As a wealth advisor, you want to provide the best service to your existing clients and prospect for new clients in the most effective way. That can be a challenging balance without the proper technology in place to support you.
The big wirehouses have access to behemoths of technology that supports wealth advisors; however, they can lose the personal touch and the collaboration that a wealth advisory might offer. These technology systems require intense customization and onboarding, which can be difficult to handle on your own.
At Centura, we prioritize being both innovative in our advisor’s access to technology, while also providing that personal collaboration that drives success. In an effort to display this priority, we have pulled together a list of the top-up and coming technologies for wealth advisors to start implementing.
A La Carte Your Tech
At Centura Wealth, we found that building a tech stack with three different ‘a la carte’ solutions matched our needs more specifically than one ‘do-it-all’ program (like EMoney).
All three solutions we decided on integrate with our hubs to create a specialized approach that works for us.
Our tech stack is made up of:
- Right Capital
- Hidden Levers
- Wealth Access
This a la carte approach to technology is one we’ll likely see become more common in the future depending on your size, clientele, and resources.
Most Common Technologies Used to Support Wealth Advisors
With today’s current technology environment, there will always be ‘the next best thing’ which can make it challenging to narrow down what technology actually works for you and your client’s needs. As we said above, a combination of softwares can really enhance the way you do business. Here are a few of the most popular technologies we see used in the industry.
While eMoney seems to be the program that does it all, there are certain restraints with using this software.
eMoney claims “financial discussions don’t have to be difficult. Neither do tech solutions that power them. At eMoney, we’re committed to delivering innovative, planning-led solutions that power your business. Our comprehensive financial program is built for the way you work and designed to scale and meet the growing needs of your firm.”
With eMoney, a client has access to:
- A “Financial Feed” of data, providing news and alerts
- Planning and Analytics for “conventional retirement and education planning, cash flow-centric planning, estate planning”
- Reporting on Data
- Balance Sheet
- Client Portal
- Third-Party Integration and Data Aggregation
This software is used on a large scale, which can have a downside. With lots of notifications that can disturb client relations and research, it can be a challenging software to personalize your process.
Advicent, also known as NaviPlan, is another major contender for a program that might work for the masses. This software is great to get you started.
Some of the main features that are listed for Naviplan include:
- Account aggregation
- Advanced tax planning
- Asset allocation & risk tolerance
- Business planning
- Cash flow planning
- Client portal
- Collaborative financial planning
- Compliance workflow
- Custom client reports
- Equity Compensation
- Estate planning
- Financial fact finder
- Goals based planning
- Guided retirement
- Insurance Planning
- Monte Carlo analysis
- Retirement income modeling
- Scenario analysis
A Wealth Advisory Tech Stack
As mentioned above, we use Salesforce, Wealth Access, and Orion. Choosing to mix and match our tech stack has created the balance of using tech and affordability.
Wealth Access is used for data aggregation. Although there are predictions that data aggregation is the future of technology in wealth management, there are some flaws to the system that will hopefully be resolved in the near future.
Wealth Access uncovers “clear, consistent, and complete stories about your customers when you unify your data,” leading to hyper-personalization that turns existing customers into loyal fans.”
Wealth Access focuses on four pillars:
- Complete Customer Information
- Deep Insight
- Hyper-Personalized Experiences
- Serious Savings
Wealth Access is Centura Wealth Advisory’s most useful data aggregator.
Orion Advisor Tech
Orion is the key to earning back your time. “From billing to compliance and reporting, these daily responsibilities eat up the clock, leaving a short window to focus on prospects and clients. Through innovative tools, easily complete your tasks at hand and leave time for scaling your business.”
Orion helps with household and portfolio data and gathering information quickly. The tech works seamlessly with advisor needs to serve a number of roles, including:
- Independent advisors
- Chief Compliance Officers
- Chief Operations Officers
- Financial Planners
Orion says in regards to financial planning, “even the best financial blueprint is useless unless you have the tools and the technology to bring the vision to life.”
Orion has helped Centura Wealth create a loyal client base towards the systems we use and adds value.
Salesforce is a customer relationship management (CRM) software that allows Centura Wealth to keep automation at the forefront.
Along with data organization, the specific tool in Salesforce, named Pardot, allows Centura Wealth to provide marketing information to our clients. This is where we build stronger relationships with our clients because we answer the common questions we get as advisors (on our blog and through workflows).
While technology can assist with your client service and prospecting, it is not the entire picture. Adding value in ways that go beyond the basics is a way we differentiate ourselves from other advisories. Learn more on the blog.
Centura Wealth does not make any representations as to the accuracy, timeliness, suitability or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.
We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.
For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.