In a September webinar, FinMason CEO Kendrick Wakeman demonstrated how advisor users of Orion Insight’s portfolio management software can use its Five-Minute Financial Plan to help attract and retain clients.
Thanks to an integration first announced during Orion’s Ascent/FUSE conference earlier in September, Orion users can seamlessly use the application, which Wakeman called a “light financial planning and integration tool,” directly inside Orion’s platform, and do so without any special training.
“It’s easy and intuitive,” he said, can be used “right out of the box,” and “gets you 80% of the way” to what full-blown financial planning software like PIEtech’s MoneyGuidePro and eMoney Advisor provides.
Getting that far is “probably adequate” for many clients, he said, especially for those whose advisors are currently not offering financial planning because of the software’s cost and complexity. Using the Five-Minute Financial Plan is, he argued, is a “great and easy way to step into financial planning right away” and is “affordable” at $39/month/user.
But it’s also valuable to advisors who already use robust financial planning software, Kendrick said, because of how it helps in areas like prospecting. “Advisors tell us it’s difficult to get a prospect to commit to the time and effort” involved in gathering financial documents and then creating a financial plan before signing on as a client.
“This is an easy way to get in front of a client and to demonstrate some value right off the top,” he said, and then eventually buy into the time and effort to create a full-blown plan.
It’s also the case, Wakeman said, that advisors who use financial planning software aren’t doing so for all of their clients, especially those who either don’t need a full plan or who don’t have the assets to make creating a plan economically feasible for the advisor.
Wakeman said that he learned at the Ascent/FUSE conference that many advisors create multiple plans for clients and then wind up choosing one or more of those plans to present to clients. The Five-Minute software provides an outline of the client’s current financial situation and “where he wants to go,” allowing the advisor to perhaps create only two plans from which to choose, thus improving the advisor’s efficiency.