Contact Management Software Keeps Your Business on Track

Contact management software is an essential part to a well run advisor business. While no two practices are run the same, the financial software information that you want to keep on your system will depend on at what stage you are at in your business cycle.

If you are just starting out then you must have the basics such as name, phone, addresses, what type of client they are in terms of segmentation and investment strategy as well.

With this minimum information you have an idea of who they are and where they are and get a hold of them. As you advance and your needs change then your software package should be able to grow with you without any difficulty.

So as time goes on your contact management software has to now look to tracking information such as individual interests, for example you want to know which clients like golf.

You ask that kind of question once you know (a) what to talk about as a reminder (b) if you ever want to hold a tournament you know right away who your clients with golf interests are.

When it concerns financial software such as portfolio management this is when you would want to start tracking, investments, funds, dollar amounts etc...having the right information will help you to then automate tasks as opposed to just marketing programs and relationships.

However before you run out and just buy any contact management system David Stevenson has noticed that there are a few pitfalls that advisors should be aware of before they embrace the need for technology. Not one contact management software will address all your needs, there is no magic pill.

Be leery about any consultant or software provider who says that their package meets all your needs truthfully there is no one total solution.

Many advisors have spent thousand of dollars in the U.S. thinking that a contact management package was the total solution when in fact it was a good marketing idea. Stevenson thinks that maybe there shouldn't be one total solution perhaps the important issue should be that systems are able to talk to one another.

You want to make sure that the technology matches your current needs and you have to know what they are.

Another mistake is that if you do decide to work with a consultant look for individuals who have an understanding of this industry. A common pitfall is not thinking about tomorrow; make sure that the contact management software that you are using can grow with you. Some cheap software solutions will meet your needs today, but you can't retrieve the information later on. You must have access and control of your data.

Many advisors try to do the technology enhancement on their own is another common mistake. Stevenson has observed advisors spending more time in front of a computer trying to make something work instead of being with clients.

Technology should not be hard if it is then you must re-evaluate the financial software and the consultant.

You need to evaluate technology in conjunction with the way you run your business.

What are you doing to be more proactive in your practice? Do you have control of your book? A database can help you do that. In effect you are enhancing your client relationships by utilizing technology today.

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