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February 17, 2015 at 08:23 AM
I have always believed in the power of technology. However, I must admit, I’ve never believed in it as much as I do today. Why? What has happened? It’s simple. I’ve just subscribed to eMoney! As a result, my business is about to undergo a radical transformation. In short, I will now be much more integrated. I will be able to exchange data between my custodian (TradePMR), eMoney, and Morningstar Advisor Workstation. This is going to make my life so much easier and I’m sure clients will benefit greatly. Here’s how it’s going to work
First, I need to say that I am in the very early stages of what I am about to explain. Fortunately, eMoney has some wonderful people to help with the implementation. Here are a few bullet points to explain.
1) Client data will be uploaded from my custodian, TradePMR, to eMoney. This information will also be linked and updated daily.
2) After the account information has been uploaded to eMoney, I will work with all of my clients helping them to “link” their outside assets and liabilities to eMoney. This will include debts (i.e. mortgage, credit cards, etc), as well as financial assets (i.e. bank accounts, 401k holdings, etc.). This information will also be updated daily.
3) Once the data is uploaded and linked, I will be able to see what additional information is required to create/update each client’s financial plan. I will then enter the missing data into eMoney. I suspect the majority of this will be client goals and other qualitative information.
