5 Tools Every Financial Advisor Should Be Using

Paul Miller |

Financial advisors may occupy an industry that still relies on tried-and-true techniques to grow investment accounts for clients, but that doesn't mean the industry is immune to the technological advancement that has redefined other sectors of the economy. The same technological tools, apps, and web-based software programs that make other professionals more efficient and productive, can also benefit financial advisors. Here are our top picks for Financial Advisor Tools.


Riskalyze is a brand-new development that has transformed financial advisory by providing advisors with the ability to capture a quantitative measurement of each client's risk tolerance, use that data to attract new clients to their business, and meet the expectations of clients looking for suitable growth. In a nutshell, the program allows us an easier tool to use in analyzing the risk tolerance of our customers and matching up suitable investment vehicles to meet that tolerance level. Riskalyze is now available on our website for our clients and future clients to try today, www.paulmilleradvisor.com/.

Financial Planning Software

Spending long hours sifting through statistics, comparing data, and compiling reports for our clients is always an option. However, with countless financial planning software platforms now available, it not only benefits you the client from a time standpoint it also benefits our business model.

Programs like MoneyGuidePro are designed to provide financial planners with easy-to-use guides that allow us to guide our clients through the process of building their own personalized retirement plan or investment portfolio. It gives us the ability to walk you through the process and have a say in the investment process, but more importantly, gives us the data to show proven results to our customers.

Components to Adapt to Inflation and Rising Interest-Rate Risks

As a financial advisor, one of the most important tools to have in our arsenal is a component that allows us to control the risks involved with inflation and rising interest rates in investment portfolios of our clients. Inflation changes on an annual basis, and predicting the impact it has (positive or negative) on your account is important to the overall success of an investment strategy. Some financial advisors plug in a simple amount, such as 3% annual inflation.

In general, inflation and interest rates work hand in hand, and how we measure those in the years to come will impact the performance of investment portfolios. We need to develop adequate components that allow us to factor in the pieces of the inflation puzzle: Consumer Price Index-Urban, core Consumer Price Index, and the chained Consumer Price Index.

Customer Relationship Management Software

Marketing departments and firms are already using customer relationship management (CRM) software to better track and manage the communication between businesses and consumers. In short, CRM software allows us to manage our list of both contacts and clients, as well as access platforms that present information to our clients on smartphones and tablets. We can also access proposal tools that are quick and simple, providing us access to information that is beneficial to our customers, while also serving as a clear method for presenting details to our clients.

Social Media

If your business isn't online in the 21st century, it might as well not exist. Social media apps such as Facebook. Twitter, and LinkedIn (to name a few) make it even easier for us to market our business and maintain an open line of communication with our clients, while also seeking out prospective new clients. At the same time, tools like Google Alerts allow us to establish alerts for online traffic that feature our company name or individual name. We love the ability to stay connected to our client base through these social media platforms. Follow Indian River Financial Group on Facebook, Twitter, and LinkedIn today and stay connected to us.

At Indian River Financial Group we know technology is here to stay, there's no question about that. The only question is, how will we adopt these tools in our role as your financial advisor? The five tools mentioned above are incredibly helpful for us as your advisor to grow a customer base and provide quantifiable data. We have taken the time to research the best tools for our clients and their retirement and investment portfolios. Contact us today for more information.