The essential tools for financial advisors

The tools and technology required to start a new business can be overwhelming for even the most experienced financial advisors. With so many options covering different aspects of an advisor’s business, where do you start?

Financial advisors need different software and tools to manage their day-to-day business. Let’s take a look at the most commonly used software for financial advisors:

Custodian

Financial advisors need a custodian to manage their clients’ assets and execute and settle their trades, but not all custodians are the same. Custodians are also called custodian banks. There are some important considerations when choosing a custodian: Access, minimums, available products, customer support, digital experiences, automation, cost and customer experience.

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Portfolio management software

Portfolio management software helps financial advisors manage client portfolios efficiently and accurately. This software makes it possible to monitor investments, analyze risks and track performance in real time. Most management software also generates performance reports. This is an important tool to show clients how their portfolios are performing over time. With this tool, advisors can discuss goals and needs with their clients over the course of the relationship.

CRM and client portals

A CRM system is important to keep track of clients and their progress. Such a system makes it possible to store all customer information centrally and make it accessible at any time, which significantly improves the quality of advice. Through the CRM tool, the advisor can track customer interactions, preferences and historical data to provide tailored and personalized advice.

Client portal software allows clients to access their accounts, transfer funds and view their holdings and costs. Software varies in terms of technology and capabilities.

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Compliance and document retention/archiving

Every financial advisor must adhere to legal and regulatory requirements. This includes various areas such as data protection, anti-money laundering and financial reporting. One important aspect is compliance with anti-money laundering (AML) guidelines, whereby financial advisors must ensure that they know their customers (Know Your Customer, KYC) in order to recognize and prevent suspicious activities.

Data protection is another key 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 to efficiently fulfill these and other regulatory requirements. Such tools offer monitoring systems that identify potential risks and sound the alarm when suspicious activities are detected. They also enable seamless documentation and reporting.

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At Everon

At Everon, we strive to make independent financial advice more efficient. We have combined many of the technologies listed here into one platform. On one intuitive, integrated platform, advisors can open accounts, manage portfolios and generate reports at a fraction of today’s ever-increasing technology costs. We can help you streamline operations, reduce overhead costs and improve the client experience. To schedule an appointment, contact us.