Integrating Your Website, CRM And Financial Planning Systems

Andrew Gluck:          Hello everybody.  Good afternoon.  This is Andrew Gluck.  I’ll be your host today.  Welcome to our once-a-month.  We do this once-a-month session.  Advisor Products runs a MarketingSmart Webinar Series.  It is different from the other webinar series that we run on Fridays which is where I do not promote Advisor Products, and it’s really about the financial crisis and how advisors can deal with that.  This week, I just want to remind you that we have Brian Stimpfl of TD Ameritrade speaking about restoring investor confidence.  He will be our speaker this week, so please come.  That’s Friday at 4 p.m. EST time, and you can find information about that at www.advisorproducts.com.

Today, of course, we are talking about integration of your website CRM and Financial Planning System.  This is a really exciting time because advisors finally do have a way to create an integrated platform.

So just to be clear about what we’ve done here and what we’re doing today, we’re going to talk about Advisor Products, Redtail, and Finance Logix integrating, working together to help advisors and their clients really communicate better with one another and help advisors work more efficiently.

After I first just explain the overall integration, Finance Logix is going to speak – actually the CEO – and then we’ll answer questions about Finance Logix.  And then we’re going to have Redtail speak and talk about their CRM System and Imaging System, and then at the tail end, we’ll talk about what’s new from Advisor Products, so we’ve got a lot to cover here.

As I said, this is the integration of three privately-owned companies in the financial advisor space and it really represents—I know that when I started covering financial advisor technology back in 1996, there was no way to do the things that we’re talking about.  About 10 years ago, I coined the term “the silver bullet” because advisors – almost immediately after I began covering financial advisory technology – advisors immediately started describing this almost mythical application that always seemed so elusive.  That was an application that was all in one, kind of the Vegematic of financial planning wealth management where it would combine CRM, Financial Planning, and Portfolio Management software.

What’s interesting is, now that we actually were able to do that using web services – using the internet – the latest technology – using application programmer interfaces between each other – amongst each other – now that we’re able to do that, the one part of it that we didn’t realize that was going to happen was that clients would really be huge beneficiaries of the integration.

So we three all are focused on doing one thing great.  Redtail is focused on creating great CRM; Finance Logix on Financial Planning; and we at Advisor Products are focused on creating Client Portals.

Just to give you a quick look at the Client Portal, this is what it looks like.  Up here at the top is the integration with Redtail where you have the client can be assigned to-dos and the advisor can be assigned to-dos.  Scrolling down we have a personalized newsletter, actually, with new content coming in there all the time that can be personalized to the individual client.

On the right over here—and these parts, by the way, can all be moved – these web parts—on the right over there is a blog.  When you click on that, it will give you the full picture of the blog.  I’m not going to maneuver around because we have a lot to cover, but you get the client’s financial plan.  That’s the interface there with Finance Logix. 

You get aggregated information from ByAllAccounts, and so you’re really getting—or Advisor Exchange—you’re really getting the whole picture for the client and that’s what the silver bullet is.  That’s what this is all about. 

This is integrated with a client vault system so that you can show your clients their documents.  Your clients can, in fact, upload documents.  With this vault, you can actually drag and drop documents from your desktop to the client vault, and so can your clients.  You can also commission other professionals to use the vault, so you can collaborate with other professionals as well.

Now, it’s interesting because we’re all integrated, all three of us, with different Portfolio Management Systems.  We all can bring in feeds from many of these other systems.  So you have the list there of all the applications we’re integrated with in terms of bringing in client data directly to our systems.

These slides will be made available, by the way.  We will post them for you to download and we will also be posting a replay of this webinar.

The beauty of integration like this is that it’s so client-centric.  Your clients really benefit so much.  As I showed you in the Client Portal System, for instance, where you get a very clear visual picture, you get performance reports.  You can have your clients receiving tasks.  The work that you complete can be shown to your clients.  The clients can see an aggregated view of their accounts.  You can show them whether their life insurance, LTC insurance, disability policies are properly funded.

Some of the real benefits are that – and I like these especially – you can automatically feed a list of tasks that you’ve achieved for a client from your CRM – from Redtail – to a secure personal website for each client.

So when you think about what we’re doing there in terms of workflow, we’re not making you rekey data and it’s creating efficiency for the advisory firm.  With asset levels down so drastically because of the global financial crisis, it’s really important to increase efficiency, of course; and that’s what we’re doing here.  We’re helping you increase your efficiency by not having to rekey things.  We’re pulling data from one another, and in this case, showing your clients a list of tasks that you’ve done for him.  It’s so important, I think, especially right now where advisors are really feeling under the gun and so many advisors fear that they will lost clients in coming months as we pull out of this recession, hopefully.

