What's The Best CRM For Your RIA And Why with Special Guest Christopher Johnson

Is Your CRM Holding Back Your RIA's Growth?

RIA Tech Talk Podcast: Featuring Kent Tkach from Practify As your RIA grows, the limitations of traditional CRMs can become a major roadblock. In this episode of the RIA Tech Talk Podcast, we sit down with Kent Tkach from Practify to discuss why traditional CRMs may be falling short for RIAs that are scaling—and how a purpose-built solution can make all the difference. Key Takeaways from the Episode 1. The CRM Struggles That RIAs Face Many RIAs start with traditional CRMs like Redtail, Wealthbox, or Salesforce. While these solutions work well for basic client management, firms often hit roadblocks as they scale. Customization becomes costly, workflows get cumbersome, and firms find themselves needing external consultants to make their CRM work for them. 2. Why Practify is Different Practify is designed specifically for RIAs and wealth management firms, addressing the common pain points of scalability and customization. Unlike traditional CRMs that require heavy customization or external overlays, Practify is a fully built platform designed for RIAs from the start. 3. When to Consider Switching If your firm is hiring external Salesforce consultants, struggling with disjointed workflows, or using multiple spreadsheets to track key processes, it may be time to evaluate a CRM that scales with you—without the ongoing maintenance headaches. 4. Practify's Approach to CRM & Workflow Management · Prebuilt Workflows & Reporting: Many firms find they can get started without additional customization. · True CRM, Not Just an Overlay: Unlike Salesforce overlays, Practify replaces Salesforce while still leveraging its powerful infrastructure. · Dedicated Support & Training: Practify provides in-house technology consultants to assist with onboarding and customization—so firms aren't left figuring it out alone. 5. The Hidden Costs of Customizing Salesforce Many RIAs underestimate the ongoing costs of maintaining a highly customized Salesforce CRM. Licensing costs are just the beginning—keeping the system functional often requires ongoing consultant fees and technical support. Practify eliminates this complexity by providing a tailored, all-in-one platform. Who Should Consider Practify? Practify is ideal for RIAs that are: · Growing beyond 10+ employees · Looking to streamline operations with automation · Frustrated with CRM limitations and costly customizations · Seeking a platform that provides ongoing support, rather than just software Want to see how Practify can support your RIA's growth? Reach out to Kent for a consultation: Website: www.practify.com [https://www.practify.com/]

Macs for Financial Advisors: Can They Meet Your RIA's Needs?

In this episode of RIA Tech Talk, we tackle a question that's been popping up more and more: Can an RIA run successfully on Macs? While many RIAs default to Windows for compatibility with financial software, there's a growing interest in using Macs for their security features, user-friendly experience, and overall longevity. Here are the highlights of this podcast episode: 1. Why Some RIAs Hesitate to Use Macs Common concerns include compatibility with financial software and misconceptions about Macs' security and functionality. 2. Productivity and Software Compatibility For many RIAs, web-based tools like Google Workspace and Microsoft 365 work smoothly on Macs. With cloud solutions, critical applications like CRM and portfolio management run seamlessly, especially when using advanced tech that lets apps appear as native icons on Macs. For older or server-bound software (e.g., customized QuickBooks Enterprise), special setups like cloud servers with remote apps are required to make them accessible on Macs. Many RIAs use a combination of Macs and Windows computers without compatibility issues, especially with cloud-based applications. 3. Benefits of Using Macs in an RIA Macs have built-in security features, including encryption and malware resistance. Many RIAs take additional steps like implementing Defender for Endpoint for added protection. Macs are valued for their intuitive interface and smooth user experience, which can reduce stress and boost productivity. Although Macs may have a higher initial cost, their durability can mean a lower total cost over time. 4. Finding Mac-Friendly IT Support It's important to work with an IT provider experienced with Macs, as many IT providers are still primarily focused on Windows. Some firms use Macs for front-office tasks and Windows for back-office needs, allowing flexibility without compromising performance. Macs integrate well with iPhones and iPads, enabling seamless access to RIA tools and files across devices.

