Los Angeles investment advisors use several different technological solutions to help them manage client portfolios and make significant financial decisions.
Not everyone, however, uses software to address the different needs that advisors face, and given the increasing complexity of today’s financial services sector, that needs to change.
From customer relationship management to improved allocation advice to risk analysis, there are digital options that can make practically every aspect of an advisor’s life easier.
Customer Relationship Management
An increasingly popular technology for Los Angeles investment advisors, CRM software is the backbone of most office functions. It helps the advisor keep track of events, oversee client accounts, automate certain processes such as invoicing and client communications and keep track of what other team members are doing through group calendars.
By using the CRM to manage these activities, investment advisors can concentrate on making money for their clients and improving the overall value of the firm. In this respect, those who fully leverage CRM software have a competitive advantage over those who do not.
Dedicated Portfolio Management
Every client expects (and deserves) a portfolio that meets their objectives, constraints, and preferences. Los Angeles investment advisors who can provide perfectly managed custom portfolios set themselves up for greater success in this competitive field.
Industry-approved management software enables an advisor to deliver a quality outcome at low cost, a formula that ensures client loyalty.
The automation aspect of portfolio management software allows withdrawals, deposits, dividend reinvestment, and other cash flow activities to be rebalanced on an ongoing basis, with short- or long-term goals in mind.
Risk analysis software helps Los Angeles investment advisors engineer portfolios, determine risk tolerance and stress-test clients against possible future downturns. These tools are especially useful when working with clients to generate a complete risk workup.
Current versions of most risk analysis solutions also make it easier for investment advisors to:
- Operate more efficiently with completely automated risk reporting
- Demonstrate compliance by producing the routine reports now demanded by regulators
- Meet the heightened requirements for reporting and transparency
- Make improved investment decisions by creating a detailed risk overview across several asset classes
There are a number of technology solutions that will automate workflow and assist in investment strategies while allowing investment advisors to remain completely compliant.
In general, Los Angeles investment advisors really should give these programs a test drive and keep their eyes open for new ones to maintain a competitive edge in this increasingly software-driven industry.
Do you believe that your firm is making the most of the investment advisor technologies on the market today? Let us know your thoughts in the Comments box below.
And to follow-through on the tips introduced in this short article, be sure to download your free guide, Investing in High Net Worth Clients: The LA Investment Advisor's Guide to Using Technology to Manage and Grow Your Firm.