Outsourcing: Cost of Tech
It’s important to consider all the additional costs that are associated with bringing on outsourced help.
For security, tracking, ease of access, and sometimes compliance reasons, best practice is always to create a support@yourfirmname.com or operations@yourfirmname.com user account for all system access and turn on two factor authentication (2FA) in a form that is accessible to your support team without your presence.
The following is a list of common systems and associated costs to consider when considering the full cost of outsourcing. Underlined are systems that have a cost associated with administrative access.
Before deciding to engage in any support decisions, find out if there are additional license fees associated with your firm's tech stack.
| Software System Set Up | How You Will Use This | Tech Cost Considerations for XYPN Ops |
| Wealthbox | Wealthbox serves as your business hub for everything from following up with leads to onboarding clients, to tracking meeting follow-up tasks. If you want to ensure consistent value across clients and over time. This is where you start. | XYPN Ops admin license is free |
| Right Capital or E-Money | Client portals will provide your clients with an up-to-date financial picture. This is where you will likely share files and collect documents from clients, as well as assign them tasks. Setting this system up right from the get-go and including your branding is important. | RightCapital - XYPN Ops admin license is free to users eMoney - $95/month for additional license |
| Email Management System: Microsoft or Google | Email is another communication mechanism that needs to be branded and set up to use efficiently. You will use basic client communication templates to prevent the need to rewrite the same email to multiple clients. If you are expecting to do any outsourcing down the road, a support email will be a necessity. | Google Workspace Basic - $6 per user/month Office 365 Business - $5 per user/month |
| Calendly | Calendly can create reminder emails, texts, follow-up communication, and advanced communication all aimed at making your practice run smoothly without you needing to remember all those details each time. It’s the perfect organizational tool to pair with Wealthbox. | In this case, it is actually best to share your login but be sure to detach it from your google login credentials. |
| File Management System | File management is the key to efficiency and compliance. Keeping files and information organized and accessible will lay the foundation for future growth and support. Word of caution: doing this right from the start is far cheaper than digging through hundreds of unnamed files later. | Included with Google Workspace or Office365. Other data storage options will have their own fee. |
| PreciseFP | Creating Client Agreements within PreciseFP allows for easy customizations to include your logo, fees, and downloadable ADV, Privacy Policy, and Disclosures. Best of all, Agreements can be sent and signed all thru PreciseFP, much like Docusign. | In this case, it is actually best to share your login. |
| XYArchive | XYArchive provides a streamlined way to automatically archive client communications. | XYArchive - XYPN Ops admin license is free |
| SmartRIA | Once we have ensured you are set up correctly, you can continue to use the task reminders in SmartRIA to remain on track and compliant as you grow. | SmartRIA - $15/additional user |
| Holistiplan | If you provide tax planning as part of your offering, you might integrate this with your CRM and integrate milestone notifications. | Holistplan - XYPN Ops admin license is free |
| AdvicePay | If you do fee only financial planning you will likely use this for billing. | AdvicePay- XYPN Ops admin license is free |
| Schwab | Custodian | Schwab- XYPN Ops admin license is free |