PreciseFP Releases Version 4.0

PreciseFP Releases Version 4.0 to Financial Professionals Across 6 Continents – Creating Custom Engagement Experiences for Clients and Prospects Has Never Been Easier

ALPHARETTA, Ga, November 14, 2016 – PreciseFP, a forms tool and financial profile builder, designed around the way financial professionals work with their clients, unveils version 4.0 of its fintech offering. With PreciseFP 4.0, financial advisors and insurance professionals create custom forms that gather data specific to their clients’ needs. Clients spend less time in the tedious process of completing generic forms and questionnaires, thanks to PreciseFP forms that are prefilled with data from CRM and financial planning applications. Also, because forms are custom and contain only fields of data that are relevant to their unique situation, clients are more engaged than with other “cookie cutter” data intake methods. This results in clients providing more complete financial profiles. To date, over 40,000 clients of financial advisors have used PreciseFP to build their financial profile.

The timing of the release of PreciseFP 4.0 coincides with the announcement of the recent Department of Labor (DOL) Best Interest Rule. Under this rule, financial advisors will need to prove that they are doing what is in the best interest of their clients. Don Whalen, CFP®, co-founder of PreciseFP, said,  “This is no small task given that most advisors don’t collect enough data on their clients to even be able to surmise what is in their best interest.” With the new PreciseFP 4.0 Forms Library, advisors can send out ready-made forms that engage clients with the goal of building more complete profiles. PreciseFP 4.0 goes one step further and creates an audit trail, showing when a client submitted data, and specifically what fields were changed, further substantiating due diligence and compliance on the part of the advisor.

With the release of this new version, the user base has also expanded, and now includes users spread out across six continents. “Because PreciseFP 4.0 is so customizable, we are finding that countries that have limited access to financial planning software are using PreciseFP to build detailed client profiles to make specific client recommendations,” Whalen said. He added: “Financial professionals as far away as Australia use PreciseFP 4.0 to customize the client data-gathering experience, taking into account local laws, currencies, and even languages.”

Another enhancement of this new version is the release of a volume of forms that were made specifically for leading applications such as eMoney, MoneyGuidePro, Redtail CRM, and SmartOffice CRM. Data is sent bi-directionally between PreciseFP 4.0 and these applications, eliminating unnecessary keystrokes both on the financial professional’s side and on the client’s side. These new application-specific forms take into account which data needs to be collected and sent electronically so that manual data entry can be virtually eliminated. Data-gathering and data entry represent 40% of the cost of creating a financial plan. By automating both tasks through PreciseFP 4.0, advisors are realizing significant savings and efficiencies.

Yet another new feature in this release is the ability to create surveys. Financial professionals can easily create powerful surveys, inserting video and other graphical content to solicit client feedback. Surveys can be sent out to hundreds of clients with the click of a button and the entire process is tracked via the PreciseFP 4.0 application.

Security is another area where significant enhancements were made with the introduction of 2-factor authentication and the addition of a second layer of field encryption. Compliance departments across the country have been mandating higher levels of security. PreciseFP 4.0 delivers on its promises in this area, far surpassing other data-gathering methods available to financial professionals and their clients.  PreciseFP 4.0 was built specifically for the financial services industry, meaning that security has always been a top priority.

Finally, calculated fields underwent significant enhancements for this new release, making it easier to create forms such as risk tolerance questionnaires where clients and prospects can be given a risk score based on answers provided. Most advisors use in-house risk tolerance questionnaires to determine their clients’ appetite for risk.  PreciseFP 4.0 not only allows financial professionals to recreate their risk tolerance questionnaire, it also allows them to build in a scoring system so that clients are scored in a consistent, pre-defined way.  This further bolsters the argument that proper due diligence was performed on the part of the financial professional prior to making investment recommendations.

PreciseFP 4.0 builds on the many powerful features that financial professionals have enjoyed since 3.0 was released a little over a year ago. With the robo-advisor now a reality, clients expect a better, more custom experience. PreciseFP 4.0 surpasses client expectations and delivers the best data-gathering experience possible.