As summer rolls around, vacations are on every busy financial professional’s mind. But for many advisors, business does not stop just because they are out of the office. If they choose the right mobile device, they can be as accessible when they are lounging by the lake as when they are at their desks.
The most popular application for business people using mobile phones today is “push e-mail,” says Nick Spencer, analyst at British mobile communications market watcher Canalys. Incoming e-mail messages are pushed through to hand-held devices — such as Research in Motion Inc. ’s BlackBerry — as they arrive. “Push e-mail is huge,” he says.
The market for non-wireless personal digital assistants is shrinking as most vendors move to smartphones that include PDA functions and mobile communications in the same device. This enables financial services professionals to carry contact managers and schedulers around in their pocket, while receiving e-mail at the same time.
The BlackBerry blazed the trail in the push e-mail market over the past few years. Individual users can use the BlackBerry Internet Service, which sends their e-mail directly to a BlackBerry via their mobile carrier. Corporate users can access the BlackBerry Enterprise Server, which forwards communications from the company’s e-mail server.
Microsoft Corp. now ships its own software to do much the same function with smartphones running the Microsoft Mobile 5.0 operating system. These include the Treo 700w smartphone from Palm Inc. , which will ship in Canada later this year.
When choosing a smartphone, you will want to look closely at the features offered. There can be too much of a good thing — and not enough of another.
Waterloo, Ont.-based RIM, for example, last month announced it would start to release BlackBerrys that take photos and play music. The company also plans to release devices that are smaller and thinner; 20 of these will go on the market in 2007.
Palm features not only a camera but also video-recording capabilities in its Treo 650 and 700 series smartphones. The Treo devices also feature a built-in MP3 player.
One advantage the Treo devices have over BlackBerry devices is the ability to manipulate Microsoft Office files rather than simply view them. This means an advisor on the road with a Treo can edit or insert comments in a Word document rather than simply viewing the document and forwarding it. BlackBerry users must purchase a third-party piece of software to get the same functionality.
Nokia’s competitor to the BlackBerry, the E61, is already shipping in Europe, and will arrive in Canada in a similar form later this year, says Nokia’s technology marketing manager Miko Pietila. For now, its top Canadian business smartphone is the 6682, which features a camera and push e-mail capabilities.
Other features to look for in a smartphone include Bluetooth capability and Web browsing. Bluetooth enables you to connect a wireless headset to the phone for hands-free conversations.
Web browsing is a more complex activity. Smartphones have smaller screens, making it difficult to view Web pages properly, but Bluetooth is handy here, too; many laptops have a Bluetooth connection, meaning you can use your mobile phone as a wireless modem to connect your computer to the Internet.
This raises another big consideration for any smartphone user: networks. Web browsing consumes more data than push e-mail, requiring a faster network for a satisfactory experience. Smartphones using older-generation networks (such as EDGE from Rogers, or CDMA 1X from Bell and Telus) won’t give you the type of browsing experience that you are accustomed to with a desktop computer. Bell and Telus now offer EVDO, a faster network providing desktop-like speeds. Later this year, Rogers will roll out its next-generation HSDPA network. This will also make mobile TV more usable. Customers can download clips of everything from news segments to music videos.
When considering networks, you will want to keep Wi-Fi in mind. Mobile communications operators — including the big three — have rolled out wireless local area network technology in many public places across Canada. Toronto Hydro Telecom is outfitting large parts of the downtown Toronto area with Wi-Fi. This can provide Internet access, often at faster speeds than cellular networks, but the price is battery life. “Wi-Fi is a battery killer,” warns Jordan Silverberg, director of enterprise sales at Palm. Treo 700 users who don’t mind being limited to two hours of battery life can buy a Wi-Fi card to plug into their devices.
@page_break@Wi-Fi is only useful if you are near a hot spot. But for some customers, even getting cellular network coverage can be a problem. Financial advisors with plans to sail the Atlantic or go on safari in Africa might want to consider a satellite phone. A phone connecting to the Iridium satellite service can be rented from $99 a week, says Morris Shawn, president of satellite phone reseller Roadpost. Calls cost $1.39 a minute, which is little more than some cellular operators’ roaming fees.
Power users have another option, thanks to Inmarsat, which launched its broadband local area network service across North and South America last month. Users get fast Internet access, along with voice.
One advantage of using cellular smartphones rather than an Iridium phone, however, is that you can run some financial applications on them. Quotrek (www.quotrek.com) offers real-time market data on everything from a BlackBerry to a Treo, as does Stock Manager (www.tinystocks.com/sm.html).
For many advisors, moving beyond e-mail to specialist financial applications will be important when on the move. After all, just because you’re taking a dip in the lake, it doesn’t mean your clients’ portfolios have to do the same. IE
Staying disconnected
Not every smartphone user is a smart phone user. Using a BlackBerry to check incoming mail throughout the day can mean that you’re never really on holiday — you’re just working in a different place.
Robert Ainger, head of enterprise marketing at European mobile phone company Orange, was a member of the Orange Future Enterprise Coalition, a think tank set up to examine flexible working issues. Learning how to switch off is an important theme that emerged during the think tank’s research, he says: “Connectivity can make you flexible. But if you can’t adapt, you can get into trouble.”
On the other hand, you don’t want to be out of the loop during an emergency, nor return to a mountain of e-mail at the office. One strategy is to find a trusted delegate to deal with emergencies, restrict communications to e-mail only and only check your phone once every day. At least that way you can compartmentalize the working part of your vacation.
However, for many smartphone users, that will be easier said than done. Checking e-mail can be addictive: they don’t call it the CrackBerry for nothing.
Handsets can help during summer holidays
Choosing the right smartphone is important if you want to be as connected at the lake as you are in the office
- By: Danny Bradbury
- June 2, 2006 June 2, 2006
- 10:48