ReportWa - Reporting Automated

  With 2020 completely being altered due to the pandemic, people are relying more now on technology. Financial advisors have navigated using tools such as Zoom and Docusign. However, it’s important to have technology in place ready to go, regardless if there’s a pandemic or not. Client reporting is critical from a customer service standpoint, as well as regulatory. Various notices must be disclosed at certain times. From a portfolio perspective, your clients likely want to view their holdings and performance whenever they want. Having all this information within a database is critical in remaining competitive.   Client Relationship   First, having a strong online presence can help build the client relationship. 30 years ago people would have to call or wait for their statement. Now, clients can simply wake up in the morning and log on, seeing their accounts. This gives your clients the peace of mind that their assets are secure, and they can monitor anything in real-time....

Smaller RIA firms are underutilizing reporting software. This could be a measure to save costs or simply maintain an old way of thinking. As your firm continues to grow and scale, you’ll need to look at implementing a portfolio performance reporting software that’s robust and can grow with you. Also, it needs to integrate well with existing software and limit the time needed to transition. There are several different areas within your business that will be impacted, and this article will dive into that. Know that as we continue to evolve with financial technology, so will your firm. Client Reporting This is one of the most important aspects of reporting that you’ll face. Your clients will require several different reports or maybe request a custom report. The reports can vary from account information, asset breakdowns, and purchase history. Having your client’s information be readily available can take time if you do it manually. However, by implementing ...

A modern RIA client portal is a secured website which allows your clients to access financial management tools and services, including but not limited to: their personal financial information, updates regarding their financial accounts, and their client information as it pertains to your work as their RIA. Client portals can also be used to share data with other professionals who are performing a service for the client, including attorneys and personal accountants. If you aren’t yet taking advantage of client portals, take a look at these 3 reasons why you should be making the shift to an RIA client portal as soon as possible. &nbsp #1: Client portals streamline client services in an easy-to-read location &nbsp Modern clients expect to be able to access their financial information and available services with the utmost convenience, and shifting to an RIA client portal is the best way to fulfill that expectation. Clients will be able to see overviews of their finances...

In the most certain terms, performance reports are the most important service that RIAs can offer their clientele. RIA performance reporting is what separates RIA services from bots and algorithms that can be purchased for far less than a qualified RIA. It is therefore essential that RIA performance reporting manages to satisfy and entice clients into continuing to use RIA services. The following are 3 ways that you can make your performance reports more essential, beneficial and ultimately more enticing for your current clientele. Integrate financial progress into performance reports Performance reports should not be all about financial returns. Financial returns are short-term measurements that may be visually appealing when laid out precisely on a report page, but they are often next to useless for clients who are using RIA services to meet more specific financial needs. Your RIA performance reporting should contain clear information about the financial progress of the cli...