Mobile Apps for Financial Advisors 2013

95 Pages·2013·3.84 MB·English

by  Steffen Binder

1

MOBILE
 APPS
 FOR

FINANCIAL
 ADVISORS
 AND

WEALTH
 MANAGERS

How
 Mobile
 Solutions
 Will
 Revolutionize
 the
 Relationship

Between
 Financial
 Advisors
 and
 Their
 Clients

March
 2013
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 2

CONTENTS

1
  EXECUTIVE
 SUMMARY
  4

  4

¬ Key
 dimensions
 of
 the
 advisor
 mobile
 solution
 market
  6

¬ Methodology
  6

2
  REPORT
 FOCUS
  8

¬ Apps
 and
 solutions
 that
 help
 with
 meetings
  8

¬ Selecting
 solutions
 on
 the
 basis
 of
 core
 advisor
 functions
  8

¬ Breadth
 of
 Functionality
 in
 Individual
 Solutions
  9

¬ Mobile
 Technologies
  9

¬ The
 Wider
 Picture
  10

3
  METHODOLOGY
  12

3.1
  The
 core
 of
 a
 successful
 advisor
 solution
  12

3.2
  Mobile
 solution
 functions
 and
 general
 characteristics
  13

3.3
  Solution
 Characteristics
  16

3.4
  Evaluation
 Procedure
  17

3.5
  Recommendations
  18

4
  MARKET
 OVERVIEW:
 HOW
 MOBILE
 SOLUTIONS
 FOR
 ADVISORS
 WILL

REVOLUTIONIZE
 CLIENT
 MEETINGS
  19

4.1
  The
 popularity
 of
 mobile
 devices
 among
 financial
 advisors
  19

4.2
  A
 new
 sector
  21

4.3
  What
 advisors
 want
 from
 mobile
 solutions
  22

4.4
  Advisor
 Mobile
 Solution
 Providers
  22

4.5
  Mobile
 solutions
 for
 advisor/client
 meetings
  23

4.6
  Design
 principles
  25

4.7
  Vendors’
 progress
 so
 far
  26

4.8
  Coverage
 of
 regional
 markets
  27

4.9
  Device
 coverage
  28

4.10
 Vendor
 platforms
 and
 back-­‐end
 system
 integration
  28

4.11
 Solution
 marketing
  28

5
  MOBILE
 SOLUTIONS
 FOR
 FINANCIAL
 ADVISORS
 –
 CHOOSING
 THE

RIGHT
 SOLUTION
  30

5.1
  A
 potential
 advisor
 solution
 in
 outline
  30

5.2
  Mobile
 Solution
 Research
  32

5.3
  Return-­‐on-­‐investment
 analysis
  33

5.4
  Request
 for
 proposal
 and
 vendor
 bids
  33
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 3

6
  SUMMARY
 OF
 FINDINGS:
 MOBILE
 APPS
 FOR
 ADVISORS
 ON
 THE

RIGHT
 TRACK
  36

6.1
  Overall
 findings
  36

6.2
  Origins
 of
 mobile
 solutions
  36

6.3
  Overview

 of
 functions
  38

6.4
  Conclusions
 about
 advisor
 solution
 functions
  39

¬ Portfolio
 management,
 presentation
 and
 performance:
 a
 core
 area
 of

strength
  39

¬ CRM:
 adding
 value
 for
 the
 advisor
  39

¬ Trading
 capabilities:
 not
 found
 in
 many
 apps
  39

¬ Report
 publishing
 and
 client
 contacting
 remains
 disappointing
  40

¬ Designing
 for
 meetings
  41

¬ Communication
 is
 key
  42

¬ Devices
 supported
  42

¬ Native/web-­‐enabled
  42

¬ Compatibility
 constraints
 with
 back-­‐end
 systems
  43

¬ Customizability/configurability
  43

¬ Compliance
  43

¬ Security
  44

¬ Implementation
  44

¬ Matching
 client
 apps:
 vendors
 don’t
 yet
 recognize
 the
 need
 for
 them
  44

