Financial Advisor - Tech Industry Briefing
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Tim Welsh, CPP - President, Nexus Strategy, LLC and Amy Flourry from Rehmann Financial discuss current industry trends facing financial advisors, including: regulatory change, technology change, and how Rehmann Financial adapted to this change easily with Laserfiche Enterprise Content Management.
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Financial Advisor - Tech Industry Briefing
- 1. Financial Advisor Industry Briefing The Coming Technology and Regulatory Convergence Timothy D. Welsh, CFP® Amy E. Flourry President, Nexus Strategy, LLC Senior Operations Manager, Rehmann Financial
- 2. Tim Welsh, CFP® President, Nexus Strategy, LLC
- 3. Amy Flourry Senior Operations Manager Rehmann Financial
- 4. Agenda ‣ Industry Trends • Regulatory change • Technology change ‣ Rehmann Financial Experience ‣ Q and A with Amy Flourry ‣ Audience Q and A
- 5. About Laserfiche ‣ Launched in 1987 ‣ 32,000+ worldwide installations ‣ Over 300 employees worldwide ‣ 20% Growth annually ‣ 1000 VARs worldwide ‣ Microsoft Gold Certified Partner ‣ 94% client satisfaction rate
- 6. Coming Convergence Technology and Regulatory changes will fundamentally alter how advisors operate
- 7. Regulatory Change ‣ Looming Specter of an Advisor SRO – FINRA? ‣ “User Fees” – Waters bill? • Annual costs to pay for SRO ~ $50,000 per firm per year • User Fees based on size of firm ‣ Bottom line: Increased costs along with increased frequency and severity of audits
- 8. Mobility ‣ In 2011: • 93 million iPhones sold • 94 million Android smartphones sold • 41 million iPads sold ‣ Most advisors are not leveraging mobile access while their clients are *source: ComputerWorld
- 9. Social Media Compliance concerns are slowing advisor adoption of social media Compliant Social Media: ‣ Empowers financial advisors to post online with confidence ‣ Archives and manages all online communication with administrative and compliance control
- 10. Technology Integration ‣ Rise of the “Composite Application” ‣ Solve multiple processes using one platform: • New Account Opening • Quarterly Reporting • Compliance Approvals • Records Management ‣ Laserfiche is the “integrative middleware” linking multiple systems
- 11. Composite Application CRM + Forms + Doc Management + Workflow = New Account Opening Process
- 12. Return on Investment Industry Laserfiche Firms Benchmark Revenues 100% 100% - Direct Expenses 44% 44% 9% improvement = Gross Profit 56% 56% - Overhead Expenses 42% 33% = Operating Profit 14% 23% Source: ROI for RIAs – Laserfiche Industry White Paper
- 13. Amy Flourry Senior Operations Manager Rehmann Financial
- 14. Rehmann Financial ‣ 146 Staff ‣ 41 Advisors ‣ 6205 Clients ‣ 12648 Accounts ‣ 145 Custodians
- 15. Rehmann Financial Cont. ‣ Open platform and advisor autonomy means increased need for oversight ‣ Multiple offices require flexible systems that are not “tied” to one physical location ‣ No longer is it sufficient to just keep up with clients – we must be a step ahead
- 16. Composite Application – New Account Opening Process
- 17. Significant Industry Mandates ‣ ERISA 408(b)(2) • Evaluate current plans • Update client agreements • Document all updates ‣ Know Your Client • Additional information to capture • Broker Dealer requirements • Rehmann Financial Requirements
- 18. Reporting is KEY ‣ Capturing data is one thing, reporting is everything ‣ Dynamic data is coming in from all resources and we need to keep up ‣ How do we use this information to benefit our clients, our advisors, our firm?
- 19. Know Your Client ‣ More than just contact information or investment experience ‣ What tools are your clients really using? Do you ask them? ‣ What tools or resources do your clients want? Do you ask them?