By showing your clients, “Look at what I’ve done for you,” it makes a powerful argument.  It makes a very powerful argument for the value that you provide.

You can also automatically feed tasks that you’ve assigned clients from your CRM system.  There are some things that you want your clients – they’ve got to just do on their own.  You can’t just simply ask them to get you data.  You have to remind them and keep after them.  Sometimes that can get in the way of completing the work that you need to do for them. 

What the integration does is it allows you to say to a client, “Hey, we need to update your financial plan.  You need to meet with me,” and it constantly has these reminders about data they need to get to you, documents they need to get you.  It’s always reminding them, and until they take care their end of the bargain, those reminders stay there and you can manage all that from one place – from your CRM – and it feeds directly into the Client Portal.

Another real nice thing that I touched on a couple of minutes ago was that you can show your clients how close they are to funding each of their life goals.  You focus on goals, not portfolio performance.  I think that’s a really important feature is that you’re not having to rely on performance only.  There’s been too much emphasis on performance reporting over the internet, and not enough on goal achievement.  What we’re doing by integrating, is allowing clients to see not just portfolio performance as they have in the past, but also see goal achievements.

You can also automatically set up clients.  They can take a feed of our demographic data so that it’s easy to set up a client in another application if you get their name, their accounts, in some cases there’s a deeper dive for data – portfolio data, perhaps.  So you’re able to leverage that and you’re able to leverage the interfaces that each of us have exclusively.

For instance, we have in the Client Portal System, an interface with LaserApp that extends LaserApp to the clients.  So if you give clients a link through the portal, they’re able to go and fill in all of their demographic data themselves.  They click on My Info, for instance, which takes them to a page where they can fill in all of these fields that correspond to LaserApp. 

LaserApp, of course, can fill in something like 23,000 forms at different institutions, but by filling in these that we’ve focused on here, you’re able to fill in something like 80% of the forms and you’re able to check it and make sure the data is correct and then load it up to LaserApp so that your office doesn’t have to rekey that information.  So we’re all able to benefit from the integration.

Anybody that’s working with Redtail or Finance Logix, and us, is able to utilize that and fill in the forms that are necessary in serving the client.

So what we’re going to show you real quick is how you map clients from Redtail to a Client Portal and then we’ll look at how you show clients, like I said, all that you’ve achieved on their behalf and how you assign clients to-dos in Redtail that they’re going to receive in the Client Portal.

So first over here, this is just a screen shot of the Advisor Products portal BackOffice where you map a client from Redtail to a client’s portal.  So over on the left is a list of names that have been imported from Redtail, and on the right, you just pull that menu down to create the client portal.

On the left over there, you can see the integration button.  This is the map page.  And when you map the client, you pull down on that menu where it says Create New Portal and we can map John Smith’s Redtail account to John Smith’s client portal.  So this can be done very easily.  It literally just takes minutes where you’re mapping the two accounts together.  You just confirm the connection and that client is mapped.

Then in Redtail, this is the client record overview page.  You can enter an activity for that client, John Smith, in Redtail.  So let’s say that John Q. Smith – we want to do an activity for him.  We’ll just click on Activities and we’ll add a new activity that way.  We’ll choose to add a new activity in Redtail.

We fill in the other information – just the date for achieving the task, some details about the task, and at the bottom of the page, you click on the button that says Share with Advisor Products.  That button is down here.  You can see that.  That shares it with the Advisor Products Client Portal System.

So that activity for that client will then be shared.  That activity is now saved in Redtail.  That activity is “Evaluated Your Life Insurance Policy.” 

Now what happens is that that activity now automatically gets fed into the client’s portal.  If you mark that activity complete, all the advisor to-dos – all the things that you’ve done for the client – show up there as an achieved task.  So it’s really showing clients what you’re doing for them.

The client can also, by the way, insert a comment about any task.  For instance, you may tell the client, “Upload your Will to the Vault,” or who knows what else you might be asking the client to take care of and that note that the client sends to you is not only retained in the Client Portal System, but it also gets fed over to Redtail.  That note and all the correspondence concerning any to-do that you assign the client gets tracked in Redtail.  That concerns any activity that you’re doing on behalf of the client.  It all gets tracked.

The other thing that you can do is send a client a portal to-do from Redtail.  So this way, again, we’re saving you the trouble of having to rekey that data.  You just go into the category in the activity page.  You just choose that the category of activity is a Portal Client Todo.  By doing that, you get that pull down menu and then you fill in the other details of the to-do and you Share with Advisor Products and that to-do then shows up as an open to-do for the client on the My To-Dos tab for the client.

So the client now sees his to-dos in the portal and he gets emailed, by the way, whenever you assign him a to-do and it gets stored and recorded and you can follow up, mark it as completed or comment on it, and so can the client.