¬ Vendors
 must
 strengthen
 their
 marketing
 case
  45

7
  VENDOR
 PROFILES
  46

7.1
  Advent
 –
 Black
 Diamond
 /
 iPad
 App
 –
 Advanced
 App
  46

7.2
  Appway
 /
 Mobile
 Client
 Onboarding
  52

7.3
  Avaloq/Avaloq
 Front
 Suite
 /
 Wealth
 Advisory
 Solution
  57

7.4
  Charles
 River
 Development/Charles
 River
 Mobile
  62

7.5
  DST
 Systems
 Inc.
 /
 DST
 Vision
 Mobile
  67

7.6
  Finantix/Finantix
 Wealth
 Apps
  71

7.7
  Kony
 Solutions
 /
 Kony
 Mobile
 Financial
 Advisor
  75

7.8
  MicroStrategy
 /
 MicroStrategy
 Wealth
 Management
 Solutions
  79

7.9
  Polaris
 FT
 /
 Intellect
 FABX
 for
 iPad
  83

7.10
 SunGard/Mobile
 Meeting
 for
 Portfolio
 Management
 and
 Mobile

Meeting
 for
 Financial
 Planning
  88

8
  DISCLAIMERS
  95
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 4

1 EXECUTIVE
 SUMMARY

1.1.1.1
 —

«
 We
 are
 now
 just
 three
 years
 into
 a
 rapidly
 growing
 new
 mobile
 sector:

mobile
 solutions
 for
 financial
 advisors.
 MyPrivateBanking
 Research
 views

this
 field
 as
 one
 of
 the
 most
 challenging
 and
 industry-­‐disruptive
 that
 has

yet
 been
 touched
 by
 the
 21st
 century’s
 mobile
 device
 revolution.
 »

Generally
 speaking,
 our
 researchers
 were
 impressed
 by
 the
 depth
 of
 information
 and

sheer
 numbers
 of
 features
 that
 vendors
 are
 providing
 in
 the
 first
 generation
 of
 advisor

mobile
 solutions.
 It
 has
 become
 clear
 that
 these
 solutions
 show
 the
 potential
 to
 greatly

improve
 the
 interaction
 between
 advisor
 and
 client
 by
 supplying
 real-­‐time
 information,

multi-­‐media
 content
 and
 new
 ways
 of
 communication.

However,
 our
 impression
 is
 that
 most
 advisor
 solutions
 still
 show
 too
 many
 indications

of
 their
 origins.
 In
 other
 words,
 the
 point
 of
 departure
 for
 the
 developers
 of
 these

solutions,
 the
 vendors’
 main
 wealth
 management
 platforms,
 still
 tends
 to
 dominate
 their

design.

 Their
 potential
 for
 revolutionizing
 advisor/client
 interactions
 can
 often
 be

glimpsed
 but
 is
 not
 yet
 fully
 developed.

All
 the
 solutions
 that
 we
 analysed
 have
 unique
 features
 and
 strengths.
 Depending
 on
 a

wealth
 manager’s
 strategic
 needs
 and
 existing
 software
 solutions,
 they
 present
 a
 wide

choice
 of
 different
 tools.
 However,
 we
 would
 like
 to
 point
 out
 for
 recommendation
 four

solutions
 that
 displayed
 extraordinary
 capabilities:

□ Appway:
 a
 mobile
 solution
 focused
 on
 the
 onboarding
 process
 that
 can
 give

significant
 support
 to
 wealth
 managers
 in
 gaining
 new
 clients
 and
 complying
 swiftly

with
 KYC
 and
 other
 regulation,
 customized
 for
 specific
 jurisdictions.

□ MicroStrategy:
 the
 ability
 to
 build
 the
 most
 comprehensive
 advisor
 solutions

available,
 on
 a
 customized
 basis,
 leveraging
 great
 expertise
 in
 business
 intelligence.

