FA-IQ reached out to top advisors to ask:
What tech do you use now that you didn’t five years ago — and how has it changed your practice?
Matthew Lytell of Riverwalk Wealth Advisors in Tampa, Fla., has been in business 29 years and manages $580 million:
While not necessarily a specific efficiency tool, Lifeyield is the tool that has made the most impact on my practice.
It is an asset location tool to help with tax efficiency. It makes it a great deal easier and more efficient for us as we construct our clients’ portfolios to add the extra dimension of tax efficiency.
Before this tool, we had to guess which holdings belonged in which bucket (NQ, Q of Roth). Now we have a tool that can assess the efficiency of a prospect’s current portfolio quickly and easily.
It guides our allocation decisions within each bucket and then we test and review the portfolio to ensure we are attaining the desired efficiency.
Even though this is an extra layer of software and an extra step, it saves the team and me a good deal of time in our portfolio review, construction and servicing.
Thomas Sowanick is a private financial consultant who has been in business 23 years:
I find LinkedIn to have multiple facilities that have made my practice more efficient and productive.
First, it is an ideal source for targeted prospecting. You can prospect at a company-specific level, change in employment, title, geographically and of course connections of your connections when available.
Secondly, I use LinkedIn as way for me to stay in front of a large audience for pieces that I write on investments and then distribute via their platform.
The ability to deliver my thoughts in a timely fashion helps to keep my practice relevant. I think that it is important to keep clients and prospective clients informed of my views in a timely but also efficient manner and LinkedIn makes this possible.
I also use LinkedIn as a media source for important research as it is published. Whether on currencies, economic developments, or financial markets, the platform also allows me to have timely information about subtle shifts in investor confidence based on what others are writing about. The platform is very compact yet very robust and efficient in staying abreast of current developments.
I think that the connections you make on LinkedIn are of a higher quality than random efforts to get in front of people. Most people agree to connect because they see a relevant reason to connect.
Building relationships with people on LinkedIn via content is a very powerful tool for independent advisors like myself.