Beyond the Office: Must-Have Software for Financial Planning Advisors Working Remotely
There are few things that bring more joy to a person’s profession than having freedom and flexibility to work when and where it best suits their lifestyle.
Having the right software is essential to making this a reality, particularly for the financial planning profession.
- While remote work became significantly more common during the COVID-19 pandemic, research shows it’s a concept that is here to stay.
- Having the right software tools to be able to work anywhere is a high priority for most professionals.
- Make sure to do your research and find software solutions that allow remote work to be possible and keep your efficiency and effectiveness high.
- The Nomadic Lifestyle: Why Remote Work is Here to Stay
- Tool 1: Client Relationship Management (CRM) Software
- Tool 2: Financial Planning and Analysis (FP&A) Software
- Tool 3: Estate and Tax Planning Software
- Tool 4: Communication and Collaboration Tools
- Tool 5: Document Management Systems
- Remote Work is Possible with Holistiplan
The growing trend of remote work has transformed many industries, and financial planning is no exception. As more financial planning advisors take advantage of this opportunity, the need for effective software tools has become paramount.
Good financial planning software that’s designed for remote work can empower a financial advisor to maintain productivity, stay connected with clients and colleagues, and efficiently manage tasks no matter where the location.
Investing your time and resources into the right software will allow you to expand the possibilities of where you work…while expanding your freedom and flexibility as well.
The Nomadic Lifestyle: Why Remote Work is Here to Stay
During the COVID-19 pandemic, remote jobs surged and became the norm rather than the exception for many months.
And while the health concerns surrounding the pandemic have begun to lessen, many employers still offer work-from-anywhere options to their employees for a number of reasons.
Increased Productivity:
Many employees have proven they can be just as, if not more, productive working remotely. This boost in productivity can be attributed to fewer office distractions and the flexibility to work during peak personal productivity hours.
Cost Savings:
Employers save on overhead costs associated with maintaining office spaces. These savings can be redirected towards other important business areas like technology upgrades or employee development programs.
Work-Life Balance:
Offering remote work options helps employees achieve a better work-life balance, leading to higher job satisfaction. This balance can reduce burnout and improve mental health, fostering a more positive work environment.
Talent Attraction and Retention:
Companies can attract and retain top talent by offering flexible work arrangements. This flexibility is often a deciding factor for job seekers and can increase employee loyalty and reduce turnover rates.
Environmental Impact:
Remote work reduces the need for commuting, leading to lower carbon emissions. This reduction contributes to a more sustainable future and aligns with corporate social responsibility goals.
Business Continuity:
Remote work capabilities enhance a company’s ability to continue operations during emergencies or disruptions. This resilience is crucial in maintaining service delivery and meeting client needs under unforeseen circumstances.
Being able to work in any location — and even at nontraditional hours — has given many professionals the ability to create a work environment that aligns with their own personal needs and values.
Whether it’s working from your car, working from your couch, or even working from a different part of the country, having the tools needed to support this flexibility is essential.
With the right financial planning tools and technology, financial advisors can seamlessly transition from one location to another, ensuring they remain productive and connected regardless of where they are.
Efficiency Meets Value in Financial Planning
Holistiplan bridges the gap between speed and quality, helping advisors like you deliver greater value to every client
Tool 1: Client Relationship Management (CRM) Software
Maintaining strong client relationships is crucial for financial planning advisors, especially when working remotely.
Remote work can also offer numerous advantages to the relationship between a financial advisor and their clients.
Not only does remote work allow you to meet at flexible times, but it also means you can often provide financial services to a wider range of clients in a wider range of areas than just your local community.
A robust CRM system will help you manage your client’s information, keep track of your interactions, and streamline communication, ensuring that nothing falls through the cracks.
When choosing a CRM system for remote work, consider features such as:
Cloud-Based Access: This is crucial for remote work, as it allows you to access client data from anywhere, at any time. Whether you’re working from home, a café, or on the go, you can maintain seamless connectivity to your client information, ensuring you’re always prepared to provide timely and informed advice.
Automated Follow-Ups: Ensuring timely communication with clients is essential, and automated follow-ups can help. This feature allows you to set reminders and schedules for reaching out to clients, ensuring that no important interactions slip through the cracks.
Integration with Other Tools: A CRM system that seamlessly connects with other financial planning software can greatly enhance your workflow efficiency. Look for systems that integrate with your financial planning and analysis tools, document management systems, and portfolio management software.
Customizable Dashboards: Having a clear and personalized overview of client information and key metrics is essential for effective remote work. Customizable dashboards allow you to organize and prioritize the data that matters most to you. You can quickly see client account statuses, upcoming tasks, performance metrics, and other important information, all in one easily accessible view.
Tool 2: Financial Planning and Analysis (FP&A) Software
FP&A wealth management software plays a vital role in financial planning by providing tools for cash flow management, investment analysis, and scenario planning.
Financial planning and analysis software is the cornerstone of every client’s financial plan. It is integral in creating, monitoring, and adjusting financial strategies tailored to each client’s unique financial goals and circumstances.