□ PolarisFT:
 an
 advisor
 solution
 incorporating
 excellent
 design
 features
 for
 financial

planning
 and
 performance
 viewing,
 based
 on
 thorough
 user
 experience
 testing

methods

□ SunGard:
 a
 pair
 of
 solutions
 that
 cover
 the
 main
 financial
 advisor
 functions,
 targeted

at
 the
 smaller
 wealth
 management
 businesses
 and
 exhibiting
 attractive
 design
 and

good
 use
 of
 mobile
 visualization
 tools

Not
 only
 is
 the
 advisor
 mobile
 solution
 sector
 new
 but
 it
 faces
 a
 number
 of
 fresh

challenges,
 ones
 that
 have
 not
 arisen
 up
 until
 now
 in
 the
 market
 for
 mobile
 apps

dedicated
 solely
 to
 consumers.
 Most
 significantly,
 advisor
 mobile
 solutions
 have
 to

bridge
 the
 needs
 of
 two
 different
 categories
 of
 user,
 the
 advisor
 or
 other
 representative
 of

the
 wealth
 management
 firm
 and
 their
 clients.
 Moreover,
 advisor
 solutions
 have
 to

handle
 a
 level
 of
 complexity
 and
 a
 depth
 of
 information
 that
 is
 of
 a
 completely
 different

order
 to
 that
 required
 of
 most
 consumer
 apps.
 Mobile
 solutions
 for
 financial
 advisors

need
 to
 enable
 not
 just
 single
 interactions
 but
 to
 help
 to
 sustain
 relationships
 that
 can

last
 for
 many
 years.
 Yes,
 they
 must
 normally
 be
 capable
 of
 a
 large
 number
 of
 different
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 5

functions
 but
 they
 also
 have
 to
 perform
 in
 a
 way
 that
 doesn’t
 interfere
 with
 advisor
 being

able
 to
 establish
 the
 all
 -­‐important
 sense
 of
 connection
 with
 the
 client.

There
 is
 no
 doubt
 that
 the
 advisor
 mobile
 solutions
 covered
 by
 this
 report
 represent
 an

impressive
 achievement
 in
 terms
 of
 delivering
 the
 vendors’
 core
 services
 via
 the
 new

medium
 of
 mobile
 devices.

 MyPrivateBanking
 Research’s
 starting
 point
 in
 analyzing
 mobile
 apps
 of
 all
 kinds
 is
 their

great
 potential
 for
 revolutionizing
 all
 forms
 of
 contact
 and
 interaction,
 whether
 that
 is

private
 individual
 to
 private
 individual,
 corporation
 to
 staff
 or
 business
 to
 customer.
 In

the
 case
 of
 advisor
 solutions,
 designed
 to
 support
 complex
 client
 relationships,
 their
 key

point
 of
 relevance
 is
 in
 enhancing
 advisor/client
 meetings.

With
 meeting
 facilitation
 capabilities
 as
 our
 main
 yardstick,
 our
 conclusion
 was
 that,

while
 these
 advisor
 solutions
 are
 generally
 rich
 in
 content
 and
 functionality,
 there
 is

plenty
 of
 scope
 for
 developing
 their
 relevance
 to
 client
 meetings.

 For
 instance,
 six
 out
 of

10
 vendors
 provide

 a
 comprehensive
 and
 detailed
 portfolio
 management
 system
 and
 five

had
 good
 performance
 reporting
 capabilities
 but
 only
 four
 allowed
 an
 advisor
 to
 produce

ad
 hoc
 reports
 on
 the
 spur
 of
 the
 moment.
 Although
 almost
 all
 the
 vendors
 we

researched
 certainly
 intend
 their
 solutions
 to
 be
 taken
 to
 advisor/client
 meetings,
 as
 a

group,
 they
 are
 only
 just
 beginning
 to
 pay
 attention
 to
 making
 meetings
 more

satisfactory
 for
 all
 concerned,
 let
 alone
 more
 enjoyable.
 To
 give
 an
 idea
 of
 the
 scale
 of
 the

challenge
 facing
 advisor
 solution
 vendors
 and
 their
 wealth
 management
 customers,
 just

one
 of
 the
 solutions
 researched
 evidenced
 a
 well
 thought
 out
 meeting
 preparation

component.
 Solutions
 do
 an
 excellent
 job
 in
 helping
 advisors
 to
 carry
 lots
 of
 information

into
 meetings
 but
 do
 less
 well
 when
 it
 comes
 to
 meeting
 dynamics.

