According to industry blogger Michael Kitces, low-cost, cloud-based software tools were the buzz at the recent T3 (Technology Tools for Today) conference. Kitces highlighted four programs that are creating the most buzz:
• Rixtrema – portfolio risk modeling taking into account “perfect storm” scenarios as well as a client’s illiquid assets
• Wealthbox CRM – simpler CRM that can draw in client social media as well as track staff interaction with clients
• Retireup – an interactive client projection tool that includes stress testing
• Wealth Access – data aggregator plus personal financial software, like Mint and Yodlee (which announced a partnership with Money Guide pro) but standalone
Advisors need to keep incorporating the latest technology into their practices as their groups grow, clients become more tech savvy (and younger) and margins decline.