Contact Management Software

by **MichaelFuhr1** » Thu Oct 18, 2007 5:35 pm

I wanted some opinions on what the best contact management software is, or whether using Outlook is just as good. Thanks!

by **MichaelFuhr1** » Thu Oct 18, 2007 5:39 pm

I forgot to add, are any of these programs web based, so I could access the information from any computer any where? Thanks again!

by **tpondel** » Thu Oct 18, 2007 5:55 pm

We use ACT now and like it. I understand they have a web based model as well and thats on the list to research for 2008

Amber

by **Morgan1** » Thu Oct 18, 2007 10:56 pm

[solicitation removed - see site rules]

by **dan** » Fri Oct 19, 2007 8:13 am

I've tried Outlook, Outlook w/ Business Contact Manager, and ACT over the years, and I disliked all of them for various reasons. Ended up taking the time to develop an Access database to track contacts and keep track of client information. It has been great so far - no (800) numbers, no requests for additional functionality (can just program it in myself), and no pricey subscriptions or updates or multi-user fees or anything like that.

- DDB

by **Tad Borek** » Fri Oct 19, 2007 12:15 pm

I did the same, it pretty much covers everything including portfolio management. And I can add a new button when I want something new.

Amber, one concern I'd have about web-based apps is losing control of the data. Seems hard to meet the recordkeeping requirements. And if a client "raises an issue" ten years from now that would be cleared up by pointing to a phone-call record from today, I want to make sure I have that information. Is there a way to constantly keep a local copy and access it using regular ACT?

-Tad

by **tpondel** » Fri Oct 19, 2007 4:46 pm

Tad:
Good question. Before making any changes we will ask how long the files are backed up.

I know, for instance, my current copy of ACT keeps the data from the beginning. I would be surprised to learn the online version deletes it after some set time, but I will certainly check.

Lastly, ACT does allow you to add or delete functions. For instance, we have a separate screen we created which only tracks client appreciation things. But we have found it pretty easy to "add a button."

Thanks.

Amber

by **wells** » Mon Oct 22, 2007 12:18 pm

Why not try Intellium or Salesforce? You can add custom fields, it's all web-based and the fees are reasonable.

by **TSA** » Mon Oct 22, 2007 3:33 pm

Michael,

Most web based programs are not nearly as robust as PC based systems. Some are ok though but you do not control your data. I don't care what anyone else says.

ACT! with Act4Advisors, Junxure and Protracker can all be accessed via the web with GotoMyPc.com,PCNow.com or Logmein.com. Logmein even has a free version. The others are very reasonable in price.

The benefit of these remote access programs over web based applications is that they allow you access to your ENTIRE pc so you can access all of your systems resources, files, folders and other software programs including your MS Office, financial planning and portfolio management software, email, etc. Web based apps only give you access to their app.

Since the PC based systems data stays on your computers, you don't have to worry about the data as much. YOU control the data files.

My opinion is look for a robust contact management system that you enjoy using. If it is web based, then so be it. If it is PC based, then use the remote access services if you need them.

Good luck.

by **broberts** » Tue Oct 23, 2007 9:18 am

Though I haven't purchased it yet, Redtail consistently leads the web-based CRM systems, at least for mid-level clients. They have been recommended by Bruckenstein among others.

by **Morgan1** » Wed Oct 24, 2007 12:07 am

I know SmartOffice has 1000's of users on their web system.

However, like with any system it really depends on what you want/need it to do and what type of business you have.

One more thought - get something you can grow into, not something that you are going to out grow.