Our
 research
 found
 that
 all
 of
 the
 advisor
 mobile
 solutions
 demonstrated
 different

aspects
 of
 good
 practice
 in
 solution
 design
 and
 four
 of
 the
 solutions
 were
 well
 designed

throughout.
 However,
 collectively,
 good
 mobile
 app
 features
 were
 too
 infrequent.

Generally
 speaking,
 so
 far,
 vendors
 don’t
 appear
 to
 be
 doing
 enough
 yet
 to
 enable

advisor/client
 interactions
 that
 are
 either
 memorable,
 effective
 or
 convenient.

When
 it
 comes
 to
 particular
 areas
 where
 solutions
 disappoint,
 report
 publishing
 and

client
 contacting
 are
 functions
 capabilities
 are
 unnecessarily
 limited.
 None
 of
 the

solutions
 covered
 in
 the
 report
 provided
 the
 kind
 of
 full
 and
 flexible
 report
 publishing

options,
 both
 for
 standard
 and
 ad
 hoc
 reports,
 that
 we
 would
 hope
 to
 see
 available
 to

advisors
 in
 client
 meetings.
 In
 the
 area
 of
 contact
 options,
 which
 are
 essential
 to
 good

client
 relationships,
 only
 three
 vendors
 provided
 the
 full
 range
 of
 phone,
 e-­‐mail
 and

geolocation
 that
 we
 checked
 for.

In
 terms
 of
 solution
 branding
 and
 promotion
 via
 vendor
 websites,
 there
 was
 a
 serious

information
 deficit
 in
 relation
 to
 all
 but
 four
 of
 the
 vendors’
 products
 and
 none
 of
 the

websites
 did
 full
 justice
 to
 their
 advisor
 solutions.
 Particular
 problems
 included

confusing
 product
 names,
 lack
 of
 background
 information
 about
 solution
 versions,
 a

dearth
 of
 data
 relating
 to
 security
 matters
 and
 an
 absence
 of
 high
 quality
 video
 material

specifically
 about
 advisor
 solution
 offerings.
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 6

Key
 dimensions
 of
 the
 advisor
 mobile
 solution
 market

In
 this
 report,
 MyPrivateBanking
 Research
 has
 taken
 a
 long,
 hard
 look
 at
 the
 available

solutions
 to
 bring
 clarity
 to
 a
 number
 of
 important
 issues
 and
 trends:

□ We
 have
 examined
 who
 the
 advisor
 solution
 vendors
 are
 (in
 terms
 of
 their
 product

roots
 and
 established
 areas
 of
 expertise)
 and
 what
 significance
 this
 has
 had
 for
 the

solutions
 in
 the
 market.

□ We
 look
 at
 the
 breadth
 of
 functionality
 of
 the
 solutions
 and
 the
 main
 target
 groups:

solutions
 for
 advisor
 brokers,
 ones
 for
 regulated
 advisors
 and
 ones
 mainly
 for
 larger

wealth
 management
 institutions.

□ The
 report
 identifies
 some
 key
 patterns
 in
 product
 construction.
 This
 enables
 us
 to

gauge
 the
 significance
 of
 different
 approaches
 to
 the
 typically
 heavy
 function
 load
 of

an
 advisor
 solution,
 such
 as
 pairs
 of
 advisor
 apps
 or
 a
 completely
 modular
 strategy.

□ We
 show
 how
 advisor
 mobile
 solutions
 can
 relate
 to
 the
 real
 life
 work
 of
 financial

advisors
 both
 currently
 and
 in
 the
 future.
 In
 particular,
 we
 demonstrate
 how
 all
 the

core
 goals
 of
 advisor/client
 meetings
 could
 be
 taken
 to
 a
 different
 level
 by
 advisor

apps.

