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Portfolio > Portfolio Construction

Seeking Help on CRM, Portfolio Software

By Mike Patton

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In my last blog I wrote about my decision to choose the RIA route. This week I’d like to provide a brief summary of my progress so far and ask for your input on a few key issues. I have purchased most everything I need to do business. I have the necessary furniture, office space has been acquired, I should have an RIA relationship established very soon to custody client assets, and I have a pretty good idea who I will run my insurance business through. I also have my proprietary financial planning software and now that my thorny encounter with Windows Vista is behind me and I have gone back to XP, everything’s working great on the technology front. I have three new clients which will keep me busy for a while and a few more on the way. So far, so good. I do have a request for any of you that have experience with the following key planning tools:

Special Request #1 ?EUR” Contact Management Software

I need a good contact manager. In the past I’ve used Goldmine, ACT, Maximizer (don’t know if it’s still out there), and found each to have its own strengths and weaknesses. Goldmine is probably the most robust, but I’ve found it requires the skill of a specialist to customize it. ACT is the most user friendly and I can customize it easily, although it takes time. I have Outlook with Business Contact Manager currently but I am not sure if it will meet my needs. I really need to spend some time with it. Do any of you have a comment on this? What are you using?

Special Request #2 ?EUR” Portfolio Reporting Software

I will soon have an RIA custodian and client assets to manage. The RIA platform’s higher payout means that I am responsible for acquiring many of the tools I’ll need, including this piece of portfolio management software Since I am a start up, I really don’t want to spend a lot of money on this initially. Do you have any suggestions? Are you aware of any that charge on a per client basis rather than a large annual fee?

I would appreciate any feedback you can give on these issues. I’d love to hear from you whether on this blog or by e-mail. Thanks for joining me on my journey.

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