Ten Tech Tools To Make Your Practice Better, Stronger, Faster

2. Hands On

Product: Dropbox

What it Does: An online vault that stores and shares documents, accessible anywhere. You, and investors, can make changes with no one sending emails back and forth.

Why Use It: Gen Y Planning’s Sophia Bera put clients’ financial plans on Dropbox. “It protects [them] if something happens to me,” she says. “They can take the notes to another planner.”

Pricing: Free for up to 2G of data. Dropbox for Business starts at $12.50 per user per month.

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5. In Sync

Product: emX Pro

What it Does: Among its suite of tools, investors and advisors can co-browse the same screen—and not have to launch a third-party app.

Why Use It: With screen sharing native to emX, it’s easier for you to pop into your client’s accounts with them, giving them immediate snapshots.

Pricing: Starts at $216 a month for emX, but $324 a month for emX Pro.

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7. Psych Evaluation

Product: Invessence

What it Does: Takes psychometric measurements of investors to get a sense of their personality when considering financial matters.

Why Use It: Invessence built this custom questionnaire with DyMynd, a firm that uses financial, technology and psychological experience to create a better read on an investor’s mindset.

Pricing: Up to 25 bps, according to Aite Group.

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10. Get It Just Right

Product: Riskalyze Pro

What it Does: Automates on boarding, and uses a risk questionnaire to produce a 95 percent probability range for investment outcomes.

Why Use It: Based on Nobel-prize winning behavioral concept called Prospect Theory. Plus sometimes, clients want “cool analytical data,” says Aite Group’s Sophie Schmitt.

Pricing: $129 a month or $1,419 a year with discounts for larger firms.

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