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Technology > Marketing Technology

Lesson Learned: One New Piece of Tech at a Time

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Things have been quite busy lately. For example, given the recent decline in stock prices, I have been repositioning portfolios, looking for opportunities to buy low. However, as a solo practitioner with one assistant, that can be a tall order. That’s precisely why I’ve invested so much in software this year. In this post, I’ll explain what I am doing to increase efficiency. 

From the early days of my career in the financial services industry, I’ve envisioned myself as a holistic advisor offering comprehensive financial planning and asset management services to clients. However, as my business began to grow, it became clear that I needed to incorporate software which would enable me to carry out my mission without having to work 80 hours a week.

I learned another valuable lesson in the process. That lesson is to introduce new technology one at a time. That’s the challenge I currently face. Earlier this year, I subscribed to eMoney for my financial planning needs. If you know much about it, you understand it is a deep program with a fairly steep learning curve. It also includes online document storage and account aggregation (i.e., linking client’s assets and liabilities).

After that, I added YCharts, a great tool for research and analysis on stocks, ETFs, mutual funds and economic data. Finally, about a month ago, I subscribed to Redtail for my CMS needs. Each of these tools (except YCharts) integrates with each other and with my custodian, TradePMR.

With all of the pieces in place, I must now become familiar with each so I can get the most out of them. All this was going on at the same time I was adding clients and managing existing relationships. Hence, my opening comment about being busy. 

Each advisor must decide what services they will offer, the fee(s) they will charge, the technology they will use to accomplish the mission, etc. I believe once I have everything working as it should, it’ll be much easier and I’ll be able to take a little time to breathe.

In the meantime, I’ll just keep learning and continue to help clients attain their goals. Oh, by the way, a good assistant is a must. Fortunately, I have one that is great with clients and qualified to handle the implementation of some of the new software. She’s running point on our Redtail integration. I’ll keep you posted. 

Until next time, have a great week and thanks for reading!


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