When you mark the to-do as complete in Redtail, say that you have taken care of updating the beneficiaries, so you just simply choose to mark it complete and it shows up then and changes status in the client to-do box.  The green buttons signify achieved to-dos.

The Finance Logix integration is—I’ll show you that right on the Client Portal System.  It’s very dynamic in that the client can actually do some what-ifs and do some of the other work to help you converse with him about his financial plan.

This client only has two financial goals, but we can actually display up to four goals – the four most important goals for the client.  What this is showing the client, it’s reminding him that his goals are funded or not. 

Another feature that we have here is, as I said, the client can go in here, use these scales and sliders and do some of his own projections based on the plan.  It doesn’t change the plan you’ve created, however.  Your plan stays intact.  The client can also see his Net Worth and Cash Flows all fed seamlessly, and every time the client logs in, the newest data from Finance Logix shows up in here.  The client can also see his life insurance, disability insurance, and LTC insurance.

The pricing on the integrated application – we’re all offering discounts on our usual pricing. 

I just noticed I made a mistake here.  It’s $2,200 for Advisor Products Client Portals.  I have the logos switched, so I’ll have to correct that when we put up the slides.

So you can see the pricing over there.  Just switch the price for Client Portals from Advisor Products with that of Finance Logix.

What I’d like to do now is let Oleg, the CEO of Finance Logix, and his last name is Tishkevich, which I say carefully.  I’d like Oleg to tell us a little bit more about Finance Logix and how financial planners can use it in their practice. 

Oleg Tishkevich:       Thank you, Andy.  I wanted to say just a few words about the company.  We’ve been in business for over 10 years, mostly delivering solutions to large enterprise clients and doing in-depth customizations for companies like Wells Fargo, Pacific Life, etc. and over the years, we’ve created a number of applications to not look alike, but there’s one thing that is in common with all those applications, and that is ability to deliver a planning solution that has a professional, intuitive, and dynamic interface.  This is what I wanted to show you today, is our product called Finance Logix. 

Improved integration with Redtail and Advisor Products, the delivery of the system is provided via the web and is dynamically updated with all of the information entered into the system between the interfaces of Redtail, CRM and Finance Logix.

You probably know that the many instances with other vendors, you will have to spend quite a bit of time entering information into the financial planning application just to create a quick projection.

With Finance Logix, we provide very easy navigation and a drill-down approach for entering data into the system so that whenever you want to go deeper into the detail, you can just click on a detail button and provide more detailed information.  This allows you to put together a plan in just a few minutes and spend more time with your clients, rather than entering information into the system.

Also, rather than printing a report every time you need to change an assumption, Finance Logix provides dynamic results.  In dynamic results, you can use the sliders you see here to change assumptions right here on the fly and see the information updated in real time so there’s no need to change, print, etc.  You can change all the information right there on the screen and see that update.

That information can also be shared with your clients.  You can expose certain results to be available on the client portal so the clients can also do what-ifs on various sections of the program – the ones that you were to allow.

Finance Logix covers all of the major modules in financial planning.  It’s retirement planning with its Monte Carlo simulation and all the other features.  We have an asset allocation module that provides historical information as well integrates efficient frontier capability and performance information.

We have education planning module that includes a comprehensive database of all colleges in the United States and Canada that you can incorporate in your plan, as well as an insurance module where you can plan for life insurance, disability, as well as long-term care.  All modules are integrated and any data that you plug into one module is automatically available in the other module. 

Our estate module that we’re looking at here provides capability to do the majority of estate planning using the basic main strategies that you see up there and see projections of client Net Worth, Total Wealth, as well as Distribution to Beneficiaries, and Standard Charting as well.

You can see that you can dynamically change assumptions on the graph and all the information is immediately recalculated and updated on the screen for you. 

One other feature that I wanted to highlight in Finance Logix, is the ability to create a goal or Kessler-based plan within the same scenario.  Generally with other systems, you would have to probably purchase two different programs just to do that.  Here you simply click the appropriate button here and you can switch between the goal-based and a Kessler mode in just a matter of seconds.

You can also add multiple goals to the system, specify a retirement goal based on budget, or add additional goals and provide a priority for each goal so that when you’re planning a portfolio retirement, for example, you can exclude certain goals from the plan to see if the plan succeeded in that scenario.

Another feature of the product is advanced tax mode.  Here, if you wish, you can use an automatic calculation – not a flat tax, but an actual tax calculation based on the 1040 Form – and provide tax projects not just for the current year, but also on schedule basis for any year in the plan.  You can see there’s quite a bit of information if you wanted to go that deep that you can provide to create a very comprehensive tax claim solution.

