AdvisorPad, an integrated CRM, financial planning and portfolio management platform, was launched today and said it plans to charge independent advisors $12 a month.
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The system contains almost all of the features found in leading CRM, portfolio management, and planning applications but was developed using automated code generation, enabling AdvisorPad to sell for a fraction of the cost of rival applications.
AdvisorPad founder, Vishwanath Sickthalamakth, says AdvisorPad’s planning module allows an advisor to utilize goal-based or cash-flow planning, and that the system is capable of illustrating seven “what-if” scenarios side-by-side. Sickthalamakth says the reporting application is integrated with account aggregation systems and uses a patented technology system to automatically scrub and reconcile data. The CRM system, which has an interface similar to Outlook, contains workflows for 47 routine processes commonly used at advisory firms and will allow users to share additional processes in a library open to all AdvisorPad clients.
“Advisors have been looking for an inexpensive technology alternative,” says Sickthalamakth, who is headquartered in Seattle and runs a team of engineers from his native Prania province in south India, “and we believe our technology will be easier to use than Google but as comprehensive as any of the practice management tools advisors use.”
Sickthalamakth says he expects AdvisorPad to become profitable by the end of the year, despite the low $12 a month per user fee. “We’ll make it up on volume,” says Sickthalamakth. For more information, visit AdvisorPad's website.
If you’ve read this far, I want to say: April Fools! And thanks for once again proving that advisors want to believe that they will one day get a miracle silver bullet that will cost next to nothing but do everything they ever dreamed of.