2009 T3 Conference…lots of “cool” stuff

I just returned from the 2009 T3 Conference in Dallas, TX.  Let me just say again, Dave Drucker and Joel Bruckenstein do a fantastic job with this!  Pulling together all this great technology in one room cannot be an easy job (just coordinating calendars has to be a nightmare!).  Additionally, the speakers and panels just get better each year.  If you’ve yet to attend, you should mark your calendars for next year (I can’t remember the date but watch their website at http://virtualofficenews.com/index.asp for updates – I do remember it’s being held in San Diego at Torrey Pines!).

I got a chance to see a lot of technology and kick the tires on several.  I’ll hit some highlights of what I saw:

Redtail Technology- this CRM has come a long way in the last year.  It is very robust and yet very easy to use.  I was impressed by the amount of data that can be stored but also by the ease with which you can find it.  They have an imaging add on for an additional fee but honestly, for a small advisory office, I can’t get my arms around the advantage.  However, at $65 per month for 15 users (yes, not per user but up to 15 users), with no conversion or set up fees, this CRM is, in my opinion, the front runner for advisors right now.  I highly suggest you visit their website at www.redtailtechnology.com

Finance Logix – this planning software will WOW you from the get go.  It is “real time” during use.  In other words, if you change a number on a screen, there are sliding bars that show the effect of that change immediately.  You don’t need to close the report, change the number and re-run the report.  There is also a client page where your clients or prospects (if you give them permission) can enter any amount of information and begin to see how their savings, withdrawals, retirement age, etc. are effected.  One potential downside- I have been told the audit trail (which is apparently a fairly good size Excel spreadsheet) is difficult to read so I would advise you check this out carefully first.  Still, definitely worth a look at www.financelogix.com

3.  Scottrade- I believe these folks are serious about improving their institutional presence.  They have just purchased portfolio director which is a portfolio management software that can run either as a desktop application or web-based. While it sounds as though it might be a while before you see this and it remains to be seen what features will be offered on their platform, this is definitely a step in the right direction.  Additionally, these guys have no minimums and welcome relationships with advisors who are just getting started.  Check them out at www.scottradeadvisor.com

I’ll probably have more to come in the days ahead but wanted to give you a heads up on these now.

Call me with any questions.  Take care, Ginny

What does your website say about you?

While I think most of us will agree that you will not sign up any new clients based solely on your website, this marketing tool is becoming increasingly important as generations become more and more tech savvy.  Almost everyone knows how to do a google search.  If you’re a NAPFA or FPA member, you will more than likely receive traffic that way. 

When someone comes to your website, what is their first impression?  Do they have a reason to dig deeper into your website?  Does your website articulate who you work best with?  Remember, in all likelihood, no matter where you live or what google search term is used, there are going to be hundreds if not thousands of websites returned.  Have you constructed your website so yours is one of the first listed?

I would suggest that with 2009 quickly approaching, now is a good time to review your website.  Ask yourself the questions above and see how you come out.  Google Analytics is also a great tool for assessing how well your website does in a search (http://www.google.com/analytics). 

Also, remember with websites, less is more.  Less words, more concise information.  All you’re trying to accomplish here is getting someone to pick up the phone and call you.  You’re not trying to get them to sign on the dotted line or have all their financial problems or questions answered in one stop. 

Take some time to review your website.  Even small changes (such as better “searchability”) can make a big difference.

Call me if you’d like to discuss any ideas.  Thanks!

Post-Gustav thoughts…

I had my contingency back up plan SERIOUSLY tested this past week when Hurricane Gustav roared into Baton Rouge with 100 mph wind gusts leaving behind no power, phones or cable.

Here are some thoughts for those of you who have not met this challenge yet:

1.  The cell phone service for the first three days was non-existent.

2.  Wireless internet connection was also absent.

3.  Stupidly, I only have portable phones in my  house that require, guess what, electricity.  I will now purchase an old “direct connect” phone just to have around.

4.  Stupidly, I had been lazy about backing up my data.  My PC was not damaged but I did not have my up to date work on my back up drive.  I will not make this mistake again.

We were without power for 5 1/2 days but were lucky enough to be able to bunk with our neighbors across the street who had a generator and air conditioning unit.  We would have been in big trouble without them.  That was the only way I was able to recharge my computer and cell phone.  I WILL BE purchasing a generator at a minimum when this is all over.  At this point, 50% of the city is still without power and some are being told it will be another 3 weeks.  If they work from home or if their office does not have power and they have no generator, then what?