Another feature of Finance Logix is that it integrates with Morningstar data and here we see that it automatically classifies any holding that was entered in the system either manually or through a feed or an aggregation.  We also integrate analysis provided by Morningstar, similar to the snapshot.  That’s available here for any holding, as well as on the portfolio and the household level, as well as accounts allocation information and a _________ analysis.

Other features of Finance Logix that are some of the advanced features, are the ability to provide different assumptions for portfolio return over time.  So you can create up to three tiers and say in the future, at age 55, the return for the portfolio would be different because the client is closer to retirement, etc., so you can set up multiple tiers.

Also, Finance Logix has a very advanced distribution analysis capability.  Here you can choose on a per account basis, distribute all growth or not.  You can also specify a custom distribution schedule as a percent of balance in each year, or as a fixed dollar amount and change it for any year in the plan.  There’s also other options available for those accounts that are retirement accounts not be distributed in other guaranteed living benefit capabilities.

In addition, you can also specify a priority withdrawal for the accounts.  So you can imagine, between the ability to specify the priority withdrawal and custom withdrawal schedules, you can create a pretty sophisticated distribution plan.

Once all the information has been entered, you can go into the what-if section, dynamic results, and adjust assumptions here or print a report for the client.  On the print reports, we have some standard reports that are available, as well as you can create a custom report, just selecting those section you would like to print.

In addition to that, you have the ability to specify a comparison report where you can choose up to three (3) scenarios to compare them in the report side by side.  This is an example of the report here where we’re comparing projections of the _____________.

That pretty much covers high-level functionality and features of Finance Logix, and I wanted to give the presentation back to Andy unless we have a little bit more time and take any questions.  Thank you.

Andrew Gluck:          Okay, you know, we were going to take questions after each person spoke here, after Oleg spoke, but I think we ought to probably push on because we have a bit more to cover and we want to have here from Redtail.  Thanks so much, Oleg.  It’s a great looking application.  It really is.

Oleg Tishkevich:       Thank you.

Andrew Gluck:          So we do have from Redtail Technology, Peter Gray on the line here with us and I’m going to turn over the presentation to Peter now.

Peter Gray:                Thank you, Andy.  I’m going to load up the screen here now.  Hello everyone.  Like Andy said, my name is Peter Gray.  I’m the Director of Training and Education here at Redtail Technology and here at Redtail Technology, we specialize in three (3) different things.  We have CRM, Imaging, and Email.

So today we’re going to spend a little bit of time talking about our CRM and Imaging components and give you an overview as what we do here at Redtail.

First of all, we also want to let you know why we think a CRM system is important.  First, there’s some cost savings through better organization.  You no longer have to worry about going into file cabinets, looking up paper files and pulling in all that paper information for all of your clients to see what’s going on.  Everything is organized and centralized in a CRM system that’s on your computer.

You can enhance and deliver a higher level of service to your customers.  What that means is that you can better utilize your existing resources because everybody is going to be working off of the same platform.

When a client calls, you’ll be able to look at their notes and see what you’ve talked to the client about in the past and anything that the client might have called in about that you’re following up on to provide that service level to your clients.

Also, the CRM system gives you a strategic ability to view, manage, analyze, and allocate your firm’s resources.  What that means is that now you can be on the same page as everyone in your office and get the same information to everybody.  You no longer have to worry about if somebody received one email or somebody didn’t receive an email.  Everything is in one system and everybody can work off of that one system alone.

Now Redtail is a web-based CRM system.  Now the benefit of having a web-based CRM system is that we here at Redtail Technology manage the software for you.  There’s nothing that you need to install on your computer.  There’s no updates that you need to run and actually, we can push out updates to you over the internet at a frequent basis.

Now there is a “What’s new” section in Redtail that you can go to see anything that’s been updated so that way you know when we’ve updated the system.

There’s also no networking needed for multiple users.  Everybody can just be on their own internet connection and get to Redtail online.  You can work anywhere that there’s an internet connection, whether that’s in the office or coffee shop, anywhere you’re at, and the Redtail office stores your data in two locations.  This is very important for disaster recovery and it’s both a disaster recovery for you and for us here at Redtail.  If anything ever happens to your data, or even your office, we’re going to be able to help you restore your data and get it back to where you had it before you had the issue.

Now we’re going to dive into the Redtail product here a little bit so you can see what it looks like and we’re going to talk about what the different screens are here and what you can do in Redtail.

So here what you’re seeing now is our Today’s Overview page.  This is what you’re going to see when you first log into Redtail Technology every day and you’ll notice that there’s a navigation bar on the left-hand side of the screen.  This bar lets you navigate the entire Redtail Technology system and get to the information you want to quickly and easily.

On the top in the middle, we have our calendar.  It’s going to give you a week view of what’s going on and you can see that there are different days of the week as well as past due items.  Anything that is past due will be in red, and any current items are going to be in black.