□ We
 pay
 careful
 attention
 to
 the
 main
 areas
 of
 uncertainty
 in
 the
 advisor
 solution

market
 including,
 iOS
 dominance
 as
 an
 operating
 system
 and
 speed
 at
 which
 mobile

solutions
 for
 financial
 advisors
 will
 be
 adopted
 across
 the
 industry.

The
 insights
 and
 overall
 analysis
 of
 the
 sector
 provide
 a
 timely
 means
 for
 wealth

managers
 and
 vendors
 alike
 to
 see
 what’s
 around
 the
 corner
 in
 relation
 to
 advisor
 mobile

solutions.

Methodology

In
 a
 first
 step,
 we’ve
 identified
 10
 vendors
 whose
 mobile
 solutions
 for
 wealth

management
 and
 financial
 advisors
 met
 our
 carefully
 crafted
 selection
 criteria.
 Each

vendor’s
 solution
 or
 solutions
 is
 covered
 in
 a
 comprehensive
 individual
 profile,

consistently
 presented
 to
 facilitate
 easy
 comparison.

Our
 analysis
 of
 advisor
 mobile
 solutions
 is
 based
 on
 identifying
 a
 number
 of
 headline

functions,
 each
 of
 which
 is
 available
 to
 some
 extent
 in
 several
 of
 the
 solutions
 covered
 in

the
 report.
 These
 top
 level
 functions
 include
 CRM,
 onboarding
 financial
 planning,

portfolio
 management,
 reporting
 and
 client
 communication
 (including,
 of
 course
 the

vital
 area
 of
 client
 meetings).

With
 a
 keen
 awareness
 of
 the
 main
 concerns
 of
 wealth
 management
 firms
 considering

equipping
 advisors
 with
 mobile
 solutions,
 our
 researchers
 have
 also
 looked
 at
 important

solution
 characteristics
 such
 as
 3rd
 party
 system
 integration
 potential,
 regulatory

compliance
 capabilities,
 security
 measures
 ,
 the
 operating
 systems
 supported
 and

vendors’
 strategies
 in
 terms
 of
 building
 native
 apps
 or
 providing
 mobile
 compatible

websites.
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

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Based
 on
 the
 research
 that
 has
 gone
 into
 the
 factual
 solution
 descriptions
 in
 the
 vendor

profiles,
 this
 report
 gathers
 together
 a
 wealth
 of
 sector-­‐wide
 factual
 information
 and

interpretation
 in
 chapters
 covering
 the
 current
 state
 of
 the
 advisor
 solution
 market,

detailed
 findings
 relating
 to
 all
 solutions
 covered
 and
 the
 required
 components
 of
 a

successful
 advisor
 mobile
 solution
 project
 from
 the
 wealth
 manager’s
 point
 of
 view.

All
 our
 findings
 were
 carefully
 collated
 and,
 to
 ensure
 objectivity,
 checked
 by
 other

analysts
 in
 the
 MyPrivateBanking
 Research
 team.
 In
 order
 to
 guarantee
 the
 accuracy
 of

our
 fact
 finding,
 each
 vendor
 was
 invited
 to
 verify
 all
 the
 factual
 material
 collected
 about

their
 solution.
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 8

2 REPORT
 FOCUS

In
 this
 chapter
 we
 look
 firstly
 at
 the
 solution
 features
 that
 meant
 that
 a
 solution

deserved
 inclusion
 in
 the
 detailed
 coverage
 of
 the
 report.
 Secondly,
 having
 looked
 at

those
 solutions
 that
 have
 been
 included
 and
 why,
 we
 explain
 why
 some
 solutions
 have

not
 been
 included.

