financial planning software and internet primerpinnacle professional marketing, llc 7/28/2008 1...

7/28/2008Pinnacle Professional Marketing, LLC 1

Financial Planning Software Financial Planning Software and Internet Primerand Internet PrimerPresenter - Keith Heichel, CFP, ChFCPresident - Pinnacle Professional Marketing

Vice President - Pinnacle Wealth Planning Services, Inc.


AgendaAgenda

Pinnacle BackgroundInformation GatheringClient Management SoftwareFinancial Planning SoftwarePortfolio Management SoftwareUseful Internet sites and other resources


Pinnacle Wealth Management ServicesPinnacle Wealth Management Services

Founded in 1994Staff of 18Wealth Management Company working exclusively thru CPAs and Attorneys to high net worth clients.430 clients in 18 states and $450,000,000 in assets under managementI have been in Financial Planning for 18 years


Pinnacle Professional MarketingPinnacle Professional MarketingFounded in 2006Staff of 3Business Consultant to CPAs and Attorneys to provide marketing and business development support


Information Gathering Information Gathering

How many of you are currently offering Financial Planning services?How many of you are planning to offering Financial Planning services over the next 12 months?How many of you a providing planning services on your own? With a partner?


Overview Overview Software can make or brake your Financial Planning practice.You need to understand the importance of each piece and how to integrate into your practice.

Investments

ServiceTax

Clien t

Planning

Staff

InfoMarketingData


Client Management SoftwareClient Management Software

This is the heart of your CPA/Financial Planning practice

– Internet Based or Computer Based Software– Integration with other Software (Tax, Planning, Investments)– Pricing and selection


Client Management SoftwareClient Management Software

Benefits of a good Client Management Software- Information Management at a high level- High level of efficiency- High level of Client Service- High level of Client Satisfaction- High client retention- Increased Profitability


Client Management Software Client Management Software –– The Heart of your practiceThe Heart of your practiceWhy is this software so important:

Helps you manage your tasks and your relationships.Capture, centralize, and secure business-critical data.Organizes financial, life planning, and estate information for clients.Manages emails, scans, and other electronic documents.Expedites communication with individuals, clients, and groups via email and printed mailings.Imports from portfolio management systems and accounting software.Provides Marketing Campaign management and analysis.Facilitates regulatory compliance.Stay in touch with your clients, wherever you are. Stay on top of your schedule and tasks. Stay focused on clients with built-in processes. Improve business predictability with reporting tools. Find the right information fast for better service. Encourage client trust using quality marketing. Speed time to productivity with additional resources.


Client Management Software Client Management Software –– Complete Data Complete Data ““WarehouseWarehouse””

Access to ALL client information:

Contact management and ActivityPersonal InformationAssociatesAssets, Liabilities, Insurance PoliciesFinancial Plan MaintenaceGoalsGiftsEstate Plan DocumentsCorrespondence


Client Management Software Client Management Software –– Office Management CapabilitiesOffice Management Capabilities

Process ManagementActions ManagementActions Dashboard – View open items by client, date, employee, or priorityGlobally reassign actionsMonitor Employee productivityEvaluate and identify sources of new businessAbility to review the profile of your businessTime studies: How is time spent


Client Management Software Client Management Software –– –– Pricing and SelectionPricing and Selection

Pricing- Start up cost ($1,000 to $3,000)- Annual cost ($1,000 up depending on number of users)

Selection- Junxure (www.junxure.com) Computer based only

- Protracker (www.protracker.com) Computer based only

- IAS Software (www.iassoftware.com) Internet based only

- ACT! by Sage for Financial Professionals (www.act.com)- Computer based only

- CRM-4-CPAs (www.soltis.com) Computer based only

http://www.junxure.com/

http://www.protracker.com/

http://www.act.com/

http://www.soltis.com/


Financial Planning SoftwareFinancial Planning Software

Issue #1 – Goals Based or Cash Flow Based planningIssue #2 – Internet Based or Computer Based SoftwareIssue #3 – Presentation Format – Graphics vs. printIssue #4 – Pricing and selection


Financial Planning Software Financial Planning Software –– Issue #1 Issue #1 –– Goals Based vs. Cash FlowGoals Based vs. Cash Flow

Goals Based- Less time commitment- Target Driven- More Graphics- Pre-Retirement Clients

Cash Flow Based- More time commitment- More information for Planning issues

(taxes, estate tax, business planning, ect.)- Retirement or High Net Worth Clients


Financial Planning Software Financial Planning Software –– Issue #2 Issue #2 –– Internet Based or Computer BasedInternet Based or Computer Based

Internet Based- Easy access from anywhere- Backups daily- Software upgrades done automatically- Good with long distance clients- Security issues or client does not like information on the web.