Now when you’re done with an item, you can simply click on Complete, and that will mark the item as complete and delete it from the view that you see there.

Now, what you’ll also see here is that there is a filter and right now it selected Les Andrews.  You can click the drop down list and show any other individuals from your office and view their calendar right here on the Today’s Overview screen without having to switch around and go somewhere else.

Below that, we have our reminders.  The reminders are automatically generated based on when you put different dates into the system.  As you can see, we have account renewal reminders, there are birthday reminders, and other things to help you remember and keep track of what’s going on within Redtail. 

Now Redtail Technology also integrates with other systems such as Portfolio Management Systems—there’s Albridge, BOSS and a few others—and up here on the top right, we have the dashboard.  So it’s going to give you an aggregated value of the accounts that you’ve brought into the system through those Portfolio Management Systems and it also will include the accounts you’ve put in manually.  Below that you will be able to see how many accounts that you have and how many are under review, closed, etc.

The calendar feature of Redtail is going to be something that you’ll get used to as you start to use the system.  The calendar is very similarly laid out something such as Outlook and you can view the calendar in the day, week, month, or year.  View it however you choose to view it.

We’re in the month view right now and you can see all the different appointments, and when you hover over any of the items, it’s actually going to give a little pop up and give you some more detail about that item.

Now, on the right-hand side of the screen, you can see that there’s a box for users and there’s a box for types.  The box for users, you can check all the checkboxes there or only the checkboxes that you want to to show other peoples calendars that are in the office and you can view everything all at once on the same calendar.

If you only want to view certain types of appointments, you can simply just click the appointment types that you want to see, and only those will show up on the calendar that you’re viewing.

You’ll also notice that there are a few different colors on the calendar as well.  What this is is you can actually go in and change the colors so that way, all the different appointments that you might have, or the different types of appointments on the calendar, can be different colors so you’re able to track and see visually what are the same types of appointments.

Additionally, since Redtail is web-based, one of the things that we try to do here at Redtail is make sure that you can customize the system as much as possible so that way the CRM system fits your firm and it’s not your firm trying to fit the CRM system.

What you’re seeing here is a screen from the Manage Your Account section where you can go in and edit all of the different types of lists and activity types to customize them to how your firm operates.  So maybe you have a tier system for your clients of A, B, and C clients, or maybe you call them Platinum, Gold, and Silver clients.  Whatever the case may be, this is where you can go to modify that information and customize it to fit your firm.  This is also where you would go to add users to the database, update your subscription information, anything like that.

While we’re on this screen, one thing that I’d like to point out is that the cost for Redtail actually includes 15 users.  So for the price that Andy showed, that’s going to cover 15 people using the system, so it’s great for small offices.  And if you meet that 15 or exceed it, then anything over 15 users, you would just buy one more license and then it would cover another 15.

As we go through Redtail a little bit further, we’re going to go to a client screen now and this is going to be the Client Record Overview.  So here you can track multiple phone numbers, addresses, internet addresses, anything that you would typically have for a client, and it’s all going to show here on the one central screen.

You’ll also see on the top right-hand side here under the Details section, we talked about the category of “A Client” or “Platinum Client.”  This is where that would show.  And Redtail functions as an individual contacts-based system.  So what that means is that each person in your CRM system is going to have their own record.  It’s not going to be one family record where everybody is involved in, but everyone’s going to have their own individual record and everyone’s going to be linked together through memberships.  The memberships are shown right here in the center of the screen.  You can put people together whether they’re an individual membership, such as a family, or any businesses, associations, different things to kind of see where your clients are falling and you can have the companies that the clients are working for as well, which might help you find a new target market for your firm as well.

Now we were talking before about making sure that you’re up to speed on what’s going on with your clients.  Now here’s where you can see the last five notes that have been entered for your clients and that’s really important if a client calls in so you can see what they might be calling in about without having to ask them a lot of questions.

You can also track some other information such as driver’s license information, whether they have an assistant, and then at the bottom right here, these are going to be some common tasks that you would use within Redtail.  This is also going to be where you integrate with a service like Finance Logix. 

We integrate with many different providers including Finance Logix, Advisor Products, QuickForms, LaserApp, many, many different tools.

Redtail also has built in document storage as well.  There are actually three (3) different types of document storage here.  The first one is Redtail CRM storage, which is made to have documents that your office is working on together so that way everyone can view it and be on the same page.  This is actually not an SEC- or FINRA-compliant storage system.  This is just if you’re working on documents between different people within the office.

The second form of document services is Redtail Imaging.  This is an SEC- and FINRA-compliant system.  You can drag and drop files into the Redtail imaging storage space with your Retriever for Imaging program and everything is in a very nice laid out easy to view format. 

