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August 17, 2015 at 05:17 AM
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.
