Tech tools for the rookie advisor

Your PC will be your go-to device while in the office, and laptops are outselling desktops in large numbers these days because of their portability. But no advisor should be without two other important pieces of equipment: a mobile phone and a tablet.

If you’re one of the few people in the Western world without a smartphone, then upgrade to one as soon as possible. When you are out on the road meeting clients, it’s handy to be able to check appointments and meeting locations on your phone. Email access is useful on the road, too. A connected advisor is an available advisor, and this availability can give you an edge over other advisors.

A tablet also is useful, not only for accessing websites when you’re not at your desk but also for presenting to clients while on the go.

On a tablet, you have three options, based on operating system: Apple Inc.’s iPad; a tablet based on Google Inc.’s Android operating system; or a tablet based on Microsoft Corp.’s Windows.

A fourth consideration is Microsoft’s Surface Pro 3 – a laptop that doubles as a tablet when you detach the keyboard. (Having used this device since January, I can recommend it highly.)

While you’re at it, be sure to invest in some decent presentation software for those face-to-face client meetings. Microsoft PowerPoint is a staple. In any case, you’re going to need Microsoft Office as a standard business tool; this suite of applications includes PowerPoint. Office is available on all three tablet operating systems.

– Protect your data

Next, technology that protects client data will be the most important weapon in your arsenal.

The focus here is on securing data rather than simply locking down your devices. To that end, encryption software that will scramble information on your storage devices is one of the most important components. Microsoft’s BitLocker, built into certain versions of the Windows operating system, can help here.

If your computer is infected with malware, encryption won’t matter, because virus software will steal your data when you are logged into your system. So, be sure to invest in an anti-malware software package for your office computers. One respected system for Windows is AVG Antivirus (www.avg.com), which is available in free and paid versions.

Malware also can sniff out passwords on your device. To protect your online account credentials, use a password manager that will store encrypted passwords online and automatically fill them in online for you. LastPass (www.lastpass.com) is a trusted system in this area.

Backing up critical data also is one of the first tasks that a rookie advisor should undertake. Rather than scattering your files across various hard drives in the office, invest in a network- attached storage drive, which can hold all of the data from your various devices. This storage should include a redundant array of inexpensive discs (RAID) component, so that multiple copies of files are stored on different discs in the same box.

An online backup service also will replicate your files into the cloud. Make sure that these files are encrypted, though, and that you retain ownership of the encryption keys.

– Get in touch

When you make yourself available via multiple channels, you make doing business with you easier for clients. Using virtual meeting software can help to streamline both your time and that of your clients. ScheduleOnce (www.scheduleonce.com) is one of several scheduling systems that can co-ordinate time slots with busy clients.

Many clients may appreciate the chance to conduct meetings virtually, especially when they’re out of town. Google Hangouts (https://plus.google.com/hangouts) is a great tool for video meetings, as is Skype (www.skype.com). For extra functionality, online presentation services such as Citrix GoToMeeting (www.gotomeeting.ca) offer more polished interfaces (but, unlike the first two, many incur a cost).

– Prospecting

Once you have the necessary hardware and software in place, the next phase is to contact potential and existing clients. When you are just starting out, you are in a unique position to put systems in place that will organize client relations from the outset.

Lead generation should be an important concern. There are regulations concerning the way you can use social media and your firm’s compliance department probably has its own requirements, particularly for record-keeping. But that doesn’t mean you should avoid social media altogether. Using these platforms correctly can give you an edge over less tech-savvy advisors who are ignoring this medium.

Tools such as Hootsuite (www.hootsuite.com) are excellent aggregators for social media, enabling you to schedule posts across multiple channels in advance. Hootsuite, in particular, allows you to upload a spreadsheet of scheduled social-media posts, while solving any record-keeping challenges.

Client-relationship management (CRM) software is a vital tool in moving your leads through your sales funnel. There are several options, many tailored specifically for financial advisors. Vancouver-based Maximizer (www.maximizer.com), for example, produces a CRM tool for wealth managers. Shop around for a CRM tool that suits your business model.

One prospecting task that scares off many rookies is cold-calling. But in the early years, when you are focused on client acquisition and revenue growth, cold-calling is something you shouldn’t avoid. A voice over Internet protocol (VoIP) phone system and a solid Internet connection, married with a software or online service, can manage your cold-calling list for you. MyPhoner (www.myphoner.com) enables you to upload names and numbers into a spreadsheet, then integrates with your “soft phone” and CRM system to help you to work through cold calls efficiently. Just make sure you are compliant with the National Do Not Call List regulations.

To keep your clients informed, consider email newsletter management. This technology enables you to maintain an ongoing relationship with existing clients by sending out useful material periodically. Remember to follow Canada’s anti-spam legislation to avoid any issues. Mailchimp (www.mailchimp.com) is a well-respected email-management tool.

No technical gadget will substitute for sheer chutzpah and hard work, but technology can enable you to work smarter. When you are competing against established advisors with a track record and a solid set of relationships, you need every advantage you can get.

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