Portfolio Review Software

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Jun 8, 2008 7:43 pm

What do you guys use for portfolio reviews for clients and prospects.  I started a month ago at LPL and am not quite sold on their Portfolio Review Tool software.  So any other suggestions is greatly appreciated.   And any LPL reps...your thoughts (good and bad) on the PRT.

 
Pin
Jun 8, 2008 8:16 pm

Hi Ice,

 
Sorry to hear about that at your firm.  LPL's Portfolio Review too seems to me to be very very overkill.  I was looking at a sample and it was 33 pages long.  My clients would be asleep after page 4.
 
I am hoping to hear from some of the "vets" out there about what they use and find something a little better.
 
Pin
Jun 8, 2008 11:49 pm

I dropped PRT and signed up for the Portfolio Manager (I think that's what it is called).  It's $75/month, but it is MUCH MUCH more client friendly. The only bad thing is that you need about a year of client data (with LPL) for it to be very good.  After a year at LPL, it can show overall portfolio (one account, or multiple accounts) performance, individual investment performance, etc.  It can give you an appraisal on any previous calendar day (great for clients who died on X date).  It's very easy for clients to read, and the performance reports can be run over almost any custom time period (as long as there is data).

Jun 9, 2008 9:06 pm

Ice...I think you can customize the PRT to not print out quite so many pages, but to me it is still not what I am wanting...ALTHOUGH maybe I need to just get used to it and quit trying to compare it to my old wirehouse software (which was pretty darn good and brief).

Now....is the Portfolio Mgr something LPL offers?  I am not familiar with it..I am going to have to look it up on BranchNet.  Also, if you need a year of peformance.....is it any good for prospects???

Thanks for all the help!!!!!!
Pin

Jun 9, 2008 9:12 pm

I use PRT since coming over from Jones. The problem is cost basis as Jones refuses to send that over.  The PRT is very adaptable.

Jun 9, 2008 9:31 pm

I think there are a couple of laws in Congress this session dealing with Cost Basis. Basically the IRS will demand complete cost basis information on capital gains and losses...is Jones going to do anything to do the right thing for people who at one time had placed their faith in them, or will EJ continue to make basis hard to get?

Jun 10, 2008 2:16 am
PinBroker:

...

Now....is the Portfolio Mgr something LPL offers?  I am not familiar with it..I am going to have to look it up on BranchNet.  Also, if you need a year of peformance.....is it any good for prospects???

 
Portfolio Manager isn't really for prospects. LPL offers it for $75/month.  Basically, you can only run reports for time periods in which the account was at LPL.  Besides reports, it will give you better functionality with your Client Groups. You can run some commission reports by group with it. 
 
For prospects (and clients), you may want to look into WealthVision (eMoney for LPL).  That is some pretty impressive planning software (retirement planning, insurance planning, etc.). I'm currently using it, but the $300/month price tag is pretty steep.
Jun 16, 2008 3:33 pm

now_indy

 
Have they worked out all the bugs yet with eMoney?  
Jun 16, 2008 6:16 pm
Greenbacks:

now_indy

 
Have they worked out all the bugs yet with eMoney?  
 
I'm not going to say that they have worked out ALL of the bugs, but I think they have it under control now.
 
It is a little convoluted, and it recently caused me some embarassment with a client. He asked for online access, and it used to be really easy with AccountView, but WealthVision makes it quite a bit harder to do.  The client has some better features (bringing in other financial accounts, etc.), but it was still a pain.
 
So yeah, I think most of the bugs are out, but I'm not really putting it through its paces yet. It's kind of like having a Porsche, but not getting past 2nd gear.