The task of improving your practice can be difficult and without the proper tools, your dedication to improvement can be hindered. That is why it is crucial to consider several factors when it comes to financial online planning. When the proper decisions are made, productivity increases in other areas of your business.
To make it easy, we collected some important tips that financial advisors use to evaluate financial planning software.
Where do you see the company in the years to come? Do you plan to implement new services at a later time? These two questions are critical to determining the suitable financial online planning tool. If you plan to track in the influx of income toward specific goals in your present services, but later plan to promote services that track the influx of all income, you should consider an online planning service that allows for both features. A financial online planning tool should benefit your firm presently and in the future with coming services.
What is the cost of the financial online planning software? The software you use should be time and cost efficient. Will the implementation of this tool add value and returns to your firm? Evaluate the impact this software will have economically. Determine if this financial online planning tool will also improve the productivity in your practice. All these things combined allow for more time to be spent on a more crucial aspect – scalability. If you financial online planning software passes the mentioned criteria, there is room for scalability. For example, automatic transaction workflows increase scalability by 80 percent. That leaves room to focus on other areas of your practice.
How will the financial online planning software integrate with your existing platform? How will it be implemented into your services? If you plan to implement new software, compatibility is crucial. Along with this, does your software include an integrated forms solution? In other words, does your chosen software provide a portal for simplifying the onboarding process with new clients? Integrations are important, and if used correctly, are time efficient.
After you have determined the compatibility and efficiency of your financial online planning software, you must consider the implementation of this product. What is the timeline of implementation and what features will be available? Who will implement it? However, keep in mind that all tools should be user-friendly. A software that is difficult for the advisor to navigate will be apparent to your clients.
Does the provider of your financial online planning software confirm ongoing assistance? It is imperative that you understand whether the provider will aid in updating the software, fixing bugs, and other support services. A financial online planning provider ensures that their software runs efficiently and provides support services.
Consistently evaluate each new technology you implement into your services. While some financial online planning software are beneficial, make sure they meet the criteria we have established. If we avoid these steps, there can be an overwhelming impact on your firm, which can be avoided.
Genivity is here to help. We place emphasis on helping advisors with goal-based financial planning that incorporates health wealth factors to provide personalized reporting. With this added service, we provide you and your clients with other important factors toward their financial planning. This service complements your established financial planning solution and allows for more inclusivity of patient health factors. Furthermore, Genivity provides ongoing assistance with the use of this service. Genivity can nurture a relationship between your client, your practice, and Genivity.