During the past few months, I’ve been searching for ways to improve the efficiency of my business. My primary focus has been on identifying technology which will aid this effort. Specifically, I’ve been reviewing financial planning and portfolio management software.
As I mentioned last week, I am fairly confident that eMoney will be my choice for financial planning. On the portfolio management front, although I really like the offering from Thomson Reuters, if an agreement cannot be reached between Thomson and my custodian TradePMR to integrate Thomson’s software, I will have some decisions to make. Before I explain, here’s an explanation of what I am seeking.
Every advisor must have an efficient process to manage their business. In my case, I need a more efficient tool for financial planning and another for investment research. To capture this efficiency, both tools must be integrated with my custodian’s portal. Without the integration, the efficiency I seek would be lost. Here are some details on my current situation.
I understand there are two perspectives at play. There’s the perspective of the advisor who finds a product, likes it, and needs to be able to download client data to it. However, any download requires integration. Then there’s the perspective of the custodian who must consider all of its advisors and any costs which may be associated with creating the integration.