For smaller investment management firms, it has always been a major difficulty to find reliable software to ease the pain of managing investments. Creating in-house solutions is not something that smaller businesses with limited staffing levels are prepared to do.
Advisors are interested in offering appropriate investment solutions and aren’t equipped to create enterprise software to support this endeavor. Fortunately, enterprise providers are here to offer software that allows asset managers, planners, and financial advisors to focus on their most important tasks.
Easier Onboarding of New Clients
A painful onboarding process is what often puts off potential clients from leaving their existing financial planner or registered investment advisor (RIA) and moving over to a new representative. By using a software solution that’s aimed at smoothing the way for new clients to be onboarded, it eases clients through the procedure.
With streamlined processes, adding billing and fee plans and other information is faster and easier. That way, new clients can receive confirmation sooner than they’d expect that everything has been approved and they’re now a registered client.
Managing Advisory Fees Better
What’s needed is software that can help to organize and manage investment portfolios on behalf of clients. A software tool like redi2 can calculate the fees based on relevant assets under management (AUM). So, there’s no need to get a calculator out or to rely on a spreadsheet where the formulas can suddenly fail you.
Being able to get either banded, tiered, or flat rate fees calculated reliably using AUM levels removes the discomfort from fee finalization. This can be produced on a daily basis or for a monthly, quarterly, or longer period. Reports to confirm the fees over the entire advisory timeline or a specific date range are also possible.
Custom Billing and Adjustable Invoicing
No longer is it necessary to painstakingly produce invoices by hand and to check them meticulously. This is because the latest advisory software aimed at managing investable assets has this built-in. Invoices can be adjusted to include only the relevant information and in a form that’s preferred by the client.
Templates that can be modified provide a useful starting point, but don’t restrict advisory firms to using only one format. Customized billing puts the power back into the advisor’s or RIA’s hands without adding complication to their week.
Making Life Simpler
For investment advisors that are looking to simplify the billing process when dealing with clients, they need something detailed but not confusing. It also must be a solution that is accessible both at the office and at the client’s home, if need be. Therefore, a secure cloud-based solution is the most practical because any authorized device can access it whenever it’s needed.
Should there ever be any confusion over a recent or historical billing, the advisor can look at the records, explain them to the client, and confirm whether there’s any sort of misunderstanding. This alone can cut through the confusion and clarify the situation to move ahead positively.
For busy advisors who don’t wish to get bogged down with complicated IT solutions, the right advisory software can simplify their working life.