Lastly, you can view different financial plan reports rights here within the system as well.

If you are integrated with a service like Albridge or BOSS, or another Portfolio Management System, you’re able to pull account information into Redtail.  This is especially helpful when you’re trying to get the information about the client’s accounts without having to log into multiple services.  Redtail can pull in physicians, number of shares, and values on the account as well.

Furthermore, a lot of CRM systems force you to have some complex way of finding the information that you want and it sometimes can take a long time.  With our search features, you can go in and search for a certain field that contains certain information and pull down the list, and then you can refine that list even further.

When you refine the list, you can actually save the list into what we call a Quick List, and then all of the information will show.  So here what you’re looking on the screen now is an advanced search that we did that we put in all of our active clients who are also our A clients.  This allows you to see all of those lists and then run different reports, export the information, or even create labels off of the data that you just pulled in.

Lastly, Redtail is also available to be viewed on a mobile device.  Anywhere that you can get an internet connection, whether it’s a Blackberry, iPhone, or even a standard clam shell flip phone with the internet, simply go to www.mobile.redtailtechnology.com, enter your username and password in, and then you will be able to see all of your basic client information while you’re on the go.

At this time, I think that we can go ahead and take some questions if Andy would like to open it up.  Now we do have a free 30-day free trial on our website so you can go to www.redtailtechnology.com and sign up.  Just click on the link that says “Free 30-Day Trial” or if you would like to give us a call, call the number on the screen that you see, which is (800) 206-5030 and then press 2 for sales, or if you’re an existing customer, press 3 for support and we’ll be able to help you out with any questions that you might have.

Andy.

Andrew Gluck:          Peter, that was great.  That was really informative, and thank you for that quick summary.  I cleaned up that slide, by the way, and I’m showing it now with the discounted special pricing that we have on the integrated application.  If you purchase all three applications, that is the pricing that you’ll get and those are deeply discounted. 

We had a couple of questions that I think we ought to try to answer.  One was from Dave Thomas concerning Finance Logix.

Andrew Gluck:          Oleg, Dave is asking about whether you pull the information directly from Redtail  Do you want to just explain what you’re doing?

Oleg Tishkevich:       Let me explain that.  The integration that we have with Redtail is actually quite unique.  What we have is a way to actually pull information and push information to Redtail.  So initially, all of the contact data gets imported into Finance Logix from Redtail and that creates initial plans for each of those clients.  Then we can also take all of the information in Redtail that’s available that was pulled from Portfolio Systems and other systems and made those assets available in the planning software.

We can also do the opposite.  For example, if you’re using an Albridge or CashEdge aggregation with us and some of those assets are aggregated by the client or by the advisor, in the Finance Logix system, we can push those assets and account information to Redtail so the two systems can be in sync at all times.  Does that answer the question?

Andrew Gluck:          Yeah, I think that’s a pretty full answer, and the integration works two ways.  Those are the tough ones – those integrations where you’re sending data to one application and they’re also sending data to you.  By the way, the Redtail and Advisor Products integration is also two-way integration.          

Peter, can the information in Redtail be dumped to a local computer?

Peter Gray:                What you can do with the information in Redtail is if you’re trying to export certain criteria or certain information that you might be able to see, you can run any one of our search features and then export that information into a service like Excel and that will be able to export the information into an application for you to be able to manipulate the data little bit more than what you might be able to do within Redtail.

Andrew Gluck:          Can emails be automatically integrated into Redtail?  If so, can an income email from a client be automatically linked to that contact’s record.

Peter Gray:                Absolutely.  When you use email within Redtail and our CRM system, Redtail  actually will become your email host and what happens is when you have an email address for a client on that client’s record, any emails that come into your email system will pick up that email addresses match and then those emails will automatically be linked to the client record.

Andrew Gluck:          Somebody says – and I’m not sure what he’s referring to – I saw Workflows on your reminders list.  How does that work?  Peter, was that workflow in your screen shots?

Peter Gray:                It was and what a workflow is at Redtail is a series of steps that you would go through to accomplish a task and when those steps are completed, then you’ll have new steps that will need to take place, and those reminders are to queue that that workflow is either coming up due, or that you have a workflow schedule down the road.

Andrew Gluck:          Does Redtail have the ability to place emails automatically from Outlook to Redtail under the client name?

Peter Gray:                I think that goes back to our prior question.  Redtail would actually become your email host and it’s actually done on the server level where as long as the email address matches the email address on the client record, then that email would be automatically linked to the client record within Redtail.

Andrew Gluck:          Oleg, we have a question about in Finance Logix, how many clients does that work for?