Morgan

by **Advocate** » Mon Oct 29, 2007 12:18 pm

After experimenting with several solutions, we chose ProTracker two years ago. We now utilize ProTracker as our central software for contact management, access to scanned files, and much more. We find its features to be very robust, and intuitive to use. As with any software, the training in how to effectively utilize it is good. I've sent my staff members to 1-day training provided by ProTracker, and the dividends paid as a result of such training have been well worth every penny.

by **diana** » Mon Oct 29, 2007 12:22 pm

We used to use Protracker, but found "Time & Chaos" from Chaos software. It's super easy to use and cheap. And I think you can access it outside the office...

by **Ida Planner** » Mon Oct 29, 2007 3:30 pm

Homegrown Access DB here too. Haven't worked in the portfolio management stuff yet, but I do have a button for it already ;) Kind of a pain to come up with algorithms for tracking cost basis and such via SQL queries... all in due time.

by **chris** » Mon Oct 29, 2007 5:39 pm

We have used Outlook, ACT, homegrown Access, and others. We were looking for something was was based on Outlook to avoid having to train everyone again.

We found Prophet by Avidian, which was a good option, but ended up to be slightly more money than we wanted to pay to test something out. In the end, we went with Outlook BCM. Not 100% ideal, but has worked great for what we need. We maxed out the custom fields, but had enough to address all of the data we were tracking.

It does not do a good job of tracking husband and wives as seperate, but related clients. But, we were not able to find a good option that did.

In the end, ease of use and cost won out.

But, we are always looking, so thank you for the input from everyone else.

Chris

by **jglthree** » Tue Oct 30, 2007 9:49 pm

After five years using ACT4Advisors, I decided two months ago to convert to the web-based E-Z Data SmartOffice. So far, so good.

I can link up my contact records with my Albridge subscription; download pre-printed forms and applications via my LaserApp subscription; upload items such as life insurance quotes, Morningstar asset allocation reports, client correspondence, etc. to each client's record; list all client insurance policies; keep track of who has referred whom to me; and countless other things I could not do or figure out how to do.

Best of all, the perpetual fear of losing my data, client notes, etc. from the past eight years is now gone. No more daily back-ups, corrupted data, or any other potential problems.

My broker/dealer secured a special rate with E-Z Data, so I can't comment on the monthly /annual cost someone else may pay. However, I did pay approximately $1,100 to have E-Z Data convert my entire ACT4Advisors database over to SmartOffice. Fortunately, everything went off without a hitch.

Just one person's recent experience with one product currently on the market. . .

JLNE

by **Tad Borek** » Wed Oct 31, 2007 12:33 pm

Ida Planner wrote:
> Homegrown Access DB here too. Haven't worked in the portfolio
> management stuff yet, but I do have a button for it already ;)
> Kind of a pain to come up with algorithms for tracking cost
> basis and such via SQL queries... all in due time.

Tell me about it! It was a good day when I wrapped up the merger/spin-off module. I recently added a piece to deal with the CIL without any manual entries in datasheet mode. The holy grail still is the mutual fund sale piece which is way harder because of all the dividend reinvestments and potential tax methods when you sell part of a holding.

-Tad

by **dan** » Wed Oct 31, 2007 12:34 pm

"The holy grail still is the mutual fund sale piece which is way harder because of all the dividend reinvestments and potential tax methods when you sell part of a holding."

Maybe stop automatically reinvesting divs/cap gains in taxable accounts?

by **Tad Borek** » Wed Oct 31, 2007 1:46 pm

DDB wrote:
> "The holy grail still is the mutual fund sale piece which is
> way harder because of all the dividend reinvestments and
> potential tax methods when you sell part of a holding."
>
> Maybe stop automatically reinvesting divs/cap gains in taxable
> accounts?

DDB, I wouldn't want the choice to be limited by the software I use to track the holdings - sometimes reinvesting makes the most sense.

-Tad

by **dan** » Wed Oct 31, 2007 3:07 pm

I can't think of any cases where I've elected to automatically reinvest fund distributions inside of taxable accounts, a decision which for me doesn't have anything to do with software tax-basis capabilities.

Out of curiosity, when do you find such a strategy to be beneficial?

by **abentongo** » Fri Nov 30, 2007 1:44 pm

I use Advisor Assistant with the add-on of downloads from my custodian. I have at my fingertips not only CRM, but also all holdings with cost basis and detailed info on dividend reinvestments, etc. I can also add client assets individually to report to my client on all investments.

Advisor Assistant is resident on my computer, but their web-based version is almost ready for release.