Agile financial advisers are doing their best to provide personalized services, but that’s pretty hard if you’re handling loads of client information manually. That’s why using fact find software becomes crucial to frictionless client onboarding.
In this blog post, we’ll discuss some of the best platforms for financial planners to collect, organize, and analyze client data. We’ll also explain a few major features of a top-performing fact finder just in case you’d like to research alternatives.
Let’s get it going!
Top 3 fact finding tools to gather client data
We can discuss dozens of quality platforms, but you probably don’t want to read entire pages about digital fact find tools. That’s why we prioritized certain platforms based on first-hand experience, user reviews, pricing, and feature comparisons.
1. Content Snare
Content Snare is a simple but extremely efficient tool for finding facts or gathering any kind of information, files, or content from clients. Our platform features a built-in fact find template that you can send as-is, or tailor to meet the requirements of your financial planning business.
The drag-and-drop feature makes it easy to move elements around your form, so you can quickly create a questionnaire with specific pages and sections. You’ll find instructions very useful — they allow you to explain what you need, so your clients can provide accurate data.
Clients can also post comments in the actual form, which means no more back-and-forth emails to resolve potential misunderstandings.
But the real magic begins when you choose a reminder schedule. It’s an automated system that gently nudges your client to fill out the form based on the schedule of your liking. If you don’t want to create a tailored schedule, just use the default version.
Related: How Day One Advisory boosted efficiency and saved time using Content Snare
As soon as your client provides an answer, Content Snare will save it automatically — there’s no need for them to save progress manually. In addition, our platform guarantees data security thanks to features such as user authentication, encryption, throttling, and network isolation.
Stop chasing clients for content and documents
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2. MyProsperity
MyProsperity is an Australian-based financial management platform with a holistic approach to financial planning and wealth management. This tool is made for financial advisors who help individuals and families manage their finances more effectively.
The system works by aggregating client-related information in one central platform. This includes bank accounts, investments, property, liabilities, and other relevant data. MyProsperity does it using well-structured onboarding forms, but it can convert traditional paper forms into digital fact finds too.
Many users praise the MyProsperity mobile app because it helps manage their finances on the go. Thanks to this, both clients and their financial advisors can access real-time data for better collaboration. The app also enables users to electronically sign digital documents.
Another impressive feature of MyProsperity is the option of adding external stakeholders (lawyers, auditors, and similar) to the system. That way, you can cover the process from all perspectives to provide clients with complete financial service.
On the downside, the cost of using MyProsperity is probably too high for many organizations with basic fact finding needs. The cheapest plan (known as Connect) costs $279 per month.
Related: How to create a client intake form for your service-based business
3. RightCapital
RightCapital is comprehensive planning software that assists advisers in creating detailed financial plans for their clients. This tool lets you create financial plans based on a client’s unique goals, such as retirement, education funding, or buying a home.
We particularly like how RightCapital creates multiple scenarios and stress tests. That way, you can clearly show clients the potential impact of different life events and/or financial decisions on their overall plan.
There’s also the tax planning tool with a strong focus on efficiency. Instead of using a one-size-fits-all approach, this feature enables you to design customized strategies that minimize taxes for your clients. Apart from long-term goals, RightCapital helps planners assess the existing financial conditions. Using cash flow analysis, it’s easy to find a balance between income, expenses, and other financial variables.
In addition, RightCapital serves as a client portal that allows your clients to access their financial information and track progress in real-time. As an all-encompassing tool, RightCapital keeps the prices on the higher end — the Basic Plan costs $140 per advisor a month.
Key features of a top-performing fact find software
We highlighted only a handful of options, but you are free to research fact find portals on your own. In this case, remember to prioritize solutions that align with your business workflows and the needs of your specific clients. In addition, the platform should offer most (if not all) of these features:
- Goal-based financial planning
- Customizable templates for different client profiles and financial planning needs
- Collaboration features to simplify communication between you and your clients
- Team-level access controls
- Seamless integration with third-party financial apps such as Xero Ask
- Secure document storage and management
- Educational resources that help clients better understand their financial situation
Related: How Clarity Bookkeeping sped up their client onboarding and client queries
Streamline your fact find process with the right tool
Fact finding is much simpler with the right tool at your disposal. A dedicated online fact find system helps you onboard new clients in a structured way, all within a safe portal. This also helps you reduce costs by spending less time gathering information.
This is exactly why we recommend using Content Snare. On average, our clients spend 71% less time collecting data and see a 67% reduction in stalled projects.
You can check out an entire Content Snare results article to learn more about the tangible benefits of using our platform. If not, go ahead and give it a try — you can use Content Snare for 14 days free of charge.