Oleg Tishkevich:       Number of clients is really unlimited.  You can have as many clients as you want and as many planning scenarios per client as you want to add.

Andrew Gluck:          And that’s for the pricing that we have given.

Oleg Tishkevich:       That’s right, yes.  That’s correct – annual pricing.  That is for the planning piece.  For the aggregation, which is the second piece, it’s limited.

Andrew Gluck:          I see.  Do you want to just give us the limit?

Oleg Tishkevich:       I believe it’s 250.  I need to double check that.

Andrew Gluck:          Two hundred fifty (250) clients?

Oleg Tishkevich:       Right, for the aggregation piece.

Andrew Gluck:          We have somebody asking if the pricing that we’re showing is for all applications used together.  Yes, it is.  Oleg, is Finance Logix approved by LTL?

Oleg Tishkevich:       We’re in the process.  We’ve gone through the compliance approval and right now we’re waiting on the FINRA approval from them, so that’s pretty much our status right now, as far as I know.

Andrew Gluck:          We have a question here – can Peter speak louder?  So Peter, please try to speak louder.

Peter Gray:                Sure.

Andrew Gluck:          Will Redtail be connected to SunGard at any point?

Peter Gray:                Currently, I don’t know if we actually have a plan to integrate with SunGard.  However, we’ll integrate with any partner that would like to integrate with us, so you can simply send us an email with a request and we’ll certainly add that to our future requests list and we prioritize them based on how many people would like to have that request added, and if there’s a strong enough demand, then we will certainly explore adding SunGard to our partner list.

Andrew Gluck:          Is there an extra cost for Redtail email and hosting?

Peter Gray:                There is.  It’s $8 per month per email address.

Andrew Gluck:          We had a question about whether somebody using Redtail Imaging, whether the client vault replaces the imaging and the answer is no, it does not.  The Redtail Imaging is really for managing your internal business and for retaining all of your documents on that system.  The client vault is really geared to sharing documents with clients and so they’re two very different systems.  Our system is really geared toward permissioning clients.  You can also permission outside professionals and lawyers and accountants.  So one does not replace the other.  They work together and we’re actually planning on the next level of integration, on integrating Redtail Imaging with the Client Portal so that you’ll be able to perhaps right-click when you save a document to our Redtail Imaging, you can also save that document on the client vault at the same time.  Peter, anything to add about that, or did I do okay there?

Peter Gray:                You hit the nail straight on the head.

Andrew Gluck:          Oleg, can you tell us more about the asset allocation feature in Finance Logix?  Specifically, can and advisor enter his own capital market assumptions?

Oleg Tishkevich:       The way Finance Logix implements asset allocation is that it’s driven off of a Morningstar categories, so there’s about 75 different categories and subcategories within Morningstar system that we allow advisors to categorize various holdings by.  If the classification that is done by Morningstar is not something that advisor feels is an appropriate classification for the specific holding, you can override that on the advisor level and the system will remember that classification specified by the advisor.  So it will not be overridden as the assets are classified on the monthly updates from Morningstar.

Also, as far as the specifying the assumptions for the rate of return and the standard deviation, Finance Logix has the ability to create the advisor, custom portfolios and model portfolios that they can add to the system and specify the rate of return and standard deviation either based on historical data, which is automatically calculated based on Morningstar information, or you can override it for future projects based on the analysis from other systems that you might have specifically for that particular allocation or the model portfolios that are provided by your company.

Andrew Gluck:          Peter, are there limits on Redtail's Imaging?

Peter Gray:                There is a 10 Gigabyte storage limit on the Redtail Imaging.  You can purchase additional storage capacity, however.

Andrew Gluck:          I’m sorry, did you give us the amount of the limit?

Peter Gray:                Currently, there is a 10 Gigabyte limit on the Redtail Imaging storage and you can purchase additional storage pace for $4 per Gigabyte – pretty inexpensive.

Andrew Gluck:          Please clarify the Redtail pricing.  $600 per year for up to 15 users.  So that’s $9,000 a year for Redtail?  No, it’s not.  It’s actually for 15 users, $600 a year.  I think I have that right.

Peter Gray:                Yes, you’re right, Andy.  It’s $600 per year and that includes all 15 users in that price.

Oleg Tishkevich:       One correction, Andy, I’m sorry.  On the account aggregation that you have for Finance Logix, it’s $1,450 per year for the account aggregation.

Andrew Gluck:          Yes.

Oleg Tishkevich:       Okay, because it says with account aggregation – it does not include the $750.  It’s $750.  If you want to have the aggregation and planning, it’s $750 plus $1,450, so if you could just take the “w” out.  Thank you.

Andrew Gluck:          There you go. 

Where do I find the workflows in Redtail, by the way, Peter?