Apps
 and
 solutions
 that
 help
 with
 meetings

The
 basic
 criterion
 that
 we
 were
 looking
 to
 be
 met
 in
 deciding
 which
 apps/solutions
 to

include
 was
 whether
 it
 had
 potential
 to
 assist
 financial
 advisors
 directly
 in
 interfacing

with
 their
 wealth
 clients,
 especially
 in
 face
 to
 face
 meetings.
 We
 would
 like
 to
 make
 very

clear,
 from
 the
 beginning,
 that
 the
 criteria
 for
 excellence
 in
 this
 report
 is
 not
 “technical”

but
 is
 driven
 entirely
 from
 the
 advisor’s
 perspective
 and
 ultimately
 by
 the
 perspective

and
 needs
 of
 the
 (end)-­‐client.
 It
 is
 the
 process
 and
 interaction
 between
 advisor
 and

client
 that
 we
 focus
 on.
 This
 process
 can
 be
 improved,
 enriched
 and
 made
 much
 more

effective
 through
 mobile
 solutions
 for
 advisors.
 It’s
 the
 aim
 of
 this
 report
 to
 help
 vendors

and
 technology
 purchasers
 such
 as
 wealth
 managers
 and
 private
 banks
 to
 optimize

mobile
 solutions
 for
 advisors.

The
 rationale
 for
 this
 basic
 approach
 was
 our
 belief
 that
 mobile
 apps/solutions
 come
 into

their
 own
 in
 giving
 professionals
 support
 in
 these
 types
 of
 scenario.
 That
 is
 to
 say
 that

mobile
 is
 most
 effective
 in
 helping
 with
 specific
 –
 and
 often
 critical
 –
 tasks
 and
 in

helping
 financial
 organizations
 engage
 with
 their
 customers
 and
 prospective
 customers.

Having
 said
 that,
 we
 need
 to
 add
 that
 the
 solutions
 we
 were
 interested
 in
 were
 ones
 that

fulfilled
 core
 advisor
 functions.

Selecting
 solutions
 on
 the
 basis
 of
 core
 advisor
 functions

As
 already
 explained,
 our
 methodology
 was
 to
 identify
 over
 thirty
 separate
 attributes

that
 financial
 advisor
 mobile
 solutions
 might
 assist
 users
 with
 in
 interacting
 with
 their

clients.
 Most
 of
 these
 attributes
 could
 be
 grouped
 under
 just
 one
 headline
 function,

though
 there
 were
 some
 capabilities,
 such
 as
 helping
 a
 wealth
 manager
 business
 with

compliance,
 that
 are
 relevant
 to
 several
 of
 these
 headline
 functions.
 It
 is
 important
 to

understand
 that
 one
 advisor
 mobile
 solution
 can
 have
 very
 different
 scope
 from
 another.

For
 instance,
 while
 one
 solution
 or
 app
 covers
 just
 one
 of
 these
 functional
 areas,
 another

solution
 might
 have
 a
 much
 broader
 scope.
 The
 latter
 is
 not
 necessarily
 better
 or
 worse

than
 the
 former.

The
 headline
 functions
 covered
 by
 ‘Mobile
 Solutions
 for
 Financial
 Advisors’
 are
 as

follows:

□ Onboarding:
 functions
 that
 enable
 the
 advisor
 to
 transform
 a
 prospect
 into
 a
 client

while
 fully
 complying
 with
 regulatory
 requirements,
 including
 providing

documentation
 and
 obtaining
 signatures
 etc.

□ Financial
 Planning:
 creation
 of
 a
 financial
 plan
 that
 corresponds
 to
 the
 client’s
 goals,

circumstances
 and
 preferences,
 explaining
 this
 to
 the
 client,
 initial
 portfolio

construction
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 9

□ Trading:
 securities
 trading
 on
 the
 client’s
 behalf

□ Portfolio
 analysis
 and
 management:
 analyzing
 a
 portfolio
 to
 identify
 possible

improvements,
 maintaining,
 modifying
 the
 portfolio
 of
 an
 existing
 client

□ Reporting:
 explaining
 the
 performance
 of
 portfolio
 either
 for
 compliance
 reasons
 or

more
 generally
 for
 the
 benefit
 of
 the
 client’s
 understanding

□ Report
 Publishing:
 providing
 any
 report
 via
 e-­‐mail,
 electronic
 vault
 or
 in
 print

