With the new technology we implemented last year, we have been able to offer clients a portal to log into their accounts to run various detailed reports on their portfolios. We believe this has been a great success.
Previously, detailed performance reporting was only available during meetings with us. Now, you can run your own reports every day if you want to (not that we encourage it).
Since the launch in November, we have received generally positive feedback, and the number of clients activating their portals has exceeded our expectations. There have also been a few less supportive opinions, and we realize that not everyone finds it intuitive to navigate through the various menus.
This is a tool that is there for those who want to dig a little deeper and get more robust reporting, but the old tools (such as our quarterly reports and the ability to log into the custodians’ web sites) will continue. And, as always, you can call us with any questions or reporting request any time.
However, we feel the portal takes our ability to provide client service to a new level. The custodial web sites only provide balance and position data, but not performance reporting. You now have the ability to run your own performance reports for any time period, and to drill down to asset class-level and even fund-level performance.
While it isn’t for everyone, the portal platform we use was awarded “Best Portal Solution” at the Wealth Management Industry Awards held recently in NYC. This honor for outstanding achievement in the industry is awarded by a panel of eleven independent judges who scored nearly 500 initiatives from more than 300 companies. So, we think we made a good choice.
We have also tried to make the portal more user friendly by creating our own user manual. Our resident technology expert, Craig Julien, wrote a very lengthy user manual with lots of pictures and screenshots. We realize this isn’t exactly bedtime reading, but it should prove a handy reference if you have specific questions about the portal. You can also call Craig directly if you’d rather get answers from a human.
In addition to the reporting features, some clients are also using the portal’s Document Vault to securely send and receive account documents that contain personal data. The vault can also be used to upload items such as estate documents, powers of attorney, health care proxies, tax returns, and anything else you would like to store in one place. Some will see this as a convenience, and some may be scared about putting these documents on line. The tool is there to use if you want it.
This is just the starting point. We are actively working on enhancements, including a soon-to-be released mobile app. This will allow you to view your portfolio and performance reports while on the go. Technology use is increasing in our industry, and all others. We’ll continue to use it to enhance the client experience, and to improve our abilities and efficiencies.
We’re always open to feedback (positive or negative), so let us know what you think about what we currently offer, and what you would like to see in the future.
To Download the complete 2017 Q4 Newsletter please click below.