AdvisorTech Minimalism and IRS x-ray vision

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Happy Saturday,

A few interesting tidbits today. AdvisorTech diets, API into the IRS???, UHNW client service….

Let’s start with a quote:

Each piece of advisortech has a price, a learning curve, an implementation curve, a staff training curve, maybe even a client learning curve.

I’m told Joel Bruckenstein said firms should spend as much on training their staff on the advisortech as they do on the advisortech itself (I couldn’t find the quote).

Seems like a good idea.

Advisortech is like self-help stuff. Maybe this book will finally help me, or this diet, or this podcast, or this TEDx talk.

But you don’t need all the ideas or all the tech to fix the problem, you need a few pieces… implemented well.

Ok, time for another quote:

So, it definitely couldn’t hurt to make a list of all the advisortech you’re paying for and pick a few to trim. You’re surely not using all of them to their full executeability.

⬆️ This isn’t rocket science, but it is a helpful reminder every now and then.

IRS x-ray vision

Found out about TaxStatus.com yesterday (thanks Blake)

Sounds too good to be true. How can I get my hands on it?

Oh wait, that’s exactly what they say prospects say:

Another ai-advisortech map:

Courtesy of The Oasis Group - the note taking section:

Sooo, of all the “tech diets and food groups” out there, where does AI-notetaking-for-advisors fall? I’ll let you decide.

Here’s some extra credit reading for those that are interested.

Ok, lastly, the UHNW thoughts I promised:

“We would never dream of sending them a risk tolerance questionnaire”…

This statement really stood out to me. Soooo much fuss has been made about risk tolerance - scores, questionnaires, white papers, philosophies on risk, 16+ advisortech companies built around this…

And yet, an RIA serving $50-100mil clients doesn’t use a questionnaire or even a client-facing “risk score”.

So what is important to UHNW clients?

1. Convenience

   The less friction, the better. Don’t ask them to do anything, fill out anything… that your team can do. They don’t send them questionnaires, surveys - but do meet with them quarterly and provide high-touch and responsive service:

2. High touch

   Help the client pick out art, drive over to their house to help hang it…

3. Responsive

   Respond rapidly to communications

4. Ability to say yes to requests, whatever they may be

   Charter a plane, apply for a mortgage, fill out paperwork on their behalf for their CPA, help them buy real estate, businesses, etc. Banking services around margin on investment accts, etc.

This may be where the “diet” needs to happen… all the befi assessments, surveys, RTQs… maybe just replace it with a meeting? Ask the questions in person?

(Using an AI notetaker of course :)

Data everywhere

Seeing taxstatus.com yesterday got me thinking. If with the click of a few buttons, you can get all a prospect/client’s tax information, accounts, businesses, real estate… Using sorafinance.com you can get their loans, credit score… Using WealthFeed or aidentified you can get their address, phone, relatives, where they work… Using intergendata.com to get medical averages data… Using Propstream to get property data…

Can all these data sources be combined into one place to expediate the whole onboarding process, provide better planning? While the time/energy focus is moved to the relationship - convenient, high touch, responsive relationship?

Should they? Maybe the “effort” walls between these data sources is good. It keeps any one person from knowing too much.

Hope these tidbits are thought-provoking.

Warmly,

Joe

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