Financial advisors need different software and tools to manage their day-to-day operations. Let’s take a look at the most commonly used software for financial advisors:
Contents
Custodian
Financial advisors need a custodian to manage their clients’ assets and execute and settle trades, but not all custodians are the same. Custodians are also referred to as depositories. When choosing a custodian, there are several important considerations: access, minimum amounts, available products, customer support, digital experiences, automation, costs, and customer experience.
Portfolio management software
A portfolio management software helps financial advisors manage client portfolios efficiently and accurately. This software allows for monitoring investments, analyzing risks, and tracking performance in real-time. Most portfolio management software also generates performance reports, which are an important tool for showing clients how their portfolios are performing over time. With this tool, advisors can discuss goals and needs throughout the course of their relationship with clients.
CRM and client portals
A CRM system is important for keeping track of clients and their progress. Such a system allows all client information to be stored centrally and accessed at any time, significantly improving the quality of advice. Through the CRM tool, the advisor can track client interactions, preferences, and historical data to provide tailored and personalized advice.
Client portal software enables clients to access their accounts, transfer funds, and view their holdings and costs. The software can vary in terms of technology and features.
Reading tip: How to become a financial advisor in Switzerland?
Compliance and document retention/archiving
Every financial advisor must comply with legal and regulatory requirements. This includes various areas such as data protection, anti-money laundering (AML), and financial reporting. One key aspect is adherence to anti-money laundering guidelines (AML), where financial advisors must ensure they know their clients (Know Your Customer, KYC) in order to detect and prevent suspicious activities.
Data protection is another essential element of compliance. In Switzerland, financial advisors must ensure that data protection regulations are adhered to in accordance with the Swiss Data Protection Act. Compliance software helps financial advisors meet these and other regulatory requirements efficiently. Such tools offer monitoring systems that identify potential risks and trigger alerts when suspicious activities are detected. Additionally, they enable comprehensive documentation and reporting.
At Everon
At Everon, we strive to make independent financial advising more efficient. We have combined many of the technologies listed here into one platform. On an intuitive, integrated platform, advisors can open accounts, manage portfolios, and create reports—at a fraction of the ever-increasing technology costs. We can help you streamline operations, reduce overhead, and improve the client experience. To schedule an appointment, contact us.
