"data skool" and all-in-ones falling apart

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Happy Saturday!

Kicking off today’s newsletter with an update on those Skools. About a month since I last crunched the numbers:

Top 10 Skools for advisors by member growth:

1. FA Success Syndicate by Anton Anderson - +29 members

2. Client Acquisition Academy by Ermos Erotocritou - +20 members

3. RIA Operators by Kate Guillen - +18 members

4. Females And Finance by Sheryl Hickerson - +18 members

5. The Authentic Advisor by Benjamin Ong Hong Yew - +16 members

6. Million Dollar Practice by Simon Lu - +16 members

7. SLS Framework Free Group by Bilal Malas - +8 members

8. Simplicity Ops Partners by Kate Guillen - +6 members

9. Trained Advisor by Joe Loebach - +4 members

10. LI for FAs | From Advisorist® by Jeremiah Desmarais - +3 members

A few more Skools by advisors as well:

1. Amplifi -Research Meets Reward by Braiden Shaw - $18,408 MRR*

2. Financial Coaching by Ryan Odom - $1,666 MRR

3. Financial Freedom Academy by Michael Uadiale - $1,326 MRR

4. Millennial Money Membership™ by Brandon Galici - $378 MRR

5. Financial Wellness Community by Teddy Nguyen - $116 MRR

*MRR is an estimate based on # of members and monthly price to join

A new Skool is launching soon that I’m pretty excited about - a collaboration between several well-known figures in the industry - stay tuned!

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What’s the #1 challenge you’re facing with your AdvisorTech stack?

I asked this question in the ProAdvisorSuite community back in March and the main answers (of course!) were integration, data silos, fully utilizing tech…

All-in-ones vs. best-in-category…

For the tech builders out there: All-in-one doesn’t mean buying different solutions and cobbling them together (as shown by Orion recently deciding to sell their offerings separately), I think it means 1 piece of technology that actually does many different things, ex. Advyzon.

I’ve used Advyzon while working with advisors a few times over the years, but recently gotten to use it extensively. I gotta say, it’s kind of dreamy. All kinds of useful data within a few clicks.

Worth a look if you’re using an all-in-one that’s falling apart. :)

This may drive the point home, one of the longer answers to the question above by the eloquent Jimbo Carlson:

“My Two Satoshi's:

Streamlining business processes for advisors with various tech tools available is critical for efficiency and client satisfaction.

Client data serves multiple purposes throughout the client-advisor relationship, from onboarding for KYC and compliance to setting up investment accounts with custodians. However, currently, this data is often scattered across different platforms, leading to inefficiencies and potential data discrepancies.

To enhance the advisor experience, there should be a central repository for client data, ideally within the CRM. This data should be easily accessible and portable to other tools in the tech stack, ensuring a single source of truth for client information. Additionally, the CRM should support dynamic updates to reflect changes in clients' lives.

Advisors should have the ability to aggregate client data within the CRM and generate reports on custom fields dynamically. For instance, generating reports comparing existing client mortgage rates to market rates can present actionable planning opportunities.

Furthermore, integrating financial planning apps with CRMs should be seamless, eliminating the need for clients to set up multiple passwords and authentication processes. Simplifying data transfer between these tools would enhance the advisor-client experience and improve workflow efficiency.

There's also an opportunity for fintech companies to innovate by empowering virtual note-takers to extract relevant data points during client calls and automatically inputting them into the CRM. This would streamline the data gathering process, enabling advisors to focus on analysis and client interactions rather than administrative tasks.

While this vision requires evolution in planning tools and custodian platforms, the industry is moving in that direction, paving the way for a more integrated and efficient advisory process.”

Some big goals there:

• Dynamic mortgage rate comparisons - check out Sora Finance

• Advyzon and RightCapital need a better integration…

• Advzyon and FinMate AI need an integration…

• Altruist needs to build a CRM…

I best stop there.

Cheers,

Joe