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9/23/2014 Tech employed as client service
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Tech employed as clientTech employed as clientserviceserviceSep 14, 2014 @ 12:01 amBy Liz Skinner
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Technology innovation often is driven byefficiency goals, but Financial Plan Inc.'sfocus on improving its tech has always beenabout client service.
From left to right: Financial Plan Inc.'s chief investment officer DevinWolf, David Dick, an adviser and partner, and Nathan Twining, co-chieftechnology officer.
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When the Bellingham, Wash.-based registeredinvestment adviser left LPL in March 2012, itsleaders decided to pull together the besttechnologies in a way that would benefitclients.
“We wanted to pick and choose what we knewworked best and what we knew would serveclients best,” said David Dick, an adviser andpartner.
Unsatisfied with what could be bought, thefirm switched its customer relationshipmanagement system and even built its ownfinancial planning software. It took more timeand money to create the software, butFinancial Plan's leaders couldn't find one thatwould be as good as what they had in mind.
“We're not looking to put our financial planson autopilot,” said Nathan Twining, whoshares the chief technology role with Mr. Dick.“We wanted technology to enhance our ability
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to create comprehensive financial plans.”
TECH "INNOVATOR'
For its efforts, Financial Plan won anInvestmentNews Best Practices award as atechnology “innovator” last year. It rankedamong the best of 317 advisory firms examinedin the 2013 InvestmentNewsAdviserTechnology Study.
The firm, started by Nathan Twining's father,James, in 1996, prides itself on its custom-developed financial plans based on aninvestment philosophy that controls for risk,keeps taxes in mind and doesn't pay for activeinvestment management.
In its quest to pick the best systems for itscustomers, the firm has integrated into itsoperations the TD enterprise version ofSalesforce as its CRM and MorningstarOffice for portfolio management tasks. It usesthe VEO trading platform of TD Ameritrade,where it holds assets in custody, Mr. Dick said.
Integration of the systems is challenging, butvendors are in-creasingly working to make thishappen, Nathan Twining said.
“For us, efficiency is extremely important, butwhat's good for the client has always been thetop motivator,” said chief investment officer
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What do you think?
Devin Wolf.
The firm also uses video conferencing to talkwith many clients, some of whom never meetwith their advisers face-to-face. FinancialPlan's four advisers work with about 400households in 19 states.
Since 2012, Financial Plan also has made aclient portal available that shows holdings andperformance reports, and has a vault functionthat allows clients to securely store documents,such as a will and other estate planninginformation, copies of insurance policies andpassports, etc.
“The portal has become a huge success withthe clients,” Mr. Dick said.
In one case, a client's passport was stolenwhile she was in Paris. From the client portal,she was able to print a copy of it to bring to theauthorities as documentation.
“That's what I mean about technology thathelps clients,” Mr. Dick said.
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