Here are some of the most essential features of a good FP&A software package:
Cash Flow Management:
This feature allows financial planners to meticulously track and project both income and expenses in their client portfolios. By providing a clear view of cash inflows and outflows, cash flow management helps advisors manage liquidity, plan for upcoming expenses, and ensure their clients have adequate funds available when needed.
Investment Strategies and Analysis:
Being able to analyze and optimize a client’s investment accounts is crucial for maximizing returns while managing risk. A good FP&A software package will offer tools to evaluate the performance of different assets, assess portfolio diversification, and identify opportunities for improvement. It should provide insights into market trends and enable advisors to make informed decisions about buying, selling, or holding investments.
Scenario Planning:
Evaluating different financial scenarios helps advisors and clients anticipate and prepare for various possible futures. This feature allows the modeling of “what-if” scenarios, such as changes in market conditions, variations in income, or significant life events like retirement or purchasing a home. By simulating these scenarios, advisors can develop strategies that mitigate risks and take advantage of potential opportunities.
Tool 3: Estate and Tax Planning Software
For an advisor who is working remotely, having a robust estate and tax planning software system will help streamline the complexities of managing clients’ estates and tax affairs.
This software is particularly key for remote workers thanks to the myriad of visual aids it provides. Being able to show a client complex financial information in a clear and visual format is invaluable for remote advisors.
Visual aids such as charts, graphs, and interactive models help clients understand their financial standing, projected outcomes, and the potential impact of different strategies. This not only enhances communication but also builds trust and confidence in the advisor’s recommendations.
When considering estate and tax planning software, think about the following:
Tax Planning Scenario Analysis:
Evaluate multiple scenarios to understand the impact of various financial decisions, such as Roth conversions, tax-efficient withdrawals, and charitable giving, on a client’s tax situation.
Donor-Advised Fund Reports:
Generate detailed reports on the benefits and mechanics of donor-advised funds, highlighting how they can provide additional tax advantages while supporting philanthropic goals.
Compliance Tracking:
Look for software that will allow your firm to upload your own disclosure and help guide you to relevant planning opportunities.
End-of-Year Tax Reporting:
Provide your clients with comprehensive, easy-to-understand end-of-year tax reports. These reports help clients comprehend their tax situation and work collaboratively with you on decisions like Roth conversions, donor-advised funds, and other end-of-year financial strategies.
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Tool 4: Communication and Collaboration Tools
Effective communication is essential for a remote financial planner.
Tools that facilitate seamless communication help ensure that you are able to stay connected, collaborate effectively, maintain productivity, and keep your client engagement high.
When researching the right communication and collaboration tools for your remote work, consider the following:
Video Conferencing:
This tool is essential for enabling face-to-face meetings with clients and team members, no matter where you are. It bridges the gap created by physical distance and helps maintain personal connections. High-quality video conferencing software offers features like screen sharing, virtual backgrounds, and recording capabilities.
Instant Messaging:
Instant messaging facilitates quick and easy communication within your team and with clients. This tool is perfect for sharing updates, asking quick questions, and collaborating in real time without the formality of emails.
Collaborative Workspaces:
These platforms allow team members to work together on documents and projects in real time, which is crucial for maintaining productivity and cohesion in a remote work environment. Collaborative workspaces offer features like shared document editing, project management boards, and integrated calendars.
Tool 5: Document Management Systems
Managing documents securely and efficiently is critical for financial planning advisors working remotely.
A reliable document management system ensures that sensitive information is protected and easily accessible.
Some key features of a remote-friendly document management system should include:
Cloud Storage:
This feature is essential for any remote-friendly document management system. Cloud storage allows you to access documents from anywhere, at any time, provided you have an internet connection. This accessibility means you can work on or retrieve documents whether you’re at home, in a café, or traveling.
Encryption:
Ensuring data security is paramount, especially when dealing with sensitive financial information. Encryption helps protect your documents from unauthorized access by converting information into code that can only be deciphered by someone with the appropriate key.
Easy Sharing:
For remote work, being able to share documents quickly and securely through a client portal is crucial. A robust document management system will allow you to share files with clients and team members effortlessly. Features like secure links, permission settings, and access controls ensure that only authorized individuals can view or edit the documents.
Remote Work is Possible with Holistiplan
As with many professionals, financial planners have embraced the possibilities that remote work provides them, thanks in large part to the advances in software that have happened in the past few decades.
From teleconferencing capabilities to shareable spreadsheets, the tools available today have revolutionized the way advisors connect with clients and manage their tasks.
Holistiplan strives to be one of those revolutionary tools.
The concept of Holistiplan began as an idea between two financial planners who wanted to find ways to streamline and standardize the delivery of financial planning services to clients.
Building on these experiences, they crafted Holistiplan to achieve what were once seen as conflicting objectives: speed up the financial planning process for advisors while simultaneously enhancing the value provided to each client.
Today, Holistiplan is used by over 7,000 financial institutions to help their clients with the tax and estate planning needs that a robust financial plan requires.
Whether you choose to work in an office, from your home, or even a remote vacation spot, Holistiplan is your go-to solution for comprehensive tax and estate planning.
Embrace the future of holistic financial planning with Holistiplan — your ultimate partner in success, wherever you choose to work.
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