Tax time is upon us again!
As I gather receipts, bank statements and investment reports for my accountant, I reflect on the plethora of niche programs and apps used by financial advisers and accountants today. Each is designed to make these processes easier and save time. However, I can’t help but wonder if we haven’t quite reached the technological Goldilocks era. We still seemed to be trapped either at too little or too much.
Instead of the efficient management systems promised, each demands more of our time than it repays, delivering just some of the information we need, but not enough to supersede the others. Shiny new niche functionality is valuable but adds to the growing list of apps and software that make up your tech suite. Not to mention that each demands a separate log in with a unique password for maximum security!
What better time to review the data we need to prepare each client’s financial position?
Tax time. What do you need?
So, what do we need to prepare? And where do we get it?
- Portfolio report, CGT report, transaction history? Right, we’ll find that on the investment platform.
- Insurance Policy details? No worries. Let’s check the insurance platform. Tick.
- Better review and compare the products and investments. Let’s run that through the comparison and financial tools.
- Before that, let’s pull out the last review document to see what was recommended, goals, objectives and current employment details. The CRM should be furnished with that information.
- Let’s check that everything is up to date, and nothing has been overlooked.
- Finally, when we have all that, we’ll generate and send out the review letter and appointment request. Outlook and Word.
So far, we have logged into 5 different solutions to collate information for one client!
If we also consider their tax position, we may need to liaise with their accountant. So, let’s add your email account and maybe Skype.
Sound familiar? All in all, we can find ourselves drowning in technology to keep the data we need at your fingertips.
Our communication highway in overdrive.
So, the big question. Why so many platforms and applications?
Investment platforms don’t see their niche market in CRMs or the advice world.
Insurance providers are already stuck in a web of platforms to manage without offering much more.
CRMs are great for recording and storing details. However, unless everything integrates with real time data feeds, we can’t be certain the information is current and reliable. Without currency, we can’t plan and advise in our clients’ best interests.
One platform integrating every niche function
How much easier life would be, and how much time could be saved, if one technology brought all these key functions together?
- Collect, record and manage investment data.
- Record client details that the client can access, review and update as required, minimising the risk of out of date data.
- Generate reports with covering letters and call to action requests.
- Include a robust CRM that seamlessly sends out emails, SMS, and documents in bulk, without the need to log into five different applications.
- Provide insurance advice without the need to contact the insurance provider.
- Create and send all documents.
- Request a virtual appointment
It can be done. Navigating between different providers, CRMs and document storage solutions to provide advice to your clients is no longer necessary.
Today’s technology allows us to highlight specific areas of concern that we wish our clients to focus on, thereby minimising the information clutter.
We can pair a reverse fact find with a PV, list of objectives and current insurance policies with a call to action of next steps and review appointment. All within one system.
If our clients are time poor, we can jump online with them or bundle the details into a single review document.
If you haven’t reviewed the technology available today, tax time is a perfect catalyst. When reviewing your options, consider what functions you use, when you use it and how flexible it is.
Getting the right amount of information at the right time will ease the tax time burden and simplify practice management. It will also identify you as a proactive adviser, keen to help clients reach their financial goals.
To learn how to use CCUBE to reduce the burden of technology, why not book a demonstration ? Click here.