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Financial Planning > Tax Planning

Why I’m Excited About My Newest Tech Purchase

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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.

4) Next, I will create each client’s personal website/portal and upload any relative documents. This will include past financial plans, tax returns, etc. In addition, I will grant permission to clients so they can upload documents. I’m not exactly sure what permissions can be granted or are even available at this time.

5) I will begin the process of updating their financial plans.  This should be relatively easy, assuming the necessary information has been integrated into eMoney. 

Of course, I expect there will be a learning curve with the financial planning software. But considering the number of clients and plans I have to update, once this process is in place, it will be so much easier. I should also mention that I use Morningstar Advisor Workstation which also integrates with eMoney and TradePMR’s platform.

Next, I will need to acquire a cloud-based CMS so that everything will be integrated. Wow, maybe then I can take a vacation. Yes, I am loving technology! 

Until next time, thanks for reading!


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