Advisors can automate their services in a variety of ways to save time, increase efficiency and hopefully provide better service to clients.

Kasia Marczyk, a CFP and the president and chief executive of Anchor Wealth Management Group in West Palm Beach, Florida, says that she has automated her practice in seven or eight different ways.

That includes eMoney wealth planning software.

“I use it to collaborate with my clients,” Marczyk says.

They particularly like The Vault service, which stores files, she says.

“They can upload documents to me, and I can upload documents to them,” Marczyk says.

“They can also upload private documents and use it as an online safety deposit box,” she says. “They can even access it with an app on a phone.”

Clients can see all their accounts, whether of the 401(k) variety or ones that Marczyk manages. Clients can monitor their net worth, budgets and expenses.

“It’s a good way for clients to track their needs,” Marczyk says.

Bottom line: “eMoney allows you to review everything in one place,” she says.

Marczyk also uses RedTail Technology’s customer relationship management software.

“All of our client information is there,” she says.

“It integrates with eMoney. We can go back and forth,” Marczyk says.

She puts annual reviews there and even a client birthday list.

“It’s almost like an office in itself,” Marczyk says.

At Bloom Asset Management in Farmington Hills, Michigan, one of the major automation moves is for portfolio rebalancing.

“We have a system in place that allows us to rebalance a number of portfolios,” says Jack Riashi, a CFP and advisor at the firm. “We do this regularly.”

To be sure, there is a human element to rebalancing as well.

“We don’t just put it on autopilot,” Riashi says. “There is some customization, but the system helps with efficiency.”

Fewer people are now needed for portfolio reviews.

“It’s such a time saver,” Riashi says.

Both Anchor Wealth Management and Bloom Asset Management are reluctant to use robo-advisors for portfolio management.

“We like human contact,” Riashi says.

Bloom Asset Management is looking at CRM software that would expedite account openings, account transfers and work flow for the firm’s staff, but it hasn’t pulled the trigger yet, he says.

The firm’s clients are typically in their late 50s and have mixed views about new technology, Riashi says.

“Some clients are apprehensive about going online to access their portfolio and other reports. Systems look secure, but you can’t be sure, as the Equifax crisis showed,” Riashi says.

Still, overall, “the trend is more about embracing technology,” he says.

This story is part of a 30-30 series on savvy ideas on modernizing your practice.

Dan Weil

Dan Weil’s work has appeared in The New York Times, The Wall Street Journal, Bloomberg, Institutional Investor and Tennis magazine.