Tools and Templates to Use Right Now

Things are changing rapidly in other countries, particularly in the Asia-Pacific area because they are learning from the mistakes that others have made in their development. Think of it this way: When the telephone was developed, we installed telephone poles all over the country.

But, when China adopted the telephone, it was wireless and there is not a telephone pole in their country. They did not have to go through the development phases to get technologically advanced.

They will leap frog us in practice development, particularly technology because they do not have the current infrastructure that we have.

Deena Katz believes since we are a global village advisors must adapt technology in their business. Successful advisors are using technology to provide low-cost delivery of services, for marketing, for reporting, planning, reporting, communication, and all phases of their practices.

They have learned how to leverage their time using portfolio management software, planning software and CRMs to allow them to communicate easily and effectively with their clients.

For example her firm's planning software is Web-based, collaborative and interactive. They put the data into the system, grant clients access to play with some "what-if" scenarios at home, either with her, or alone. This is not only time saving, but it also engages the client in the planning development.

Other technological tools Deena Katz uses in her practice is the very deep and rich CRM software program, Junxure-I that allows her to create action sequences for any process that they want to do. For example, the prospect process allows Deena to seamlessly prepare marketing packages, make follow-up calls, send articles in interest, set appointments, or anything action that we need to take, automatically, send communications to clients, prepare reports, keep copious clients notes, all using Junxure.

This helps her and the team ensure that all clients are receiving the same quality service. Additionally, the firm makes the most of the Internet and their website. The Website is used as an e-brochure for inquiries.

It is also used to provide information and data that is uniquely for clients. They need a password to get to that data. Also partner, Harold Evensky keeps a "blog" (weblog, sort of like a diary on the Web) where he talks about industry issues that are currently on his mind.

Communication is the key to building good relationships with clients. And, it's the relationship that keeps the client with you, through good economic times and bad. Even with these technological advances and the tools available not all advisors have embraced all it can do.

Deena Katz says most of the advisors she knows have met the technology challenge at some level, but many still delegate to staff and would not have an idea how to prepare a quarterly report or send an email. Her firm's custodians (Schwab, Fidelity, Waterhouse) would like the trades to be done electronically, but there are still many advisors who prefer to call in their trades.

It is time consuming and more costly to speak to a live person. Katz has observed that advisors who resist technology feel that the high-tech approach will make them lose the high-touch service that clients want from them.

This she believes is a poor excuse. Technology allows you to have more quality time with your clients.

With clients accross the U.S. Katz's firm takes full advantage of technology, as many of their processes (like planning) are Web-based, they can work with clients anywhere. Clients want service and when she explained the firm can provide so much better service by relying on technology, clients are very pleased.

"We have become such a connected world. Our clients are used to getting on the Internet to see what is on TV, to order the latest book, or to find our information about anything or anyone. And, they can do it 24/7. That means that our clients are expecting us to be available in some fashion 24/7 too.

That's why we have developed our Website to assist in making us "available" when they are thinking about their issues. They can write to us and we can answer at a convenient time without trading phone calls or leaving voicemails. We can have Web-conferences so we can deliver our reviews, talking to the clients but showing our reports to them while they are sitting in the privacy of their own homes. We can send "flash" reports via email in minutes, telling them what our opinion is on the current happenings around the world."

The book Tools and Templates in your Practice was written due to the fact that over the years the firm had developed some forms, data guides, templates for reports that were very useful. Colleagues in the industry would call and ask, "Do you have something that will do this?" And Deena would do the same with them.

It made no sense to reinvent the wheel as this was a time-wasting useless activity. So she thought others would like a head start on some forms and processes that would save time and money. The book is for advisors, financial planners, financial consultants, brokers, anyone in the financial advice profession who could use some ideas to run their practice better.

A bonus with the book is a CD-Rom. The CD has about 50 files in Word, Power Point or Excel that you can immediately customize for your own practice. Probably the most popular one is the Risk Coaching Questionnaire which takes a client through about 25 questions about their understanding of risk. It is based on the research by behavioral economists like Daniel Kahneman and Amos Tversky.

Deena says it helps her to have meaningful dialog with clients about the concept of risk, and helps determine what risks clients need to take to meet their goals and objectives.

After reading this terrific book you walk away with practical ideas that you can put to use immediately. Second, you have the tools to make those ideas a reality in a fairly short period of time. All the tools on the CD are easily customizable so, theoretically, you can make it your own today and start using it with your clients tomorrow.

Deena Katz believes that certain functions that you perform today will be commoditized. For example, your clients used to need you to make trades and get research. They don't need you for that now.

But information that spins off the Internet is just that-information. To buy the book click here It is not knowledge, judgment or empathy. That's where you come in. She also believes that advisors will be the protectors of client data, perhaps even brokers of that data. Bill Gates said, "How you gather, manage, and use information will determine whether you win or lose." "I wholeheartedly agree." Concludes Katz.