What should financial advisors look for when they consider portfolio management software? PowerAdvisor offers some guidelines:
A few pie charts, some (hopefully positive) numbers, and a glossy finish to the paper. Finally, your year-end reports are finished and you are ready to meet with your clients face-to-face. As you pluck the papers from the stack for your first meeting, you can’t help but think – “I worked hard all year long…and all I have to show for it is a paper with some numbers on it?”
From the beginning, investment advisors have faced the challenge of communicating their diligence to their clientele. After tracking the market, considering client goals, rebalancing portfolios, researching new investments and making key decisions, it’s a wonder RIAs have any time to create reports at all, let alone reports that tell the nuanced story of how hard they worked to grow their client’s wealth.
The most successful advisors of the modern age often harness powerful software to express their vision, their meticulousness and their results. Portfolio management software can be a savior for RIAs, but it can prove to be a double-edged sword if it only adds more complexity to the day. The best software solutions streamline communication with clients by displaying portfolio results online in an easily digestible format. And, of course, the software should be easy to use for the advisor as well.
At the end of the day, advisors should be able to spend the majority of their time focused on the portfolios they manage, and software should be able to paint the picture of those efforts accurately. Portfolio management software can aid the modern advisor by:
- Efficiently generating performance reports on an ad-hoc and cyclical basis
- Providing different perspectives on the same data through various calculation methodologies
- Automatically tracking any portfolio and displaying current results through a secure online portal
- Generating invoices for clients and/or custodians
- Showcasing advisors’ distinct strategies and vision through customized reports
These are all qualities to look for in portfolio management software so that your software works for you and not the other way around. Advisors should be able to continuously share the narrative of their hard work with their clients, and the best online portals allow this by keeping the client and the advisor connected between meetings.
PowerAdvisor LLC strives to create the optimal solution for the modern RIA with a software suite that is simple to use and an online portal that demonstrates portfolio allocation and performance in a visually appealing way, but without information overload. PowerAdvisor wants all of your hard work to be known!
For a demonstration, click here* to register for the PowerAdvisor webinar “Show Off Your Hard Work (Without More Hard Work!)” on Wednesday, March 22 at 4 p.m. ET.
You can explore the Scottrade® Advisor Services Strategic Resource Center to connect with PowerAdvisor and other organizations that specialize in technology, compliance, research, education and marketing. Many of these resources offer discounts to advisors who custody assets with Scottrade. (Scottrade provides this resource for informational purposes and does not specifically endorse any of the businesses within the directory. Scottrade also does not pass judgement as to whether those services are appropriate for specific business needs. Be advised this is not a full and comprehensive list of businesses that offer these types of products or services and that advisors are responsible for doing adequate research before making any purchases.)