FA-IQ reached out to top Financial Times-listed advisors to ask:
What technology has your firm purchased in the past year that has made the most meaningful difference to your practice and why?
John Krambeer of Camden Capital. El Segundo, Calif.-based Krambeer has been in the industry for 32 years and had $3.9 billion in client assets as of Dec. 31, 2019.
“There are two technology purchases that Camden Capital made over the past year that really stand out to me as making a meaningful difference to our practice: the Black Diamond Wealth Platform and the SS&C GlobalOp fund administration platform.
Black Diamond is a cross-functional portfolio management system that enables our advisors and their teams to be more efficient, so that they can keep delivering a high-quality client experience. It provides clarity and visibility to management on the firm’s AUM and allows advisors the ease and flexibility to develop custom reports that are meaningful to clients. What is so great on the client side is that the Black Diamond Client portal is easy to use, and provides the client the desired visibility, so they can keep up to date and understand their investment portfolios.
SS&C Global Ops is a globally recognized top-tier institutional fund admin platform with cutting-edge technology and development prowess to manage the Camden private fund platform and fund lifecycle. The deep bench at SS&C Global Ops fund admin team has the understanding, experience, and infrastructure to stay on top of changes in the industry, best practices, and potential integrations with partners and vendors, which allows our platform to grow quickly and efficiently.
We place great importance on staying up to date with technology, especially when it comes to any software that enables us to better serve our clients. I believe that the Black Diamond Wealth Platform and SS&C Global Ops have really changed the game for us with regard to being able to stay on top of technological innovations in our industry.”
Mark Willoughby of Modera Wealth Management. Atlanta-based Willoughby has been in the industry for 21 years and the team has around $400 million in client assets.
“The decision to move our trading, reporting and CRM under one integrated platform through Tamarac has made the most significant impact on our firm. Tamarac trading has helped us become more efficient and responsive when it comes to rebalancing, executing and reconciling trades, monitoring clients’ portfolios, and streamlining our internal workflows.
But the most meaningful difference that resulted from adopting the full Tamarac Suite has been the ability to integrate the three systems together. Having trading, reporting and CRM flow seamlessly under one platform has provided a much more holistic picture of our clients and our business. From a business standpoint, our teams can track and report on numeric data, such as managed value, expected vs. actual revenue, client AUM by office or advisor, etc., in a much more sophisticated manner. The system automatically pulls data from multiple integrated systems so we can monitor business development goals, referral sources, funding activity and other information, enabling us to make more intelligent decisions on how to reach company metrics and what opportunities make the most strategic sense.
Importantly, the same software provides customized data fields so we can gather information that we believe is relevant to the client experience we want to create. For example, we’ve created alerts for special client milestones that we want to be sure we recognize, such as 25th wedding anniversaries and 80th birthdays, as well as reports on clients’ interests and goals, which clients have attended our appreciation events, and how long clients have been with the firm. We also can create age triggers for financial planning opportunities, such as when a client turns 50 and may be able to do a catch-up contribution in a 401(k). Having one system that we can customize to collect and report on client data efficiently has been an invaluable tool for personalizing our service and differentiating us as a firm.
Of course, as technology gets more and more advanced, we’re also continually researching and adopting other solutions such as how to include AI and other intelligent platforms into our tech stack. But moving to an integrated trading, reporting and CRM software has helped create a solid foundation for our practice that enables us to better serve our current client base and positions us for continued growth.”
This is part of an ongoing series where we ask Top Financial Times 400, 300, and 401 Advisors to answer pressing questions about the industry, their practice or their clients. Brokers and advisors make it to the respective Financial Times lists based on scores in six criteria: AUM, AUM growth rate, years in existence, advanced industry credentials, online accessibility and compliance records.
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