If you have experienced a similar situation, I would really like to hear from you.  Maybe we can compose a list of “emergency prepardness” items that no one really thinks about…things that aren’t quite as obvious.

Please keep your fingers crossed that Ike spares us.  I don’t think this city can take another direct hit at this time.  Take care, Ginny

So, how important is my web site?

This is a question that I get from advisors all the time…”my clients are old, they won’t look at a web site”.  Wanna bet?  Okay, I’ll admit it, my 70 year old mother mostly uses her computer as a big email box.  But she and her friends can email like the wind and I guarantee you this is their main source of communication.  But she can also check a web site with the best of them IF it’s simple in design and has something she needs or values.  I mean, after all, that’s what it’s about right…keep it simple and valuable.  It’s ALL about the client.  Who cares when you graduated from college?  I’m assuming if you’re a CFP, you’ve done the work. 

When was the last time you really reviewed your web site?  If you can’t remember, it’s time!  Take a look at it from a client’s perspective or better yet, have some of your clients view it and be really honest with you.  Would they feel comfortable sending a prospective client to this web site to get good, simple information on why you’re different from the rest and how you can help them with their challenges?

Whether you want to admit it or not, your web site (or shame on you, lack of one) is a big part of your marketing and client service strategy.  You can now easily add portals where client documents can be stored and retreived, you can set up community chats among your clients where they can share information and you can give your ideal clients a place to send prospective clients as part of your education process.  You can post your ideal client profile there (hey, this is who we work best with) and in general save yourself alot of time and energy by letting this tool do some of the work for you.

Don’t get me wrong, a web site is not a substitute for talking to your clients and asking them for referrals. But it is an important piece of the whole puzzle that is your firm and if constructed correctly, can set you apart from the others.

Give me a call if you’d like to discuss this further. Thanks!

Are you a victim of Analysis Paralysis?

Wikipedia describes analysis paralysis as “when the opportunity cost of decision analysis exceeds the benefits”. Hmmmm…now let’s think about that a minute.

No one is going to argue we all want to get the best technology solutions at the lowest cost. But how much are you really saving when you repeatedly spend your time going over and over the same information, constantly looking for the next great thing and worrying constantly about making the right decision.

I would say there are few service industries right now where this problem is more prevalent than the financial advisory industry. The influx of new and many times greatly improved technology has all of our heads spinning around. You keep thinking, there must be a silver bullet that will take care of everything (some would argue there is but I would say we’re not there yet). Surely they can’t really want that much money for the product right? Many times you can “try before you buy” but again, what is the opportunity cost of this approach.

My best advice is to make sure you have a budget and deadline in mind. Be honest, what is the most you can spend right now and then put a plan in place. If you can’t purchase it all right now, prioritize what is causing you the most pain at this point and then go from there.

But the most important advice I can give you is to trust your gut. If you like a product, it addresses the issues at hand and it’s being endorsed by your friends and industry experts just do it! There is some great help available out there…Joel Bruckenstein will sell you time to pick his brain and http://yoursilverbullet.com will tell you exactly what plays well together. If you’re just starting out, I would suggest you plan on attending the technology conference in February in Addison, TX (http://virtualofficenews.com). This is the perfect place to talk to the folks who developed the technology and really kick the tires. I have a client that spent 18 months trying to find the next best thing and after they attended the conference this past February, they were able to make a decision quickly.

The bottom line is, be thorough but don’t take any more time than is absolutely necessary. After all, you’re the real “product” here. The rest of this can be window dressing at times and you don’t have to “keep up with the Jones’” to be competitive.

Please let me know your thoughts. Thanks!

A Footnote to My Recent White Paper

Recently, I emailed a white paper to my email list of folks entitled “The Latest & Greatest” (available on my website).  In this white paper, I cautioned you when buying technology to buy it deliberately, for a specific need and then to use it to its fullest capabilities.

Today, I’d like to add a footnote to that paper.  There are two other very important points here.  When you do purchase technology, make a commitment of time and resources.  Make sure you pay the necessary fees to get upgrades and keep your technology current.  Additionally, pay for any training avaiable for everyone who will use the technology. Do not take shortcuts here.  Technology is an expensive investment that should be maintained and used to its greatest advantage.  Taking shortcuts here is a waste of time and money!

If you make the commitment to buy the technology, go all the way in.  There is no half way or out here!

Thanks and let me know your thoughts.