□ Contacting:
 contacting
 the
 client
 by
 phone,
 e-­‐mail,
 social
 media;
 also
 using

geolocation
 for
 the
 purpose
 of
 meeting
 or
 visiting
 the
 client

In
 addition
 to
 these
 functions,
 there
 are
 a
 number
 of
 peripheral
 ones
 which
 may
 be

present
 on
 a
 financial
 advisor
 solution
 but
 are
 not
 really
 core
 functions
 for
 the
 individual

advisor
 interacting
 with
 their
 client.
 For
 instance,
 some
 solutions
 will
 have
 business

intelligence
 functions
 that
 relate
 primarily
 to
 the
 wealth
 management
 business
 rather

than
 assisting
 the
 advisor
 with
 client
 meetings
 or
 interfacing
 with
 clients
 in
 a
 more

general
 sense.

CRM
 is
 a
 borderline
 area
 and,
 while
 CRM
 activities
 need
 not
 necessarily
 be
 considered
 as

core
 for
 the
 purposes
 of
 this
 report,
 we
 have
 endeavored
 to
 include
 information
 about

them
 in
 the
 profiles
 for
 the
 individual
 vendors.

 Although
 pure
 CRM
 solutions
 are
 not

included,
 the
 way
 in
 which
 an
 advisor
 might
 use
 a
 particular
 solution
 to
 add
 client
 data

to
 a
 wealth
 manager’s
 CRM
 system
 using
 a
 mobile
 solution
 is
 clearly
 relevant.

Finally,
 although
 we
 included
 securities
 trading
 as
 a
 core
 function
 for
 an
 advisor
 mobile

solution,
 we
 decided
 that
 solutions
 that
 focused
 on
 trading
 exclusively
 should
 not
 be

included.
 The
 reason
 being
 that
 circumstances
 where
 “live-­‐trading”

 goes
 on
 while
 the

advisor
 interacts
 with
 the
 client
 will
 be
 rare.
 Typically
 trades
 will
 be
 executed
 after
 the

meeting,
 though
 there
 may
 be
 occasional
 exceptions.

Breadth
 of
 Functionality
 in
 Individual
 Solutions

We
 emphasize
 that
 none
 of
 the
 non-­‐bespoke
 solutions
 that
 we
 looked
 at
 in
 detail

covered
 all
 of
 the
 core
 functions
 that
 an
 advisor
 mobile
 solution
 might
 cover.

 Moreover,

solutions
 were
 not
 necessarily
 favored
 for
 covering
 a
 lot
 of
 different
 functions.
 A
 number

of
 advisor
 solutions
 do
 indeed
 cover
 an
 impressive
 array
 of
 functions
 but
 we
 believe
 that

it
 is
 equally
 important
 how
 much
 help
 mobile
 apps
 and
 solutions
 provide
 for
 doing

individual
 tasks
 more
 effectively.

So
 this
 report
 covers
 multi-­‐functional
 solutions
 mainly
 but
 also
 considers
 solutions
 that

enable
 advisors
 to
 accomplish
 just
 one
 or
 two
 tasks.

Mobile
 Technologies

The
 mobile
 solutions
 covered
 in
 this
 report
 include
 native
 apps
 for
 one
 or
 more
 of
 the

main
 mobile
 devices
 available
 together
 with
 solutions
 that
 are
 mobile
 compatible
 or

mobile
 web
 applications.
 In
 most
 cases
 these
 are
 based
 on
 iOS.
 In
 some
 cases
 vendors

have
 a
 web-­‐based
 service,
 a
 mobile
 web
 application
 plus
 a
 genuine
 native
 app
 with

significant
 overlaps
 in
 capabilities
 in
 their
 product
 range.
 Solution
 descriptions
 in
 the
MOBILE
 APPS
 FOR
 FINANCIAL
 ADVISORS
 |

 10

individual
 profiles
 include
 details
 of
 these
 product
 ‘relationships’.
 Likewise,
 we’ve

included
 information
 about
 any
 sister
 applications
 from
 a
 vendor
 for
 the
 end-­‐user
 wealth

client.