Peter Gray:                You can manage your workflows by going to the Manage Your Account section and they should be in that place within Redtail's _______.

Andrew Gluck:          The great thing about using those workflows, by the way, is that you can feed – whenever you’re done with a process – if you a create a process in Redtail which is mandatory for creating efficiency in your firm – is to document your processes and then to commit them to the CRM system.  But the beautiful thing is that you can now engage the client in the process through the Client Portal System.  So where the client is part of the process, you can now have them in there almost as you would another staff person who’s handling a part of the process.  And then at the end of a process, when it’s completed, you can mark it as complete and feed that to the CRM system and for me, I know it was a real revelation recently when I went to GEICO’s website and I looked at the claims that I had made over the past year and it had all this information about everything I had done on GEICO over the past year or two.  It’s just very convenient and important and it showed me, wow, I’ve done a lot with GEICO over the past year or two. 

We are at the one hour mark and we still do have a lot of questions, but I get yelled at when we hold people up.  I just want to touch on a couple of other areas and then we’ll take some more questions.  I just want to make sure that everybody knows that Advisor Products, in addition to doing the client portals, makes a lot of other products.  We make Marketing websites which are different from client portals.  That was one of the questions.

This would not replace a Marketing website.  This is a private website – the personal client portal – that is password protected.  You create a unique website for each client that brings his unique data, whether it’s financial planning data, whether it’s his newsletter is even personalized to him and his interests, and also his RSS Feeds.  They’re all personalized.  That’s different, of course, from a Marketing website.

Advisor Products, in addition to Marketing websites and portals, makes a whole lot of other products:  Client newsletters, folders, brochures, and you can see all of that at our website, of course.  What I would suggest if you want to see the brochures real quick, there are nine (9) different designs to the brochures. 

This is a 12-page Elite Brochure.  This is one of the nine (9) designs.  Here’s another one of the designs.  They’re all different.  And what’s interesting is, we actually have marketing copy that plugs into each of these brochures so you can use that as a basis to your marketing copy, maybe as a start.  You can customize it to your needs.

And then there are matching folders that go with all of the brochures.  So there are matching folders for each design.  Like I said, there’s also that Marketing Copy Catalog. 

Advisor Products also handles logo design and we sell all these things in a package.  The custom newsletter, one of our flagship products, is very popular and pretty much different than any other custom newsletter that’s out there because it’s really customized in that the personal column can be added.  All of the colors are based on your firm’s colors, and it’s customized throughout with your colors and design elements.  You pick every story that goes into this newsletter also.

Just touching on some of the new things that we’ve done in the last quarter, we’ve added marketing videos to the Marketing websites.  We’re creating a video selection page in the website BackOffice that will allow you to add from a library of videos that we’re creating and customizing to your firm that will allow you to easily add a video.  Just to give you an idea of what I’m talking about, this is a video that’s coming up now.  I’ve never loaded it before.  It’s a brand new one about Special Needs Trusts.  These videos can be customized to your firm.  This one is about Special Needs Trusts.

We’re going to be adding to the list of videos that we’re creating.  We were going to add one a month.  It looks like we’re going to be doing two a month or more.  The next two that are now in production are “Why Hire a Fee-Only Advisor” and “How to Use Intentionally Defective Grantor Trusts.”

Upcoming will be the others listed down at the bottom here on Estate Planning, Investments With Low Expenses.  If you have any suggestions for videos, please let me know.

I just want to remind you all about the Financial Crisis Webinar Series.  This week we’ll have TD Ameritrade's Brian Stimpfl, a Managing Director there, who’s been there with them for 15 years or so.  Brian will be our guest speaker at the Financial Crisis Webinar Series.  If you’ve not attended any of the sessions, you could find out more information by going to www.advisorproducts.com.  You’ll see this gray button there on the right.  When you click on that, you can actually see replays of all of the webinars that we’ve hosted since the market break and we began these sessions.

The attendance to these has really been wonderful.  You can get CE credit for many of these sessions if they qualify.  You can also see our MarketingSmart Webinar Series, which as I said, these are held and today’s sessions – today’s session is one of those MarketingSmart Webinars.  You can also see those from our website and replay them.

If you are interested in moving ahead with the integration, you can call Barry Weinstein at the number shown.  Barry is the VP of Sales at Advisor Products and we’ll be helping to coordinate the integrated use of Finance Logix, Redtail, and the Advisor Products Client Portals.

We’re running a few minutes late.  I want to thank all of you for staying with us and for joining us.  Please join us again next month for another in our MarketingSmart Webinar Series.  It’s the second Wednesday of every month.  This is Andrew Gluck.  I just want to thank you again for joining us, and we hope you liked what you saw today.

To Peter Gray and Oleg Tishkevich, thank you very much and good afternoon to you all.

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