financial advisor - tech industry briefing

Financial Advisor Industry BriefingThe Coming Technology and Regulatory Convergence

Amy E. Flourry

Senior Operations Manager, Rehmann Financial

Timothy D. Welsh, CFP®

President, Nexus Strategy, LLC

Tim Welsh, CFP®

President, Nexus Strategy, LLC

Amy FlourrySenior Operations Manager

Rehmann Financial

Agenda

‣ Industry Trends• Regulatory change• Technology change

‣ Rehmann Financial Experience‣ Q and A with Amy Flourry‣ Audience Q and A

About Laserfiche‣ Launched in 1987

‣ 32,000+ worldwide installations

‣ Over 300 employees worldwide

‣ 20% Growth annually

‣ 1000 VARs worldwide

‣ Microsoft Gold Certified Partner

‣ 94% client satisfaction rate

Coming Convergence

Technology and Regulatory changes will fundamentally alter how advisors operate

Regulatory Change

‣ Looming Specter of an Advisor SRO – FINRA?

‣ “User Fees” – Waters bill?• Annual costs to pay for SRO ~ $50,000 per firm per

year

• User Fees based on size of firm

‣ Bottom line: Increased costs along with increased frequency and severity of audits

Mobility

‣ In 2011:• 93 million iPhones sold• 94 million Android smartphones sold• 41 million iPads sold

‣ Most advisors are not leveraging mobile access while their clients are

*source: ComputerWorld

Social MediaCompliance concerns are slowing advisor adoption of social media

Compliant Social Media:

‣ Empowers financial advisors to post online with confidence

‣ Archives and manages all online communication with administrative and compliance control

Technology Integration

‣ Rise of the “Composite Application”

‣ Solve multiple processes using one platform:• New Account Opening• Quarterly Reporting• Compliance Approvals• Records Management

‣ Laserfiche is the “integrative middleware” linking multiple systems

Composite Application

CRM

+ Forms

+ Doc Management

+ Workflow

= New Account Opening Process

Return on Investment

Revenues- Direct Expenses

= Gross Profit- Overhead Expenses

= Operating Profit

100%

44%

56%

42%

14%

100%

44%

56%

33%

23%

Industry Benchmark

Laserfiche Firms

Source: ROI for RIAs – Laserfiche Industry White Paper

9% improvement

Amy FlourrySenior Operations Manager

Rehmann Financial

Rehmann Financial

‣ 146 Staff‣ 41 Advisors‣ 6205 Clients‣ 12648 Accounts‣ 145 Custodians

Rehmann Financial Cont.

‣ Open platform and advisor autonomy means increased need for oversight

‣ Multiple offices require flexible systems that are not “tied” to one physical location

‣ No longer is it sufficient to just keep up with clients – we must be a step ahead

Composite Application – New Account Opening Process

Significant Industry Mandates

‣ ERISA 408(b)(2)• Evaluate current plans• Update client agreements• Document all updates

‣ Know Your Client• Additional information to capture• Broker Dealer requirements• Rehmann Financial Requirements

Reporting is KEY

‣ Capturing data is one thing, reporting is everything

‣ Dynamic data is coming in from all resources and we need to keep up

‣ How do we use this information to benefit our clients, our advisors, our firm?

Know Your Client

‣ More than just contact information or investment experience

‣ What tools are your clients really using? Do you ask them?

‣ What tools or resources do your clients want? Do you ask them?

Challenges

‣ Social Media can be a scary thing‣ With great technology comes even greater

hackers‣ Increased regulations

• More oversight• More time• More money

Resources & Solutions

‣ Document management is an understatement‣ CRM – if it’s not in there, it didn’t happen‣ The CLOUD

• Access to the best of the best• Centralized source for information• Mobile• Consistent

Planning for Tomorrow

‣ Business Continuation Plan‣ KNOW YOUR CLIENTS‣ Build something that can grow

Laserfiche Compliance Solutions

Laserfiche Compliance Solutions

‣ Streamlines audit preparation

‣ Includes “Audit Trail” tracking

‣ Provides enhanced security

‣ Enables disaster recovery and business continuity planning

Laserfiche Mobile‣ Quick access to search,

browse, view, and modify documents on the go

‣ Create new documents using the iPhone / iPad camera

‣ PhotoDocs to import and process the images.

Laserfiche Mobile for iPad

‣ Configure custom views of the repository with new Laserfiche Libraries feature

‣ Upload electronic documents, e-mail attachments and Dropbox files into Laserfiche directly from your iPad

‣ Participate in workflows from wherever you are

Cloud Access – Powered by Laserfiche

‣ Enterprise-caliber document and content management available for the smallest firms

‣ Includes workflow, audit trail, and other advanced features

Questions?