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Technology Tools for Today's High-Margin Practice: How Client-Centered Financial Advisors Can Cut Paperwork, Overhead, and Wasted Hours Hardcover – January 29, 2013
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From the Inside Flap
How to transform and streamline your practice and achieve bold new levels of efficiency, service, and profitability
Sick and tired of spending more time wrangling paperwork and managing your office than serving clients? Is overhead eating up your profit margins? Don't sweat it: This book has the answers to your problems.
This much anticipated update of the book that has become the financial advisor's technology bible delivers the technologies, workarounds, and procedural efficiencies you need to drastically reduce your paperwork, slash your overhead, and find anything you need in secondswhile growing your business, building your brand, and boosting your profits.
Featuring contributions from an all-star team of experts that's a virtual "Who's Who of Technology for Financial Advisors", this book gives you what you need to know to take your practice to a bold new level of professionalism and efficiency. You'll find:
- Non-biased, in-depth reviews of all the CRM systems on the market, with guidance on choosing the ideal one for your practice
- The latest in financial planning and portfolio management software and how to choose the best programs for your clients and grow your business
- Guidelines for seamlessly integrating your software systems for greater efficiency, lower costs, and bigger profits
- The lowdown on The Cloud, how it's revolutionizing the financial planning industry, and how switching to a cloud-based IT infrastructure can save you big bucks
- Guidance on how to use the Web and social media to grow your business, with tips on how to manage your online presence
- A road map for making the transition from a brick-and-mortar to a digital firmwith expert advice on how to build and manage a virtual staff
- Proven methods for accurately calculating the return on your technology investments, along with solid budgeting tips
In today's shaky economic environment, the rule for financial advisors is "evolve or perish." Arming you with cutting-edge strategies and tools for evolving your practice and dramatically increasing your efficiency, customer service, and profitability, Technology Tools for Today's High-Margin Practice holds the key to your professional survival.
From the Back Cover
Praise for Technology Tools for Today's High-Margin Practice
"Drucker and Bruckenstein have brought together the industry's top tech minds to create a road map for advisors looking to achieve scale and profitability through better use of technology. Dave and Joel have the exceptional ability to see the 'bigger picture' and provide a fresh perspective on how advisors can maximize their technology investments."
Tom Nally, President, TD Ameritrade Institutional Board of Trustees, Foundation for Financial Planning
"Backed by their years of experience, David Drucker, Joel Bruckenstein 'and friends' share their valuable hard-learned lessons and unique insights in this great book for financial advisors who want to use proven technology solutions for doing well by their clients so that they, as advisors, do exceptionally well. This book is an excellent resource for any advisor focused on running an efficient and profitable business."
John J. Bowen, founder and CEO, CEG Worldwide, LLC; columnist, Financial Planning magazine
"Technology Tools is an invaluable addition to your practice. Buy it! Read it! Implement it! Profit!!"
Harold Evensky, CFP®, AIF®, President, Evensky & Katz Wealth Management
"Like many others, for years I have relied upon Dave and Joel for timely, relevant and practical advice on the ever-changing world of useful technology for financial planners. The 2013 edition of Virtual-Office Tools for a High-Margin Practice delivers like no other before it by assembling the perspectives of several experts. I became more productive almost instantly just from reading Bill Winterberg's chapter on collaboration tools. Any practitioner contemplating their next technology choices would be well served by getting a copy of this book."
Dan Moisand, CFP®, Principal and Senior Financial Advisor, Moisand Fitzgerald Tamayo, LLC and former Chairman, Financial Planning Association (FPA)
"Technology Tools for Today's High-Margin Practice is an excellent reference book for any firm looking to improve its operations and margins. David and Joel have assembled some of the most knowledgeable people in our industry on a broad range of technology and operational topics. The format of the book is easy to read and the coverage of each topic is extensive. This book is a must-have reference for firms of all sizes."
Charles Goldman, CFP®, cofounder, Advizent; board member, CFP® Board of Standards; board member, Personal Capital
Top customer reviews
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The challenge with writing a book on technology is that much of the advice may be outdated by the time that the book is ready for sale. In my opinion, this is why much of their advice is delivered through seminars and through a monthly e-newsletter format. What this book does is offer a survey course on issues and areas of concern for those who are not already familiar with their work and who want to get a ground level survey of what is out there and what needs to be considered. This book would be especially beneficial to those who are newer to running their own practice or have not invested much in technology over the last few years and are due for an upgrade and update.
This book differs a bit from what I had expected which was a detailed analysis of what programs to consider and why. Instead, as explained by Dave in the preface, and summarized by Joel in the epilogue, they reached out to their FOPs (friends of planners) to have specialists in different areas write about what they know well. Given this format, almost a "seminar in a book", it allows the reader to pick and choose what subject interests them. Just like conference presentations though, the quality of each chapter varies significantly. Some were excellent and some left me wondering what was the point of this chapter? And, as one would expect, the authors of the chapters sometimes presented their viewpoint with a bias towards their selected resources. Some widely used products were given less coverage than some less robust applications, but all in all, Dave and Joel did a decent job of attempting to provide information, not sales pitches.
For disclosure, our firm is a leading edge technology user. I am a tech geek who likes being a financial planner more than I like being a techie. If you are already familiar with Dave and Joel's work, then you probably do not need to add this book to your reading stack. On the other hand, if you just want to learn more about different areas, like the cloud, and social media, and where tech for planners has been and is likely to go, then this is a solid addition to your reference library. But, do yourself a favor. Make sure that you buy the book AND read it soon, otherwise you will have additional catching up research to do.
The updated book does an excellent job of both reiterating the wisdom of the first book, while also including new technologies and relevant topics that have arisen since the time the first edition was published. The format of the book is user-friendly: Each chapter of the book is dedicated to a different type of technology or an important technology-related topic. Within each chapter, the authors outline why a decision is important, what factors to consider when making a decision, and several products or solutions. The book focuses strongly on what factors you must consider when making a decision and emphasizes that there is not one best solution for everyone. “One size does not fit all” and the authors do an excellent job of addressing this issue.
Overall, this is a great read and one that I highly recommend to anyone who is considering opening up their own financial planning / advising firm or improving on the technology they use. It offers excellent insights into the tools that are available for today’s financial advisors and provides a comprehensive roadmap to utilizing them.