Dave Nelson

RIA Operators

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RIA Operators

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5 contributions to RIA Operators

Dave Nelson

Mar '23 in

AdvisorTech

Form Filling Software

Laser App. Has anyone had experience with Laser App or know of a better form filling service that integrates in Redtail? We are looking to find an easy way to customize our PDFs. TIA for suggestions.

New comment Mar '23

Kam Bonn

Feb '23 in

Questions

RMDs in Redtail

Does anyone have an efficient system to track & manage RMDs (through Redtail or otherwise)? I have seen several methods using contact & account UDFs, but find that I'm still also using a trusty Excel spreadsheet to keep all of the intricacies straight. Would love a system that could also be easily accessed & understood by the rest of the office when clients call with RMD questions. Thanks!

New comment Mar '23

Dave Nelson

1 like • Feb '23

@Jason Hurwitz Correct, we'd look through notes for prior year info. And, like other offices, we have a spreadsheet from the various platforms with RMD info used to initially input it into the UDFs. If there's an automated way to do this, I'd love to hear about it.

Dave Nelson

2 likes • Mar '23

@Julia Long moreover, We've improved our process by uploading RMD amounts for our Schwab clients into the UDFs. All in one easy swoop. Next, we plan to enhance the system by adding YTD distributions on a quarterly/semi-annual basis and other relevant information available for download from Schwab in spreadsheet format.

Kate Guillen

Feb '23 in

Questions

Workflow Collaboration

In my experience, anything (client servicing or operational) that is repeatable is "workflowable." A workflow is just a standard operating procedure. Therefore anything we do more than once should be documented and stored (preferably in a centralized database) to reduce reinventing the wheel the next time we are asked to perform that responsibility. I have had great success documenting SOPs in a workflow format within my CRM tool. For those of you who use workflows, what are some of the workflows you use regularly? Then, what are some of the workflows you don't have that you wish you had to be even more efficient?

New comment Mar '23

Dave Nelson

1 like • Feb '23

@Kate Guillen Thanks for the suggestions. I've leaned on the content from Simplicity Ops to help expedite the workflow process. It's been extremely useful.

Dave Nelson

0 likes • Feb '23

@Kelly Allan do you use the same one found on the Simplicity Ops website or somewhere else?

Joe Moss

Feb '23 in

AdvisorTech

What CRMs do Advisors use? And what are the alternatives to Redtail/Wealthbox?

A lot of advisors are frustrated with Redtail, if you've seen some of the posts in the Google forum recently - many are considering leaving - but what are the options? First, I want to review 3 AdvisorTech surveys and the market leaders in each (I'll list the top five here and then include the full results attached). Kitces 2021 CRM Survey (Attached): - Redtail - 32.9% - Wealthbox - 22.7% - Salesforce - 13.3% - Other - 8.9% - Junxure - 6.1% T3/Inside Information 2022 CRM Survey (Attached): - Redtail - 58.84% - Wealthbox - 9.05% - Tamarac CRM - 4.98% - Salesforce Financial Services Cloud - 4.63% - Advyzon - 4.25% RIA in a Box 2022 CRM Survey (Top 3): - Redtail - 45% - Wealthbox - 16% - Salesforce - 11% Pretty much across all three surveys, Redtail is the market leader, Wealthbox is in 2nd, and Salesforce or some combination of Salesforce and related Overlays are 3rd. Where do you stand?

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New comment Jun '23

What CRMs do Advisors use? And what are the alternatives to Redtail/Wealthbox?

Dave Nelson

1 like • Feb '23

I've never came across anything better than Redtail. I haven't checked the google forum in a while so I'm not sure what the buzz is. RT customer service is sub par so I pray I don't need to call them. If there was a RT-like product out there that can do all it does and more, I'd be interested.