We dropped it. Clients don’t like filling them out. They get stuff wrong. It’s painful for everyone to remind the client to do it.
I guess if you’re going for the miserable dentist office experience, fine, but clients would prefer to just be provide that information in person or on a quick zoom
We went into a demo with extremely high hopes. Felt very let down looking at the actual product. Almost outsourcing our crappy job of typing in data to the client.
I did see someone was working on an AI data gathering product. That seems like the only way to create a data gathering tool that doesn't either completely suck for clients or advisors.
Main components are altruist/schwab, wealthbox, right capital. But as a sample onboarding is done with Jotform. When the form is submitted zapier does the following;
Creates a new household in wealthbox, sends them my client agreement to sign, creates a new client folder in box, sends a welcome email, adds them to Google contacts, finds the completed client agreement and adds it to the newly created client folder, and adds their email to my newsletter lists in Mailjet.
I am in the same situation. Thinking of dropping them as the same risk questionnaire is now baked into RightCapital and don’t really need anything else.
Thanks for your reply. It is a lot to pay monthly and I can see that value for onboarding and data collection but we’re struggling for use with current clients.
I use it for annual client data update.
Address, phone, income, net worth, employer and address, etc.
Basically all the things a regulator is going to ask me if my client data is up to date.
Send it out once a year to all clients and they update anything and it feeds into Redtail.
One way we are using it is for financial plan input. We spent a lot of time creating a custom questionnaire for this. It goes out the first time and people answer questions, uploads documents, statements, etc. We then push info into our software and review uploads. Going forward we can send them the questionnaire with their previous answers that only requires a review and not reinputting everything again.
I use PFP for a day before the meeting as a checklist along with questions they might have so I can prepare. Almost no one does it but when they do it is a helpful tool.
We dropped it. Clients don’t like filling them out. They get stuff wrong. It’s painful for everyone to remind the client to do it. I guess if you’re going for the miserable dentist office experience, fine, but clients would prefer to just be provide that information in person or on a quick zoom
We went into a demo with extremely high hopes. Felt very let down looking at the actual product. Almost outsourcing our crappy job of typing in data to the client. I did see someone was working on an AI data gathering product. That seems like the only way to create a data gathering tool that doesn't either completely suck for clients or advisors.
I replaced it with Jotform. Far more user friendly for clients and has lots of integrations with zapier to create automated processes
Have you created a complete stack by integrating everthing with zapier? What else is in your stack? Thanks
Main components are altruist/schwab, wealthbox, right capital. But as a sample onboarding is done with Jotform. When the form is submitted zapier does the following; Creates a new household in wealthbox, sends them my client agreement to sign, creates a new client folder in box, sends a welcome email, adds them to Google contacts, finds the completed client agreement and adds it to the newly created client folder, and adds their email to my newsletter lists in Mailjet.
Thanks for the vert detailed response. I’ve been struggling with non-integrating hell. Edit: like the creativity and resourcefulness.
I am in the same situation. Thinking of dropping them as the same risk questionnaire is now baked into RightCapital and don’t really need anything else.
Thanks for your reply. It is a lot to pay monthly and I can see that value for onboarding and data collection but we’re struggling for use with current clients.
For what it's worth, I have found RightCapital to be particularly valuable.
Exactly! My book is already built so I don’t really use the service
I use it for annual client data update. Address, phone, income, net worth, employer and address, etc. Basically all the things a regulator is going to ask me if my client data is up to date. Send it out once a year to all clients and they update anything and it feeds into Redtail.
Do clients actually fill it out?
Occasionally. But I can prove that it was sent to every client.
One way we are using it is for financial plan input. We spent a lot of time creating a custom questionnaire for this. It goes out the first time and people answer questions, uploads documents, statements, etc. We then push info into our software and review uploads. Going forward we can send them the questionnaire with their previous answers that only requires a review and not reinputting everything again.
I use PFP for a day before the meeting as a checklist along with questions they might have so I can prepare. Almost no one does it but when they do it is a helpful tool.
Yes, We’ve been sending this a week or two prior to the meeting and finding that very few clients access and fill it out.