Why Owning Your IT Hardware Could Save Your RIA Money

In this episode, Todd Darroca and David Kakish explore the often-overlooked financial benefits of owning your IT hardware. Understanding the difference between owning and renting IT hardware can significantly impact your bottom line. Join us as we break down the pros and cons, help you avoid common pitfalls, and provide you with actionable insights on why owning your IT hardware could be the smartest move for your RIA. In this episode, we explore: The Concept of Hardware as a Service (HaaS) What is it, and why some IT providers promote it? The Real Cost and Downsides of Renting Hardware Understand how much more you might be paying when you rent your IT equipment, the potential pitfalls of being locked into contracts, and the limitations on flexibility when you don't own your hardware. Benefits of Owning Your IT Hardware Learn about the flexibility, customization options, and long-term savings that come with owning your equipment.

Are You Starting a New RIA? What's the Best Tech Stack for a Five-Person Team?

In this episode of RIA Tech Talk, David and Todd are again joined by Christopher Johnson of TrigaByte Technologies, to discuss the ideal technology stack for new RIA firms with a small team. About the Guest: Christopher Johnson: Founder of Byte Technologies with over 30 years of experience in financial services, specializing in operations, technology, and compliance. He offers unique expertise in helping RIAs optimize their technology choices and implementation. Key Takeaways from Christopher: 1. Choosing the Right Platform: Microsoft vs. Google · Microsoft 365 is recommended for new RIAs due to its comprehensive suite of integrated tools that support IT compliance and security without needing multiple third-party tools. · Google Workspace requires additional third-party tools for compliance and security, which can complicate setup and increase costs. 2. CRM Options for New RIAs · Redtail: Highly popular among new RIAs due to its ease of use and extensive integrations. Ideal for firms that prioritize simplicity and functionality. · Wealthbox: A close competitor to Redtail, offering a user-friendly interface and good integration capabilities. Christopher joined us in a previous podcast episode: What's The Best CRM For Your RIA And Why [CT1] which you may also want to check out. 3. Portfolio Management Software · Best in Class: Black Diamond is a top choice for firms looking for comprehensive portfolio management and performance reporting. · All-in-One Solution: Orion offers an integrated suite of services, making it ideal for firms looking for simplicity and ease of use. 4. Financial Planning Tools · eMoney and MoneyGuide Pro are the dominant choices for financial planning, known for their robust features and ease of integration with other platforms. 5. Custodian Selection · Charles Schwab is highly recommended for new RIAs due to its supportive onboarding process and comprehensive services tailored to RIA needs. 6. Communication Archiving · Microsoft offers built-in archiving capabilities for emails and Teams, providing a cost-effective solution that meets SEC and FINRA compliance requirements. · MessageWatcher is a budget-friendly option for archiving social media and text communications. 7. Compliance Solutions · A robust compliance tool is crucial for monitoring employee activities and ensuring regulatory adherence. AdvisorAssist and Smartria are popular choices. 8. Managed Service Provider (MSP) · RIA Workspace is recommended for its specialization in providing IT services tailored to RIAs, offering better understanding and support than general IT providers. Starting a new RIA firm requires careful consideration of the right technology stack to ensure efficiency, compliance, and security. By selecting the appropriate tools and platforms, new RIAs can build a strong foundation for growth and success. Get in touch with Christopher Christopher Johnson, TrigaByte Technologies [https://www.trigabytetech.com/] Phone: 612-817-7767 Email: chris@trigabytetech.com [chris@trigabytetech.com] [CT1] Please add a link to E16 once available.

What's The Best CRM For Your RIA And Why with Special Guest Christopher Johnson

In this episode of RIA Tech Talk, we welcome Christopher Johnson of TrigaByte Technologies to the show. He brings insights into CRM options for RIAs and answers some of our FAQs for each. We cover some of the top CRMs used by RIAs including: · Redtail [https://corporate.redtailtechnology.com/] · Wealthbox [https://www.wealthbox.com/] · Salesforce [https://www.salesforce.com/ca/] · Tamarack [https://www.tamaracinc.com/crm] · AdvisorEngine [https://www.advisorengine.com/] · Advyzon [https://www.advyzon.com/main/index.html] Christopher answers our top questions to help you make the best decision about a CRM for your firm. · What are the pros and cons of each CRM? · Are some CRMs better suited for a smaller advisor vs a large RIA firm? · From your perspective, what are the top 3 CRMS for the RIA industry? · If you were running your RIA firm, which one would you use and why? · Which ones do you get the most complaints about? Get in touch with Christopher Christopher Johnson, TrigaByte Technologies [https://www.trigabytetech.com/] Phone: 612-817-7767 Email: chris@trigabytetech.com [chris@trigabytetech.com]