Gary Bonner, COO of tru Independence, recommends advisors make portfolio management software the hub of the firm’s technology stack. Popular tools from Orion, BlackDiamond, Tamarac and Addepar offer core functions like billing, trading, rebalancing and performance reporting, and can integrate other tools like CRM, financial planning, investment research and a client portal like spokes on a wheel.
Bonner also recommends advisors use account aggregation technology to pull in held away accounts and give clients a holistic view of their holdings, which he calls the “holy grail” for advisors.
“I think part of what they need to look at is what the end client is going to expect: Static reports or dynamic reporting?” Bonner says. “Performance reporting where clients can manipulate the data within a portal is significant, but some portals are nothing more than a site where [the advisor is] posting a PDF.”