Your financial advisory practice is doing well, but you are working harder for longer hours and seeing fewer rewards. Perhaps it’s time to consider bringing other people into your practice. This sixth instalment in a series on team-building looks at technology tools.



Most advisors would be hard-pressed to name a software tool purchased in 1990 that’s serving them well today. For Robert Cable of ScotiaMcLeod Inc. in Mississauga, Ont., the answer is simple. That was the year the lead advisor of a team of five bought the Bill Good Marketing System, a computer-based client marketing, prospecting and office-management system.

In addition to making it easy to stay in touch with the team’s clients, the system serves another, equally important role: it facilitates communication among the team. It keeps team members abreast of client meetings and the actions each team member needs to complete for an account.

Cable admits the software was costly, but he is very pleased with the results. “If you buy the best, the system will pay for itself,” he says.

Cable is not alone in spending a significant amount of money on client relationship management software. But he has made sure he and his team are using the software to its maximum — one area that’s often troublesome for advisors.

“I see a lot of advisors who spend the money,” says Joanne Ferguson, partner at consulting firm Advisor Pathways Inc. in Stratford, Ont. “But then they go back to their day-to-day business instead of getting everyone on the team up to speed with what the technology can do.”

Here’s how you and your team can make the most of your investment:

> Choose A System With Notes And Task List Functions. When Cable first purchased the Bill Good system, it was one of the first on the market with notes and task list options. Today, most CRM software — such as ACT!, GoldMine and Maximizer — have these features. Notes is also a popular tool on financial planning software.

Linda Strachan, Winnipeg-based vice president of product marketing for Emerging Information Systems Inc. , the developer of NaviPlan, calls these functions a more effective alternative to the Post-It note.

While an advisor in a team-based practice should choose CRM software that facilitates team communication, the process of choosing financial planning software is much the same for both lone advisors and teams.

“An advisor with a young clientele — interested in product sales, major purchase accumulation, education planning and simple retirement accumulation — will want software that’s quick and easy,” Strachan says. “An advisor with a predominantly high net-worth clientele will require more complex tools.”

> Ensure All Team Members Know What The System Can Do. “To get the full power of your software, all staff need to be using it regularly,” says Ferguson.

Often, confusion exists over which team members should be trained to use CRM or financial planning software.

“Advisors often have their data-entry person complete the training session. But then the advisor is not really aware of all that the software can do,” says Strachan.

She recommends that all team members complete a general overview of the system, often available online or on DVD. This is especially important for the lead advisor.

Shortly after purchasing the Bill Good system, Cable attended a one-week training session at the company’s headquarters in Draper, Utah. Today, he and his team keep abreast of all system upgrades through online training.

> Designate One Team Member To Do General Data Entry. At Cable’s firm, the office receptionist is responsible for general data entry — new clients, new prospects and any address or profile changes — on the Bill Good system.

That’s the way it should be, says Ferguson. “If an advisor is spending four hours a week entering new clients into the system, that’s cutting down on time spent calling clients and holding face-to-face meetings.”

> Have All Team Members Enter Notes On Every Client Interaction. Clients should feel at ease dealing with everyone on your team, but information can slip through the cracks if all team members aren’t aware of every interaction a client has with your office.

“If a client tells you that something has happened in his or her life, you want other team members to be able to reference that event in the future,” says Ferguson.

@page_break@Therein lies the importance of entering notes for every event, from the death of a parent to coffee preferences. “Every time one of us has contact with a client, a note goes into the system about that conversation,” says Cable. “We have complete records going back for many years, which is great for review purposes and for compliance.”

All team members’ computers are networked, meaning that notes update instantly on everyone’s system. “If someone in the office spoke to a client at noon and I need to speak to them again at three, I have the most recent note,” says Tammy Price, an advisor on Cable’s team. Each member also receives a hard copy of new client notes at the end of the day.

> Use The Task List To Delegate Work. Taking advantage of the task list feature — which alerts team members to any action they need to complete for an account — contributes to a team’s efficiency. “If an advisor speaks to a client who needs a cheque to be sent out, the advisor can tell another team member to follow up on it,” says Cable. Many task lists also have the capability to alert all members of the team when a certain action has been completed.

> have backups. Even the best system can falter. “You don’t want to be so dependent on your technology that you’re completely stuck if it goes down for some reason,” says Ferguson.

She recommends advisors keep a binder with hard copies of all client profiles. Retaining the services of an on-call support person is also essential for avoiding technology meltdowns and resolving occasional glitches. IE



The team-building series continues in the January issue of Investment Executive with a look at team-building activities. For articles in this series, go to www.investmentexecutive.com.