As of late, the financial services industry has seen a
greater emphasis on the integration of information technology solutions focused
on streamlining the process of wealth management. Articles last month on Finextra.com
Purchasing sophisticated software helps firms not only
streamline operations and reduce costs, but allows them to consistently provide
a higher level of client service to you, the customer. Customer Relationship
Management (CRM) software, for instance, reminds your adviser when it’s time to
schedule your portfolio review, helps to manage important financial documents,
and even displays anniversary and birthday reminders!
CRM software was rated the most important area of investment
among advisers in January’s survey conducted by Investment News. We see this as indicative of a move towards higher
levels of client service, and are pleased that the industry is recognizing the
need for such. However, we encourage investors to closely evaluate the
technology systems in place at any prospective wealth management firm.
If you are in the process of selecting an adviser or firm,
ask to see a demonstration of their CRM or portfolio management systems. Firms
can boast that they employ “proprietary” software, but this term does not
necessarily imply sophistication. Whether their systems are proprietary or
purchased from a third-party, firms which are confident in the functionality of
their software should have no problem providing you with such a demonstration.
-Eric Immerman
Director of Operations – Fogel Neale Partners, LLC
The
information and opinions in this communication were prepared or are
disseminated by Fogel Neale Partners LLC and/or its affiliate: Fogel Neale
Wealth Management, LLC (together, “Fogel Neale”). This communication is not an
offer to buy or sell any security or to participate in any trading strategy.
Under no circumstance should this message be construed as providing
individually tailored investment advice. Fogel Neale recommends that investors
independently evaluate particular investments and strategies.
Works Cited:
Finextra.com. (2010, January 7). Wealth management
IT spending to pick up in 2010 - Celent. Retrieved February 2, 2010, from
finextra.com: http://www.finextra.com/news/fullstory.aspx?newsitemid=20925
Janowski, D. D. (2010, January 25). Adviser
rate top technology concerns. Investment News , pp. 23, 29.
