Advisor Technology Solutions to Embrace in 2020

by | Feb 26, 2020 | Blog

If you weren’t successful with your goal to implement new technology last year, let’s make it happen in 2020! When it comes to leading advisory solutions, we recommend you consider the following for your business:

  1. Wealthbox or Redtail
  2. Social Patrol
  3. AdvisoryWorld
  4. Orion

Each of these solutions makes operating different aspects of your advisory business easier, which is why we think you need them! They are also all part of LPL Financial’s Vendor Affinity Program, meaning if you are an LPL Financial affiliated advisor, you’ll pay a reduced rate compared to the street price.

Redtail, AdvisoryWorld, and Orion are also part of LPL Financial’s ClientWorks Connected platform. ClientWorks Connected aims to create a fully integrated advisor workstation where data pre-populates, saving you time and increasing efficiency. LPL Financial is committed to improving the ClientWorks Connected platform, so you will see ongoing enhancements and deeper integrations with these solutions.



First on the list is Wealthbox. Wealthbox is a customer relationship management (CRM) tool, which was added to LPL’s Vendor Affinity Program in August last year. Wealthbox launched in February of 2014 and is a newer solution than Redtail or Salesforce. New often aligns with fresh, and Wealthbox is known for its ease of use, intuitive interface, and “sign up and go” integration. Wealthbox easily syncs with your existing email accounts. The tool also can stream your clients’ social networks so you can stay up to date on their important life events.

Advisors with LPL Financial receive 15% off any service and get free onboarding and data migration. To learn more about Wealthbox for LPL Financial advisors, click here.



Redtail CRM launched in 2003, so the service has more experience working with financial advisors than Wealthbox. Redtail is also known for being easy to use, which is why we recommend them. Redtail became part of LPL’s ClientWorks Connected integrated platform in 2019 and LPL is further expanding this integration with more enhancements slated for 2020.

There is no shortage of training opportunities to help you get started, including an extensive online knowledge base, reliable customer service, and Redtail University, which offers hands-on classroom instruction in cities throughout the country.

LPL advisors pay only $55 a month for up to 60 users, which is a steep discount compared to their street price of $99 a month. To get started, you can sign up for a free trial here.



Social Patrol is on our list for 2020 because if you are going to market your business using social media, LPL mandates that you use this tool. Social Patrol is replacing Zix (formerly known as Erado) and the transition is occurring in eight waves among LPL advisors. Even though it’s a tool you must use, we believe it’s a better solution than Zix!

First off, Social Patrol is less expensive than Zix. It costs $85 a year for up to three social sites versus $66 a year per site. Secondly, you will no longer have to submit a PDF of your Facebook, Twitter, or LinkedIn profile pages every time you make an update. Thirdly, once you transition, you can use Facebook’s Live video feature! When news happens, you can go right to Facebook and record a live video with your commentary!

LPL has stated this is just the beginning. We expect more features and benefits to become available with this partnership down the road.



AdvisoryWorld fully integrates with ClientWorks and enables you to get proposals to prospects and clients faster. Since LPL Financial purchased AdvisoryWorld in 2018, there have been ongoing enhancements. Most recently, you can now import MWP Advisor Sleeve and SAM/SWM models. It also integrates with New Account Opening 2.0.

AdvisoryWorld integrates with Redtail, not Wealthbox, which may be something to consider if you are looking for a new CRM this year. AdvisoryWorld also integrates with Orion. The best thing about AdvisoryWorld is that it’s LPL owned and free to all LPL advisors.



We are fans of Orion for their flexibility and capabilities when it comes to portfolio accounting, reporting, and billing. They also integrate with hundreds of other advisory tools and have relationships with a multitude of custodians and broker-dealers. This is important because they can quickly capture historical data and provide consolidated reporting. They offer a client portal with an account aggregation feature, enabling you to gather data on held-away assets.

We believe Orion makes life easier for advisors, especially in an industry where change is ongoing. If you want to simplify your process, Orion can serve as the catalyst to create the ultimate advisor workstation for your business.

Since Orion is part of LPL’s Vendor Affinity Program, advisors pay a reduced cost, which starts at $75/account/year and tiers down. There is a minimum annual fee of $15,000. Financial Advocates also has an even greater discount for Orion. Please contact us for further information.



The reason it’s often difficult for advisors to implement new technology is that it takes time to research. Fortunately, our Technology Team has already done the heavy lifting for you! If you aren’t sure where to start, start with us. We will conduct a technology assessment to pinpoint where you could be more up to date, compliant, and efficient with your hardware, advisory solutions, system security, and more! Contact us today!