing quick communication without meeting physically.

●             Investment management features: Wealth advisors require a robust platform to build portfolios, ensure compliance with regulatory requirements, adhere to risk management, rebalance portfolios, and other investment management tasks. AdvisorEngine is designed to automate and digitize most of the functions and tasks of the wealth managers, enabling them to give accurate and reliable financial advice.

 

Investment advisor software plays a pivotal role in the success of wealth advisors and wealth advisory firms as the majority of the tasks of the firm are handled by the platform. AdvisorEngine has all the necessary features that a wealth manager needs. You can learn more about the platform at https://www.advisorengine.com/.

2- Junxure:

The survival and profitability of a wealth management firm depend on its ability to attract new customers while retaining the existing ones. To ensure that the customers get the best wealth management services, financial advisors need robust customer relationship management software.

Junxure, a platform designed specifically for financial advisory firms, automates the critical process of firms and allows for 360-degree customer management. Junxure uses a centralized data management system to store data that enables financial advisors to quickly retrieve the required data. Financial advisors can segregate clients based on their risk tolerance and their financial goals, enabling them to simultaneously manage a large number of clients that share common attributes.

More than 1,400 financial services and advisory firms managing assets of over $600 billion are using Junxure as their CRM platform. Most of the firms have been the long-term clients of Junxure, which shows that Junxure fulfills the CRM needs of the firms.You can access the Junxure CRM for financial advisors here.

3- HootSuite:

HootSuite, a social media management tool, can help financial advisors and financial advisory firms acquire new clients by promoting and educating potential clients about the value of investing and managing personal finances to achieve financial independence. Hootsuite allows financial advisory firms to actively manage their social media accounts and get involved in social media discussions on topics involving financial advisory, personal finance, and investments. Financial advisors can manage multiple social media forums on a single platform using HootSuite.

4- DropBox:

Financial advisors often have to store and share different files and documents with clients and stakeholders. File-sharing platforms such as DropBox can fulfill the document storing and sharing needs of financial advisors. Not only can financial advisors store the documents, but multiple users can also modify the files as well, depending on the level of authorization provided to the users by the original owner of the document. With Dropbox, financial advisors can manage their documents in one place.

5- Weebly Website Builder:

Financial advisors and financial services firms need a website where they can showcase the services offered by them and register their customers. Weebly Website Builder is a website development tool that financial advisors can use to effortlessly build their website without having to know about technical web development knowledge. Financial advisors can customize their websites and select from a variety of professional themes, fonts, and other functionalities.

6- MailChimp:

MailChimp allows financial advisors to grow their business by targeting prospective customers through email marketing campaigns. Mailchimp's distinguishing features include signup forms, behavioral targeting, audience creation, social media content creation, audience management, etc. Financial advisors can make use of these features and increase their customers.

7- Zoom:

The video telecommunication platform Zoom is being used in many industries, including education, healthcare, financial services, government, etc. for conducting teleconferencing, distance learning, and webinars. The utility of the platform has increased further during the coronavirus pandemic, which has increased Zoom's subscribers exponentially. With Zoom's free package, financial advisors can conduct webinars or teleconferences of up to 100 participants with a maximum session of up to 40 minutes. Financial advisors can conduct unlimited 1-1 meetings using Zoom.

8- QuickBooks:

QuickBooks allows financial advisors and financial services firms to record their day-to-day transactions. The platform automatically generates the necessary financial statements, including balance sheet, profit & loss statement, statement of changes in equity, statement of cash flows, etc. The platform provides an updated position of the firm's profitability and other metrics.

Conclusion:

The tools that we discussed above can increase the productivity of financial advisors and help them perform their business activities efficiently. Also, some tools we discussed above can help you increase your sales and broaden your customer base, resulting in increased profitability. By investing in these tools, financial advisors can get increased productivity and revenue, giving a nice return on the investment.