Archive for December, 2011
Provide Clients TD Ameritrade Account Balances, Holdings, And Transactions From Your Website Instead Of TDAI’s
The TD Ameritrade-AdvisorVault integration is live. RIAs can now provide clients reports generated in TD Ameritrade Institutional’s (TDAI) Veo platform via their own websites. Using AdvisorVault, the TDAI account look-up becomes an opportunity to communicate with clients when they check balances is good for clients and you. Here’s why.
The TDAI reports from VEO, which are updated daily, can be branded by an RIA.
Until now, RIAs using TDAI as a custodian could not brand Veo reports, which feature the TDAI’s branding. The client experience in AdvisorVault is totally different.
Your clients are going to your website — not to TDAI’s — to check their Account Balances, Holdings, and Transactions.
It’s under your brand, of course. More important, however, is that when client check account values, they see all the other posts to their vaults — financial plans, wills, trusts, medical emergency details, LPOAs, newsletters, correspondence with other professionals, and more — alongside TDAI account data.
The TDAI account statement is one just piece of the client view in AdvisorVault. The folders and documents show clients what you’ve done for them lately and remind them of their long-term goals. That’s a much different presentation than what’s currently available.
For example, after a sharp downturn you can post a newsletter article about the history of stock market volatility to all your client vaults. Next time clients log in to AdvisorVault to check their TDAI accounts, the first thing they see is a link to the unread newsletter article about volatility.
You can view a report showing who logged in and what they viewed. When you notice a client is checking his account frequently, you can call to see if all is well.
Clients can access their account balances online now anytime by going directly to TDAI’s website or using TDAI’s advisor-client website, but presenting TDAI account data through AdvisorVault better supports RIAs and, most importantly, their clients.
The fact that you can monitor client log-ins is disclosed to clients in the default user agreement clients must accept to log in to AdvisorVault for the first time. As long as you’re helping clients stick to a long-term plan that you genuinely believe is in their best interest, and you make the prop[er disclosures, using log-in report is ethical and professional, and helping clients stick to a long-term plan is easier with AdvisorVault.
Embrace transparency and view the times that clients check their balances as opportunities to educate, communicate, and build client relationships.
For now, you can add the TDAI interface to any existing AdvisorVault for free by emailing email@example.com. Use subject line: “Add TDAI To My AdvisorVault.”
Fritz Meyer’s research is already very popular with investment advisors, but it’s about to become even more popular: We’ve slashed the price from $50 to $25 a month if you sign up for a one-year subscription.
Meyer’s research is updated monthly in a 70-slide PowerPoint. The content is well suited to investment advisors utilizing strategic asset allocation and broad diversification and who would benefit from continually educating, assuring, and reminding clients taking a long-term perspective on investing.
Every month, Meyer produces a presentation examining fundamentals driving investment markets. Hundreds of independent financial advisors view his monthly webinars and give Meyer rave reviews. The webinar is free.
If you purchase the slides makes after attending Meyer’s webinar and hearing his latest comments on the economy, it’s easy for you to create your own content using Fritz’s slides.
You can use any of Meyer’s slides in your client meetings, webinars, seminars, blog posts, or newsletters.
Leveraging Fritz Meyer’s research makes it far easier for financial advisors to generate a personal social media content stream that is based on economic facts and analysis and framed by a long-term perspective.
In addition to distributing Fritz Meyer’s slide shows, Advisor Products embeds Meyer’s research in websites and newsletters. Every month, the highlights of Meyer’s webinar are edited into one-minute videos and articles are written to accompany them and they are sold with Platinum advisor websites.
As strange as it may seem to investment advisors, B/Ds are concerned about possible liability exposure arising when clients are able to upload documents to their advisor’s online vault. While the issue could be dealt with contractually, it is worth mentioning the concern of one B-D and the improved configuration settings recently added to AdvisorVault to address the issue.
AdvisorVault is a secure system for advisors to share documents with clients. It integrates client communications into your work flow and engages clients. It also enables advisors to collaborate online with a client’s attorney and accountant, thus helping advisors build a team approach to wealth management and building a referral network of allied professionals.
One large B-D that claims to be planning implementation of AdvisorVault with hundreds of its affiliated advisors raised a concern about clients uploading documents to AdvisorVault. The B-D is worried that a client might upload information about his financial situation that the advisor is unaware of and that conflicts with the advice proffered by the advisor. For instance, what if the client posts a document declaring he is a conservative investor when the advisor has determined the client is a growth investor?
The advisor could add a sentence or two to the AdvisorVault user agreement, which must be approved by his clients before they enter their vault for the first time. Such language would help protect the advisor by saying that the advisor is not responsible for knowing about all the information clients upload to their vault. But we went a step further.
For B-Ds and RIAs concerned about client uploads, advanced configuration settings recently added to AdvisorVault now allow you to disable upload privileges by clients. You can also disable the upload privilege on attorneys, accountants, and other outside professionals.
Another new configuration setting added to AdvisorVault allows advisors to disable a client’s ability to request their advisor grant vault access to an outside professional.
The default configuration of AdvisorVault allows clients to request that you provide access to a lawyer or accountant. Transparency is the operative idea behind all of our default settings, in alignment with fiduciaries.
A small percentage of advisors did not want clients to be able to request that their advisor grant access to an accountant, attorney, or other professional. So we’ve made that doable in a few clicks. The video shows you how it’s done.
Released in 2007, AdvisorVault is used by 700 RIAs to share information with clients securely. Advanced features replete throughout AdvisorVault make it highly configurable, and a free desktop app puts your client vaults on your desktop, which makes it really easy to use. For $1,000 a year, AdvisorVault can be added to any advisor website. For $2,337 a year, a Platinum license provides financial news articles and videos reviewed by FINRA, automated website archiving, eight hours of service, and a content management system.
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