Computer Based- Software on your computer- Data only accessible by you - More control over output - IT issues (updates or problems)- Integration with other applications


Financial Planning Software Financial Planning Software –– Issue #3 Issue #3 –– Presentation format Presentation format –– canned or customizedcanned or customized

Canned Presentation- Output directly from Software- PDF format only- Easier with less time commitment

Customized Presentation- Word, PowerPoint and PDF optional output - Provide a unique plan for your clients - More time commitment or staff cost - More flexibility


Financial Planning Software Financial Planning Software –– Issue #4 Issue #4 –– Pricing and SelectionPricing and Selection

Pricing- Start up cost $1,500 to $5,000- Annual cost $1,500 to $2,500

Selection- Money Tree (www.moneytree.com) Computer based only

- Golden Years (Cash Flow) - Easy Money (Goals)

- NaviPlan (www.eisi.com) Internet or computer based- Extended (Cash Flow)- Standard (Goals)

- Money Guide Pro (Goals) (www.moneyguidepro.com)- Internet based only

- IAS Software (Cash Flow) (www.iassoftware.com)- Internet based only

http://www.moneytree.com/

http://www.eisi.com/

http://www.moneyguidepro.com/

http://www.iassoftware.com/


Portfolio Management SoftwarePortfolio Management Software

Used for tracking your clients investment assetsProvide Rate of Return and Cash FlowProvide Asset Allocation vs. TargetManagement fee invoicingCompliance support tools


Portfolio Management Software Portfolio Management Software –– –– Pricing and SelectionPricing and Selection

Pricing- Start up cost $1,000 to $10,000- Annual cost $1,500 to $25,000

Selection- Dbcams (www.dbcams.com) Computer based only

- PortfolioCenter (www.schwabpt.com) Computer based

- IAS Software (www. iassoftware.com) Internet based

- Advent (www.advent.com) Computer based

- Albridge (www.albridge.com) Internet based

http://www.dbcams.com/

http://www.schwabpt.com/

http://www.moneyguidepro.com/

http://www.advent.com/

http://www.albridge.com/


Good Internet sitesGood Internet siteswww.morningstar.com – stock and mutual fund information at your finger tipswww.forfield.com – great communication service for clientswww.ipsadvisors.com – Create and Edit Investment Policy Statements for clientswww.advisorsquare.com – website design for financial professionalswww.cnnfn.com – up-to-date financial information on all marketswww.bankrate.com – provides great resource for CD and mortgage rates around the countrywww.gotomeeting.com – Online collaboration with clientswww.ojophone.com – video phone technologywww.gotomypc.com – work on your office computer from anywherewww.bigcharts.com – provides tracking charts for stocks and indexeswww.xcitax.com – provides a tool for cost basis reconstruction with dividend reinvest and stock splits. There is a cost for this site.www.napfa.com – organization for fee-only advisorswww.fpanet.org – international financial planning organization. Great annual conferencewww.pinnaclepromarketing.com – marketing and consulting for CPAs and Attorneys

http://www.morningstar.com/

http://www.forfield.com/

http://www.ipsadvisors.com/

http://www.advisorsquare.com/

http://www.cnnfn.com/

http://www.bankrate.com/

http://www.gotomeeting.com/

http://www.ojophone.com/

http://www.gotomypc.com/

http://www.bigcharts.com/

http://www.xcitax.com/

http://www.napfa.com/

http://www.fpanet.org/

http://www.pinnaclepromarketing.com/


SummarySummary

Need to pick the right software for youNeed to understanding time commitmentNeed to provide a high level of service in financial planningFinancial Planning sets you apart from the competition


Where to Get More InformationWhere to Get More InformationGo to annual conferences from the FPA (October 4-8 in Boston), NAPFA, Schwab or TD Ameritrade.Books

- Deena Katz's Tools and Templates for Your Practice: For Financial Advisors, Planners, and Wealth Managers- Practice Made Perfect: The Discipline of Business Management for Financial Advisors by Mark C. Tibergien- Getting Started as a Financial Planner, Revised and Updated Edition by Jeffrey Rattiner, CPA

Consulting services, other sources- Pinnacle Professional Marketing 1-800-372-6011