Research finds majority of financial advisers use portfolio management software

For Release: June 20, 2011

Denver, Colo. – The Financial Planning Association^® (FPA^®) today released the “FPA-ActiFi Adviser Technology Report: Document Management Edition”, a research report that highlights key issues financial professionals face when dealing with document management software; the report also provides an objective review of eight different software solutions. The research was conducted by FPA and ActiFi Inc. and sponsored by TD Ameritrade Institutional.1

The FPA-ActiFi report, the fifth in a series of seven technology research reports published by FPA Press, takes the guesswork out of technology purchases for financial professionals.

According to a survey of 332 advisers, half of the respondents use document management software in their practice, and only 22.6 percent of those not using a document management solution are very or somewhat likely to purchase one in the next 12 months. The main reason advisers cited for not implementing a document management system yet was that they hadn’t been able to find the time.

Four out of five advisers surveyed who use document management software have experienced increased productivity for both themselves and their staff. Almost 80 percent of respondents report that having all client documents organized and electronically stored allows them to spend more time on creating value rather than on filing and retrieving documents to make sure they are providing the best services for their clients.

Another key finding of the report is that advisers who use document management software filing reported an improvement in their client service. Thirty percent of advisers indicate that a greater focus on client service is the most important potential benefit of using document management software. Advisers who use the filing features are 33 percent more likely to report more effective client service and those who use the integration features are 25 percent more likely.

“The FPA-Acti-Fi Adviser Technology Report: Document Management Edition is a terrific example of a collaboration which does the heavy lifting and research for advisers. They can use the solid and objective data in this report to help improve their practice, and ultimately benefit their clients,” said Marv Tuttle, executive director and CEO of FPA.

"Our goal in working with the FPA on this research project is to help advisers make better decisions when it comes to purchasing document management software," said Spenser Segal, ActiFi CEO. "Providing advisers an objective measurement of a software's features and benefits allows each firm to determine what software vendor will be the right fit based on the firm's specific business goals. Document management is an important technology that can drive adviser productivity. This report is a good starting point for advisers."

“We understand that one technology solution may not suit all advisors. The decision-making process to determine which document-imaging system would best suit their needs can be daunting and overwhelming. The FPA-Acti-Fi Adviser Technology Report: Document Management Edition and others in the series can help advisors make more informed decisions,” said Jon Patullo, Director, Technology Product Management, TD Ameritrade Institutional.

A free copy of the report will be distributed to FPA members and also is available for purchase by non-members ($495) through the FPA Research Center.

-30-