Advisors: How to Choose Technology

There is an abundance of technology available for financial planners and their practices. This hasn’t always been the case, but now the selections are almost endless.

When I set up my solo practice, I wanted it to be as tech-forward as I could make it. Now I am a few months in, I've learned that there are some software programs that I can’t live without and others I am evaluating to decide whether to stand pat when my renewal comes up.

One, for instance, is PreciseFP -- data collection software that helps in the preparation of a financial plan. As it integrates with my financial planning software, I will be keeping this software for the foreseeable future.

There are some programs that I didn’t know I needed and will never be without again. Securi.net is an online website monitoring program that cleans up malware and viruses from your site before you even know they’re there. I wish I'd had this before I got hacked and malware was placed throughout my site a couple of weeks ago. Not only did Google dump me like I was yesterday’s news, but it warned visitors that my site was infected. (The resulting barrage of messages I received was overwhelming.) Now my site is clean, constantly monitored and I don’t have to worry.

Another decision to make: I use Blueleaf for account aggregation, but I don’t think I have the client volume to use it at its fullest capability. I love the software and all the benefits it provides (both to me and to my clients), but I still have to evaluate whether to renew this program in 2014. I'd love to come back in the future, when my practice is larger, but for now I think I could use the renewal dollars more effectively elsewhere.

Read more:

• How Cloud Computing Helps Advisors
• What’s Your Technology Backup Plan?
• Tech Challenge: How to Handle CRM Training