Software firm Equisoft is preparing to add a client portal to its platform for financial advisors.

Equisoft announced plans to add the client portal to its WealthElements toolkit on April 14 and says the mobile-friendly site is designed "to automate many of the time-consuming prospecting, onboarding and servicing tasks usually performed by financial advisors or their support staff".

Collects data from clients and prospects

Among other things, the new module will be able to collect data from clients and prospects (e.g., contact information, assets and liabilities, incomes and expenses), and it can also be used to profile investors, select investment portfolios, as well as complete account opening and transfer forms. It will also obtain electronic signatures, offer account access, and provide simple financial and insurance planning.

Improving operational efficiency

“Our objective in developing a Client Portal Module for WealthElements was to help advisors improve their operational efficiency and leverage new ‘Robo’ technologies to grow their businesses”, says Jonathan Georges, vice president of wealth management solutions at EquiSoft. “With the new Client Portal, not only can advisors become more efficient, but they also have the opportunity to position their businesses for future growth by attracting and retaining ‘Millennial’ clients – a demographic that is projected to inherit trillions of dollars in the coming years.”

The client portal is currently in the beta phase of development. Equisoft plans to release it to its first advisor network this summer, followed by a broader release in the fall.