The Future of Financial Planning

Establishing a Mobile Office

Your CFO, LLCE. A. Lorenzo

Why You Need Mobile Technologies and a Mobile Office

Taking Financial Planning On The Road

PART I

Mobile Technology and the Financial Planning industry Financial Planners are Using Mobile Technologies

41.6% own a tablet computer 85.5% own a smart phone 59.3% use the iPad in client meetings

Technology is Improving Financial Planner Performance 48.9% say it helped them to be more responsive/available

45.7% say it has increased their productivity 52.2% say it has helped them move toward a

paperless office 83.7% say it helps them to stay connected

while out of the office

The Benefits of a Mobile Office/Business

Take Financial Planning to Your Clients Take Your Work With You Go Paperless Be More Efficient and Effective Be One Step Ahead of Your Competition Immediately Access the Latest Information Distinguish Yourself and Your Business

It’s

Cool!

Where Mobile Technology can Be Particularly Valuable

When You Need Access to Data and Information “Now”

When You Want to do Business In and Informal Setting

When You are Extremely Busy and Always On the Go

When You are Out of the Office and Need to Communicate

At Just About Every Step of the Financial Planning Process.

For Example…

Preparing Marketing Materials Initiating Contact/Engaging Potential

Clients Gathering Client Information Monitoring, Reviewing, and Revising

the Financial Plan/Portfolio Continue to Learn and Keep Up with

the Industry

The Mobile Technologies and Apps

Practicum

PART II

The Financial Planning ProcessSteps

1. Prepare marketing materials2. Identify potential/target contacts3. Initiate contact and engage potential clients4. Make sales pitch5. Follow up to get the sale6. Present disclosure statements7. Define/establish client-planner relationship8. Gather client information9. Determine financial situation and agree on goals11. Analyze needs and evaluate alternatives12. Prepare written recommendations and forms13. Present the plan and/or financial advice14. Answer questions and make adjustments15. Obtain client agreement and signatures16. Execute trades and implement the plan/portfolio17. Monitor, review, and revise the plan/portfolio18. Maintain records, documentation, files19. Communicate/stay in touch with clients20. Continue to learn and keep up with the industry

YourValue

Quotes

“the smart devices we’re using today and will be using tomorrow will be more and more reliant on data connectivity for the services that will be on offer and how the

app market is going to continue to grow at a phenomenal rate.”

Robert Stephens the founder of the Geek Squad

Quotes

“…the cloud will soon become a disruptive force in the mobile world, eventually

becoming the dominant way in which mobile applications operate.”

Mobile Cloud Computing

Quotes

“In 2013-14, everyone will be living and working in a fundamentally

different way. Software and business processes need to change

to keep up with that.” Dan Kerzner,

MicroStrategy, Inc., Mobile SVP

The Problem is… Getting from A to B

Selection, Integration,

Recommendations,

Procurement, and Support

PART III

Selecting the Right “Set” of Technologies - Integrated Systems

Apple Mac iOS:iPad2, iPhone 4, iCloud, MacBook Pro, iMac

Google Android:Samsung Galaxy Tab, Samsung Galaxy S, Google Cloud, Acer AC700 Chromebook

Microsoft Windows 7:Asus Eee Pad, HTC Arrive, Windows Live, Windows PC

HP/Palm Web OS:HP Touchpad, Palm Pre 2, HP Cloud (planned), HP WebOS PC (planned))

Specific Mobile Technology Recommendations Mac iOS System

Apple 32GB 3G iPad2 Tablet PC ($730) Wacom Bamboo Stylus ($30) Apple iCloud (5GB Free, 15 GB $20/yr., plus) Fujitsu SnapScan 1500 Scanner ($430) Apple 32 GB iPhone ($275 with 2-yr. contract) HP Officejet 100 Printer ($220)

Selecting the Best Apps

Many choices – based on personal preference 65.9% rely on recommendations from a colleague

Given the low cost/risk, try out several Just about any application you could want Research “best of” reviews

53.8% discover new apps through browsing the web 50.2% Rely on industry magazines and trade publications 44.3% read about them in the news

iTunes/App stores provide reviews and screen shots 38.8% shop at the iTunes store

YES41%

NO59%

Have You Purchased an App in the Last 30

Days?

Over 65,000 Apps to Choose From(These are Actual Apps)

News/Market Information Sources Wall Street Journal Bloomburg for iPad The Wealth Channel Magazine Finance Magazine CNBC Real-Time for iPad

Financial Planning Tools & Resources Personal Financial Planning

Course: Flashcards and Tests. Finantix Wealth-X RetirePlan Financial Calculator for iPad CFP Tools for iPad Dictionary of Personal Finance

Terms

Personal Productivity Contacts (Contacts

Manager) Taska (To-Do Manager) iCal (Calendar) iBooks (eBooks Manager)

Office Administration Quick Office iWork (Numbers Pages,

Keynote) Splashtop Remote

Desktop iCloud

Purchasing Mobile Technologies and Apps Where to Purchase

Mobile Technologies Mobile Apps

Training and Support

Training Technologies are very intuitive,

most are simple and easy to master

Higher quality/rated Apps have better user interfaces and are more “usable”

There really are no commercial training sources for individual Apps

Support The need for support Where to Obtain Support

ConclusionProblems, Concerns, Functionality, and the Future

PART IV

ChallengesImperfection Does Not Warrant Non-Adoption

It is Not Enough to Just Have More Time Processes Must Change with Technology What Will You Do with Your “Extra” Time

Functionality Integration Could be Better Tablets Have Limited Capability Mobile Printing is Not Seamless

Security Unauthorized Access Data Integrity Data Preservation

Compliance Issues Digital Signatures?

The Future – What’s on the Horizon

Improved Compatibility and Integration

Greater Reliance on Cloud Computing and Mobility

Reduced Device Capability and Capacity Requirements

Improved Data Network Quality and Lower Costs

Improved Security, Yielding Greater Adoption and Reliance