So, what IS up with ProAdvisorSuite?

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Happy Saturday!

There’s a place for simple, for minimalism. In an RIA, it might look like this:

• 1 advisor

• 1 custodian (Altruist)

• 1 account type (Brokerage)

• 1 investment (VTI)

• 1 niche (35-yr-olds in Hawaii)

Decision-making would be, well… pretty straight-forward. But not everyone can be that tidy.

You might have many advisors, many custodians, many account types, investments, niches, maybe even the non-traded REIT or two, etc.

And for that, there is Forms Logic.

Forms Logic organizes paperwork chaos, prepping forms, signing forms, waiting on forms, waiting on transfers, NIGOs (or the elimination of such things), multiple levels of approvals, ALL THAT STUFF.

If this describes your RIA, B/D, bank, fund, etc., Forms Logic may be for you.

Check it out: www.formslogic.com 

Now for everyone else, I have a tool that I’ve come to appreciate more and more.

You see, I’ve worked for a lot of advisors - 8 or so. And something many (not all), but more than 1 have struggled with is doing any of the things they said they would do in the meeting.

Don’t get me wrong, they’re great with clients, pretty good at investments, might even be able to plan a financial or two, but their follow-up, well, it’s terrible.

This problem has been solved in a variety of ways. Let’s review them:

• An associate advisor, paraplanner, CSA sits in every meeting and takes the notes and leads the follow-up efforts - trade this, open this, get back to them about that

• OR, there are a couple well-known transcription services for advisors to speak their notes / follow-up items

• OR, the go-getter in the office bugs the advisor regularly about what needs to be done

• OR, there is no follow-up. Despite the advisor’s best intentions, follow-ups just don’t happen. And the clients learn to expect it. They get frustrated and leave, or they accept it, appreciate what service they do get, and stick around.

ENTER THE MEETING BOT.

Robots have been making Teslas for years. Maybe robots could do meeting follow-up.

Ok, so we’re not quite there yet, but…

There are a whole slew of meeting bots that record, transcribe, summarize, identify action items, and some that even sync to the CRM.

These robots remember way better what was said in the meeting than even the advisor does.

Now they’re not perfect, but they do get you 90% there, just like with Teslas.

These meeting bots will save you a whole lot of time, of money, of brain cells, and your Oura ring sleep scores will be better at night.

One of the first of these bots to the scene, started by a financial advisor, probably one of the most sensitive to client data, and summary accuracy… is FinMate AI:

Check it out: www.finmate.ai

Ok, one last thing. ProAdvisorSuite

It’s been encouraging really, the number of people that have asked about it the past several weeks. I think I gave the impression it was completely closing. Not the case. As you can see, I still have some time on Saturday mornings to write newspaper-worthy advisortech advertisements.

I just realized how similar the words advisor and advertise are… hmm, I wonder if there’s something to that.

I’m not totally sure what will happen with ProAdvisorSuite. As you may have noticed, I threw a few ideas at the wall in the past few months, the stick-i-est of which was going back into RIA operations.

And finally, a few people in the industry are starting Skool communities. And Beehiiv newsletters… Alas, all my work was not in vain.

Until next time,

Joe