The Secret to Advisor Productivity: Software Integration

Advisory firms—even the most successful ones—constantly juggle CRM systems, financial planning software, portfolio management tools, and more. Technology promised to simplify our lives, but instead it often adds another layer of complexity. Many of my clients have given up trying to connect these applications. The reality of data silos and manual entry is frustrating, and it's costing you both time and money.

The Spreadsheet Secret: A Revealing Question

In my discussions with advisory firm leaders, I often find myself asking a pivotal question: "show me the spreadsheet?" This inquiry typically elicits a mix of pride and discomfort. While these leaders are enthusiastic about their CRM systems, financial planning tools, and portfolio management software, the reality is that many still rely heavily on manual spreadsheets and one-hit-wonder tools to manage critical client data.

Even with advanced technology available, many firms still default to spreadsheets as their go-to data repository. While leaders tout their modern systems, daily operations often rely on familiar spreadsheets instead of utilizing their sophisticated tools, revealing a gap between their automation goals and actual practices.

Here are a few real-ish examples I've observed from advisory firm clients:

1. "Let's print a list of clients to discuss the XXX investment opportunity. We'll email it around and highlight our priority clients by changing their font color."
2. "Every week, we manually update the CRM with household information after Schwab adds the accounts."
3. "That phone number is wrong. The client gave me his new number in our last meeting, so I wrote it in the notes section."
4. "We need to make sure that we’re not missing client birthdays, so just make me a sub-calendar in Outlook and I’ll add them."
5. "Can someone check last quarter's meeting notes in the folder and update the client preferences spreadsheet? I think Mrs. Johnson mentioned wanting to plan a trip to Europe."
6. "The investment models changed again. I'll send out an Excel file - everyone please update your client lists with who needs to sign the new paperwork."

Now, imagine if your phone company, internet provider, or doctor’s office operated this way—we'd be outraged! Yet somehow, when running a modern, client-centric advisory practice, we accept these inefficiencies as normal. Let that sink in.

Choosing the Right Tools: Prioritizing Integration

Here's what to look for:

• Existing Integrations: What integrations does the software currently have? Don't trust promised features—check what's available today. Simply Google "[tool name] Integrations." Most vendors have a dedicated page for this. If you can’t find it, you've got your answer and can skip the next two questions. Dump the tool!
• Open API: Does the software have an open API (Application Programming Interface)? This lets developers build custom integrations, giving you more flexibility. Here's a quick way to check: Google "[tool name] Zapier Integration." If the software appears on Zapier's integration list, you're golden. Zapier is a powerful platform that connects thousands of apps, enabling seamless data flow and task automation. This is HUGE. While other platforms exist, Zapier leads the pack. Stay tuned for our upcoming blog about advisory firms using Zapier.
• Integration Roadmap: Does the vendor clearly communicate their schedule for new integrations? A solid roadmap shows commitment to interoperability. While I wouldn't bank on promised integrations, I'd still prefer software with a clear roadmap over one without any plans.

The Single Source of Truth: Your CRM as Mission Control

While there are many excellent tools available, I recommend starting with a CRM that integrates well with other systems, as it will become your single source of truth and the central nervous system that drives efficiency and accuracy across your entire practice.

Imagine this:

• Custodial Data Feeds: Instead of manually entering account balances, custodial data from Schwab, Fidelity, or other custodians automatically flows into the CRM, keeping client portfolios up-to-date.
• Paperwork Automation: Client information stored in the CRM is automatically populated into new account paperwork, reducing errors and saving countless hours.
• Financial Planning Integration: Data seamlessly transfers from the CRM to your financial planning software, ensuring that your analyses are based on the most current client information. No more double data entry!
• Spreadsheet Harmony (If Needed): Even if spreadsheets are used for specific, niche reporting, your CRM can include functionality to inform you if spreadsheet data doesn't match CRM data or even sync specific fields. The goal is to eliminate discrepancies and ensure consistency. When a change is made in the CRM, it updates the relevant spreadsheet cell, and vice versa (if enabled).
• Task Management: Tasks related to client interactions, compliance requirements, or internal processes are created and tracked within the CRM. If you prefer a dedicated task management tool, it syncs seamlessly with the CRM to avoid duplicated effort.
• Marketing Automation: Sales and marketing tools are integrated with the CRM. When a lead converts into a client, their information is automatically added to the CRM, triggering onboarding workflows. I cannot figure out why none of the financial planning CRMs have functional campaign and funnel management, but there is still no need to accept having a manual port from the sales tool to the CRM.
• Client Self-Service: Clients have a portal where they can update their contact information, goals, or risk tolerance. These changes are automatically reflected in the CRM, empowering clients to keep their information current.

The Path to Infinite Practice

Building an "infinite practice" isn't about endless growth at any cost—it's about creating a sustainable, efficient, and client-centric business that thrives for the long term. By focusing on interconnected systems, selecting the right tools, and maintaining clear data governance, you'll unlock your firm's full potential. This approach saves time and lets you deliver even better service to your clients. Don't let disconnected apps hold you back anymore—start connecting the dots today. Ready to harness the power of automation? We'll guide you through setting up Zapier and integrating it with your existing tools.

🔗 Book a consultation today.