Financial software in your practice

Typically most people buy all kinds of financial software products and then get confused switching from one package to another. This results in ineffective use of what is on the market and not using the software package to its full capabilities.

Then there are those advisors who use the software which is inexpensive or free. Tricking themselves into thinking that this type of financial software is all they need. No matter who the client is or their particular needs.

The financial planning industry is and will always be a relationship driven equation. While the software enhances the selling process, the individual is still the cornerstone.

The key to software in a practice whether for individual planners or planning organizations is to adhere to the financial planning process. Understand what the process is and from a selling point of view have a clear idea of when you will integrate software into your process. Financial advisor software is really only a tool, one that allows people to do more things quickly.

Advisors should not rely 100% on software for their client relationships. If this became the case, why would individuals need you?

In a first meeting setting you establish rapport, learn about the prospect and their particular needs and demonstrate your credibility. Integration of financial software comes after you have established who you are, what you do and how you work.

From an efficiency point of view it is best to have your assistant take down notes and the information that will be inputted into the computer later.

In a perfect world you should be able to carry on a conversation with the client, and input the information into the computer at the same time. However, the world is not perfect and by trying to do everything on your own sometimes be disastrous like a hard drive crashing.

If you do not have an assistant with you in the meeting, it is best to take down detailed notes as this is just an information gathering session. Ask at the end of the meeting "Is there anything I can do for you on the basis of what we have discussed?"

While not much technology is required in the first meeting, in some cases you may want to produce a report from the financial software which has a professional appearance

You will only be explaining various concepts; perhaps some graphs with some quick calculations on what a difference a one percent change in their investments would mean to them or the difference in registered money vs. non-registered money over the long -term. Introduce some financial software "what if" scenarios.

Not only will this demonstrate to the individual how various concepts work, but also it will show the value you can add by working you. The aim is to set up a second meeting based on your findings. It also demonstrates you have given some thought to their particular situation and have some ideas.

Your financial software will play a bigger role at the second meeting. You now will be providing a printed report, which you will be reviewing with the prospect. At this point you will provide as many "what if" scenarios it takes to help them to understand the concept you are trying to present.

The financial report from the software you present should provide a synopsis of the plan and summarize the prospect's situation. It should also have specific recommendations, the summary of any financial software report should be a recommendation which says, "we recommend you do the following...". This is one area you absolutely want them to read.

Financial software and the the financial plans they produce are nothing more than text and numbers. Helping the client attain their individual goals is what this is industry is supposed to be about. Use technology for what it is a tool.

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