The
 mobile
 solutions
 covered
 in
 this
 report
 cover
 a
 wide
 range
 of
 customization

capabilities
 from
 products
 that
 are
 exclusively
 ‘off-­‐the-­‐shelf’
 to
 ones
 where

customization
 potential
 is
 a
 key
 or
 dominant
 characteristic
 of
 the
 vendor’s
 offering.
 In

the
 case
 of
 two
 vendors,
 MicroStrategy
 and
 Appway,
 their
 mobile
 offerings
 are

exclusively
 bespoke
 ones.
 In
 the
 case
 of
 the
 majority
 vendors
 covered,
 where
 there
 is
 a

product
 with
 a
 fixed
 or
 mainly
 fixed
 set
 of
 attributes,
 we
 have
 focused
 on
 that
 ‘off
 the

shelf’
 offering

 rather
 than
 any
 bespoke
 solutions.

The
 Wider
 Picture

In
 addition
 to
 the
 mobile
 solutions
 that
 we
 have
 covered
 in
 detail
 in
 our
 Solution

Profiles,
 there
 are
 a
 number
 of
 other
 categories
 of
 solutions
 that
 it’s
 worth
 to
 bear
 in

mind.

Firstly
 there
 are
 organizations
 currently
 providing
 systems
 to
 the
 wealth
 management

industry
 that
 haven’t
 yet
 launched
 any
 mobile
 solutions
 of
 their
 own.
 Given
 the
 rapid

growth
 of
 the
 numbers
 and
 capabilities
 of
 mobile
 applications,
 we
 would
 expect
 most
 of

these
 to
 enter
 their
 own
 advisor
 mobile
 applications
 of
 one
 sort
 or
 another
 in
 the
 next
 six

to
 24
 months.
 Some
 of
 these,
 such
 as
 Temenos
 and
 its
 subsidiary
 Odyssey,
 already
 have

mobile
 solutions
 for
 related
 industries
 such
 as
 banking.

In
 the
 course
 of
 our
 research
 we
 also
 became
 aware
 of
 some
 mobile
 solutions,
 such
 as

Fiserv’s
 mobile
 application,
 that
 are
 due
 to
 be
 launched
 in
 the
 next
 few
 months.
 These

were
 excluded
 from
 this
 report
 but
 will
 clearly
 have
 a
 role
 in
 the
 future
 of
 this
 industry.

(One
 advisor
 solution,
 SunGard’s
 Mobile
 Meeting
 for
 Financial
 Planning
 was
 launched

while
 our
 research
 was
 taking
 place
 and
 this
 is
 included
 in
 the
 report.)

One
 type
 of
 solution
 provider
 that
 are
 not
 covered
 in
 this
 report
 are
 fund
 management

companies
 that
 have
 launched
 mobile
 solutions
 such
 as
 WealthCentral
 from
 Fidelity
 or

Vanguard
 for
 Advisors.
 The
 rationale
 for
 excluding
 this
 type
 of
 solution
 is
 that,
 by
 the

fact
 that
 they
 are
 provided
 by
 fund
 management
 companies,
 they
 necessarily
 only

provide
 data
 on
 a
 proportion
 of
 the
 total
 funds
 available
 to
 investors,
 even
 in
 the
 US

market.

Apps
 like
 Veo
 ®Mobile
 from
 TD
 Ameritrade
 were
 excluded
 not
 because
 it
 is
 a
 trading
 app

(it
 is
 but
 performs
 a
 number
 of
 other
 important
 functions
 as
 well)
 but
 because
 the
 app
 is

only
 available
 to
 advisors
 who
 use
 TD
 Ameritrade
 Institutional
 as
 custodian
 and
 Veo®
 as

their
 trading
 platform.
 Also
 in
 this
 category
 of
 solution
 is
 the
 NetX360
 mobile
 app
 from

Pershing.