- 20. Challenges ‣ Social Media can be a scary thing ‣ With great technology comes even greater hackers ‣ Increased regulations • More oversight • More time • More money
- 21. Resources & Solutions ‣ Document management is an understatement ‣ CRM – if it’s not in there, it didn’t happen ‣ The CLOUD • Access to the best of the best • Centralized source for information • Mobile • Consistent
- 22. Planning for Tomorrow ‣ Business Continuation Plan ‣ KNOW YOUR CLIENTS ‣ Build something that can grow
- 24. Laserfiche Compliance Solutions ‣ Streamlines audit preparation ‣ Includes “Audit Trail” tracking ‣ Provides enhanced security ‣ Enables disaster recovery and business continuity planning
- 25. Laserfiche Mobile ‣ Quick access to search, browse, view, and modify documents on the go ‣ Create new documents using the iPhone / iPad camera ‣ PhotoDocs to import and process the images.
- 26. Laserfiche Mobile for iPad • Configure custom views of the repository with new Laserfiche Libraries feature • Upload electronic documents, e-mail attachments and Dropbox files into Laserfiche directly from your iPad • Participate in workflows from wherever you are
- 27. Cloud Access – Powered by Laserfiche ‣ Enterprise-caliber document and content management available for the smallest firms ‣ Includes workflow, audit trail, and other advanced features
- 28. Questions?
Editor's Notes
- Should be displayed as a ticker tape that scrolls along the bottom of the screen as these numbers change daily. This snapshot shows a rough idea of what we face within Rehmann Financial. 41 advisors = 41 different ways of doing things146 staff = training is a challenge6205 clients with over 12,000 does not include other services like financial planning or plan consulting145 custodians = our biggest hurdle (different systems, forms, policies and procedures, pricing, reporting, resources, etc.)
- These are the two biggest challenges we’ve faced recently and the wounds are still fresh. We have GREAT systems in place and it was still difficult for us. I cannot fathom how any firm handles the rollout of things like ERISA 408b2 and KYC without a strong doc management system that works with a strong CRM. It would be a nightmare initially, but then that nightmare would grow in coming years as you had to continue to report on this data. And then factor in audits. These are good examples of why we can’t take our processes and our systems for granted. You don’t see the extent of their value until you need them. These are not things you want to start implementing while the house is on fire.
- In this industry we tend to focus a lot on capturing the data, but not as much on what to do with it once we have it. What are our clients doing?Staff productivityProfitability at the client levelWhere do we have gapsAre we getting the results we anticipated or are we off the markWhat are our advisors talking to their clients aboutWhich advisors are using the tools we’ve made available? Why? How?
- How much are you assuming about your clients? Do they really want performance reports on paper? Do they really want them monthly? Quarterly? Semi-annually? How many are on Twitter? Facebook? How many own and use an iPad? What apps would they like? What are their friends doing that they whish they could do too? Some might be less tech-savvy than we give them credit for, but many are far more advanced than we acknowledge.
- Document management does not properly convey the various ways we use this tool. Storing documents is only one small piece. This is where our compliance department does the vast majority of their oversight and auditing. Workflow is THE key to running an efficient practice. We monitor associate productivity and trends in client service. We also use data from Laserfiche for benchmarking studies (on our 3rd one now). CRM is just what I said. Compliance does not do interviews for audits anymore, but rather reviews Junxure and Laserfiche for all info. If it’s not in there, it didn’t happen. Our associates know and abide by this mantra.The cloud allows our advisors to travel down to Naples for client meeting with just an iPad. Ok, they bring their golf clubs too, but that’s for after the business part. And if something comes up in the middle of the meeting that was unexpected they can pull up the info needed right then and there. We aren’t the only ones who want to be more efficient. Our clients value that as well.
- Random thoughts, tips, advice:Get help – got to the experts. You don’t know what you don’t know so discuss challenges/roadblocks with product companies and have them brainstorm solutions with you.Educate yourself – don’t need to be an IT expert, but figure out the basics. There is plenty of info out there so do some research.Don’t be afraid – technology has gotten more advanced behind the scenes but easier on the front end with apps and mobile devices. You have help at your finger tips so use it.Know your clients – don’t assume – ask!What can I automate – This should be question #1 when looking at processesBuild a good strong system, then test it regularlySecurity – if you aren’t confident in your systems, then your clients won’t be eitherMore and more b/d’s and custodians are getting onboard. Open up communication with them (Pershing mobile, Orion app, electronic signatures, drop box or doc upload instead of faxing)