By Barry Chaffe and Tony Valaitis
This comprehensive checklist will help you evaluate your short list
of software packages. It covers ten categories you should use to evaluate
a Contact Management software program: Contact Management areas, Features,
Compatibility, Demos, Costs, Licensing/Updates, Training, Support,
Vendor and System requirements.
Contact Management Software Checklist
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Investor Profile |
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Paperless Filing |
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Scheduling |
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Investor Nurturing |
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Mail Merge |
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E-mail Merge |
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Marketing Campaigns |
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Sharing and
Teamwork |
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Compliance |
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Customization |
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Integration
(with back office & planning software, PDAs, website, etc.) |
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Portability |
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Practice Management |
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Practice Automation |
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Does
the software serve as a central electronic filing system for
all of my client and prospect information (including e-mails,
letters, phone conversations, meetings, financial plans, statements,
photos, etc.), allowing members of my team to share and access
information quickly and easily? |
|
Does
the software provide my team with the ability to document, monitor
and satisfy the ongoing financial needs of my clients? |
|
Does
the software give me the ability to celebrate important dates
with my clients? (birthdays, anniversaries, etc.) |
|
Does
the software make it easy for my team to execute marketing campaigns
via written correspondence, e-mail and telephone? |
|
Does
the software ensure that essential tasks can never slip through
the cracks? |
|
Does
the software automatically monitor my clients' needs and alert
the appropriate member of my team when a client is due for service?
(eliminating the need to perform periodic queries and reports) |
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Does
the software allow my team to automate repetitive office procedures? |
|
Does
the software give my team the ability to select multiple clients
or prospects that share common characteristics? |
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Is
there a way to automatically back up my client files? |
|
Does
the software give my team the ability to mine my client and
prospect data to answer questions and perform analysis as the
need arises? |
|
Does
the software make it easy to generate written and/or electronic
correspondence for single or multiple recipients? |
|
Does
the software provide management reports that allow me to monitor
where new business is coming from, measure my team's activity
levels, project future revenue, etc.? |
|
Does the software
include the record keeping, audit trail and reporting capabilities
needed to satisfy compliance requirements? |
|
Does the software
integrate with my web site so that when a prospect visits my
site the software adds them to my prospect database and begins
my predefined process for qualifying and closing the prospect? |
|
Does the software
integrate with my back office system and my financial planning
software? |
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Does the software
integrate with my PDA? |
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Can the software
be accessed remotely from home, cottage or hotel? |
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Can the software
be tailored to meet my specific needs? |
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Does the software
allow me to transform my practice into a turn-key operation? |
| |
Compatibility
with You and Your Practice |
|
Who are my
clients and what are my contact management needs? |
|
Will the software
meet the above contact management needs? |
|
Is the software's
output (on-screen and printed reports) compatible with my planning
or presentation style? |
|
What is the
software's learning curve - easy, medium, hard? |
|
Will the software
work with the way my practice, computers and network are currently
set up? |
|
Is there a
demo or trial period? |
|
Can the demo/
trial period be extended if I need more time? |
|
Are any features,
such as printing, disabled in the demo? |
|
Is any support
provided during the demo/trial period? |
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Is any training
provided for the demo? |
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Are there any
costs for demo support or training? |
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What is the
initial cost of the software? |
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Are there additional
set-up or installation costs? |
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Are there any
maintenance fees in the first year or are these included in
the initial cost? |
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Can I install
the software on more than one computer for the same cost? |
|
What are the
annual update/maintenance costs after the first year? |
|
What are the
support costs or are they included in the annual cost? |
|
What are the
training costs or are they included in the annual cost? |
|
How long will
it take to learn the program? Estimate the number of hours and
multiply by your hourly rate to arrive at this cost. |
|
How long is
the license period? |
|
If I don't
update, does the software expire at the end of the license period? |
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How often is
the software updated? |
|
Are there multiple
user or site license discounts? |
|
What type of
support is provided?
- Live Help Desk
- Email
- Website Knowledgebase
- Website FAQ |
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How long will
it take to have a support question answered? |
|
Will the vendor's
time zone affect my access to their help desk? |
|
Are patches
and updates available online for downloading? |
|
What is the
software's learning curve - easy, medium, hard? |
|
Does the software
come with a tutorial or wizards? |
|
What
type of training is available?
- Telephone
- Internet (Webex)
- CD-ROM based
- Vendor training road show
- Vendor on-site
- Printed and/or electronic manuals
- Private training
- Custom training |
|
Does the vendor's
website have a software "Tips" section? |
|
Does the vendors'
website have a users forum to post questions and solutions? |
|
How long has
the company been in business? |
|
How many employees
are in the company? |
|
How many software
users does the company have? |
|
What other
firms (broker/dealers, planners) use the software? |
|
Does the vendor
provide client testimonials and references? |
|
What
are the minimum system requirements?
- Operating system (Windows version)
- Internet browser and connection type (ie/ high speed)
- Processor speed
- Memory (RAM)
- Hard drive space
- Backup |
|
Will the software
work over a network? |
|
Is the software
standalone (installs directly on your computer) or web based? |
|
Do I need to
install/purchase any other software or plug-ins to use the software? |
|
Are there any
know conflicts between the software and other software packages,
plug-ins or printers? |
| Barry Chaffe is President
of Chaffe/Malcolm + Partners
Inc., a software development firm located in Waterloo, Ontario,
Canada. Chaffe/Malcolm's products include Investment Gold, the
ultimate client care system for wealth management professionals.
Investment Gold is used by more than 8,000 top performers across
North America. |
| Tony Valaitis is Managing Partner of AdvisorTek.com,
a software and technology web portal for financial advisors
who want to grow and improve their practices using technology.
Tony has 15 years of experience in creating and developing software
applications for the financial services industry. Tony can be
reached at tvalaitis@advisortek.com.
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