Tell Vendors What You Think About Integration

Financial advisors for years have clamored for an all-in-one solution combining portfolio management, customer relationship management, and financial planning software into a single platform. Combining these three functions, which are essential to any advisory firm that wants to adhere to best industry practices, has been an elusive goal. Years ago, I branded the long-sought breakthrough application “The Silver Bullet,” evoking the legendary powers of the only weapon capable of killing a werewolf.

But the all-in-one application has proved elusive. So persnickety is the typical independent advisor (IA), he couldn’t work for anyone but himself. That’s why he chose to be an independent advisor. No single application incorporating portfolio management software (PMS), financial planning software (FPS), and customer relationship management (CRM) could ever be widely adopted. Uncompromising entrepreneurs don’t want a Veg-O-Matic—the kitchen appliance that sliced, diced, broiled, and boiled. A Swiss-Army-knife approach would be unacceptable.

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Albridge-Portals Alliance May Transform Financial Planning

The recent integration of Albridge Solutions’ portfolio performance reporting application and Advisor Products Inc.’s Personal Client Portals™ system makes any advisory firm more scalable, efficient, and client-centric. But what’s more exciting is that it will promote financial planning to millions of American households by making it easier for them to understand, measure, and manage their progress toward achieving long-term financial goals. Personal Portal Tour

Since the early 1980s, thought leaders, professional membership associations, and governing bodies have strived to professionalize personal financial planning so it can be embraced by the mass affluent. The elusive but irresistible goal has been to deliver financial planning advice within a prescribed, systematic, and ethical framework to the masses. The challenge has been that providing financial planning services while adhering to best practices articulated by the FPA, CFP Board, NAPFA, Fiduciary 360, and other such groups is extremely labor intensive.

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Advisor Products Releases Interface For Black Diamond Reporting

Advisor Products added an interface for Black Diamond Reporting to its Personal Client Portal platform this past week, allowing financial advisors to securely stream holdings, asset allocation, and performance data to individual clients automatically daily. Using the latest technology for integration, an XML Web Service, the interface between Black Diamond and Advisor Products feeds each client of an advisor continuously updated performance reports with no work required by the advisor.

The Black Diamond report displayed on your clients’ Personal Client Portals has three tabs.

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An Entirely New Software Category For Advisors

If you’ve been yearning for a way to use the Internet more effectively with clients, check out our new Personal Client Portal platform. It fills a gap between your firm’s existing software applications and your clients. This is a new type of application, and there is nothing else like it.

Your financial planning, performance reporting, and customer relationship management applications are disconnected from your clients right now. Our new portal system bridges the gap between your applications and your clients.

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Why You’ll Want To Read This Blog

Writing The Gluck Report in Financial Advisor Magazine, I get to research topics I’ve been covering in for most of my 25 years as a reporter—wealth management strategies, financial planning software, advisor marketing, and just about anything else involving advisors. But what’s frustrating is that I don’t get to write about my company. And that’s why I’m hoping you’re going to want to read this blog.

Advisor Products, which I founded in 1996, has been pretty damn innovative. In 1996, we offered the first client newsletter that allowed advisors to pick every story. In 2001, we launched the first email-newsletter marketing system targeted to advisors. Last year, we rolled out the first 12-page template brochure ever offered to financial advisors. But not enough advisors ever get to know about most of our innovative work.

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