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The financial advisory industry has rapidly evolved with the rise of digital technology. Today, fintech solutions offer advisors a wide range of tools that can help streamline operations, automate routine tasks and enhance client service. From financial planning and portfolio management to lead generation, these financial advisor tools can be tailored to meet the unique needs of each advisor’s practice and client base, helping to drive growth and improve efficiency.
SmartAsset’s Advisor Marketing Platform (AMP) offers financial advisors services like client lead generation, automated marketing and more. Learn about SmartAsset AMP today.
Financial Planning Tools
For advisors looking to enhance their advisory services, financial planning tools can be indispensable. These tools offer financial projections, track financial goals and generate comprehensive reports, thereby providing a holistic financial planning solution. They also proactively support the roles of debt management, budgeting and tracking investments. Financial advisors often recommend these tools during the initial stages of client financial assessments, helping set a solid foundation for future financial planning.
Here are three popular financial planning platforms to consider:
MoneyGuide is a robust financial planning software that helps financial advisors create detailed financial plans for their clients. It offers a user-friendly interface and a range of features that make it a valuable asset for advisors. Additionally, it can model various portfolio scenarios, allowing advisors to assess the impact of different financial decisions on their clients’ retirement goals. MoneyGuide offers several different solutions, including its Wealth Studios tool that can help advisors game out “advanced estate planning strategies” and make dynamic net worth projections.
eMoneyPro is another popular financial planning tool that offers a wide range of features for financial advisors. The platform can support everything from cash flow and retirement income planning to tax estimation and estate planning. eMoneyPro offers four different levels of service: Plus, Pro, Premier and Enterprise.
RightCapital is known for its user-friendly interface and robust financial planning capabilities. It covers various aspects of financial planning, including retirement, tax planning and estate planning. In particular, RightCapital’s tax planning features can help financial advisors optimize their clients’ tax strategies by identifying opportunities for tax-efficient investing and income distribution. This can potentially enhance the after-tax returns on investments and improve overall financial outcomes.
Portfolio Analysis Tools
Portfolio analysis tools provide deeper insights into client investments and market trends. They offer features like risk analysis, performance tracking and comparison with benchmarks. Here are three popular options to potentially consider:
Morningstar Fund Screener allows financial advisors to filter and screen 13,000 mutual funds and exchange-traded funds (ETFs) based on a wide range of criteria. Advisors can search for funds by performance, expenses, risk and other key factors. Morningstar provides detailed fund data, including historical returns, risk metrics and analyst ratings. This tool can help advisors identify suitable funds that align with their clients’ investment objectives and risk tolerance.
BlackRock 360 Evaluator, developed by the global investment management firm BlackRock, offers financial advisors access to a comprehensive database of investment products. It provides in-depth analysis, risk assessment and portfolio construction capabilities. Advisors can create and manage portfolios, evaluate investment options and assess the impact of different strategies on their clients’ financial goals.
FundVisualizer is a free portfolio analysis tool designed for financial professionals and powered by Morningstar data. It offers a wide range of features, including side-by-side fund comparisons, customizable reports and interactive charts. FundVisualizer’s intuitive interface simplifies the process of building and rebalancing portfolios, making it a potentially valuable asset in the advisor’s toolkit.
Lead Generation Tools
While often accessed from a centralized platform, lead generation tools can help financial advisors connect with the right-fit prospects, streamline communications and nurture relationships. Some solutions are designed exclusively for financial advisors, offering curated lists of leads actively seeking professional guidance.
Here are some lead generation options for advisors to consider:
- SmartAsset AMP
- LinkedIn Sales Navigator
- Wealthbox
- Salesforce Financial Services Cloud
- Advisor Stream
SmartAsset AMP, in particular, offers a comprehensive, subscription-based solution for fiduciary advisors. The platform automates both lead generation and marketing, delivering up to 540 validated leads annually. Investors seeking financial advice complete a survey detailing their investment goals and planning preferences. Based on factors such as asset levels and geographic location, they are matched with advisors. Once a match is made, advisors receive leads via phone or directly to their inbox.
Advisors can then promptly reach out and initiate automated email and text campaigns to nurture these connections. To accommodate varying growth goals, SmartAsset AMP offers three service tiers, allowing advisors to target 3+, 7+ or 15+ new clients per year. Sign up for a free demo here.
Retirement Planning Calculators
Effective retirement planning often starts with a reliable retirement calculator. These tools generate detailed income projections by factoring in current savings, expected investment returns and target retirement age. They help advisors model potential future scenarios and create comprehensive retirement strategies tailored to each client’s goals.
Here are three popular options to consider using:
Fidelity’s IRA Conversion Analyzer can help financial advisors and their clients who want to convert a traditional IRA to a Roth IRA. This calculator provides valuable insights into the potential tax implications of such a conversion. It takes into account factors like your client’s age, current IRA balance, tax bracket and expected retirement age.
Required minimum distributions (RMDs) are a critical aspect of retirement planning. Fidelity’s IRA RMD Planner simplifies the process of calculating RMDs for traditional IRAs. Financial advisors can input their client’s birthdate, IRA balance and other relevant details to determine the annual RMD amount.
This tool can help clients avoid costly penalties associated with failing to take their RMDs on time. By accurately calculating RMDs, financial advisors can ensure that their clients meet their legal obligations while preserving their retirement savings for as long as possible.
You can also use SmartAsset’s RMD calculator to get an estimate.
SmartAsset’s Retirement Calculator is a comprehensive tool that goes beyond the scope of traditional IRA-focused calculators. It considers various aspects of retirement planning, including income sources, expenses, Social Security benefits and investment returns. This free calculator provides a holistic view of a client’s retirement readiness.
Scheduling Tools
Scheduling is a vital process in financial advisory services, not only for better time management, but also to ensure smooth and effective client-advisor communications. Platforms like Bookeo and Calendly streamline this aspect, offering convenience to both parties and permitting clients to book appointments at times suitable for them.
Bookeo is a flexible scheduling and reservation platform that serves a variety of industries, including financial advisory firms. Its customizable booking options allow advisors to set specific appointment types, durations and pricing, giving clients a personalized scheduling experience.
A major advantage of Bookeo is its integration with popular calendar apps like Google Calendar, which helps prevent double bookings and saves time. The platform also automates client reminders, helping to reduce no-shows and missed appointments.
Calendly stands out for its user-friendly design and ease of use, making it an excellent choice for financial advisors seeking a simple, efficient scheduling tool. Advisors can create multiple event types with customized availability, allowing clients to easily select convenient meeting times.
The platform also offers strong integration capabilities, syncing with popular calendar apps and financial software to ensure a seamless workflow. Calendly is available both as a web-based platform and a mobile app, giving advisors and clients flexibility and convenience.
Bottom Line
The digital tools highlighted in this article play a critical role in enhancing the efficiency and effectiveness of financial advisors. These tools bring improvements in financial planning, make scheduling more seamless and offer deeper portfolio analyses. Leveraging these tools can contribute to a more personalized and effective financial advising session, providing advisors an edge in an increasingly competitive industry.
Tips for Expanding Your Advisory Business
- SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- Artificial intelligence is a potentially revolutionary technology that could change the way you serve your clients. If you’re still in the dark about how AI can be used in financial services, you may want to familiarize yourself with it. In fact, a recent SmartAsset survey found that 57% of advisors are already using AI or are interested in the technology.
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