When Justin Dering, Founder of North Country Wealth Management, joined the RIA world in late 2018 it was “an eye-opening switch.” Dering knew he needed to bring the best-in-breed tech to his clients, but wasn’t sure where to turn.
Drawn to Morningstar for its name recognition, Dering was optimistic but quickly realized the “gold standard” missed the mark around basic functionality and usage with clients.
“Morningstar was all I knew,” said Dering, “I had no idea what alternatives were out there. Thankfully my home office Mutual Advisors told me about their partnership with HiddenLevers, and I’m so grateful they did.”
The Preferred Choice for RIAs
Overwhelmed by the number of tech options in the marketplace, Dering gravitated toward brands he knew.
Morningstar Advisor Workstation offered all of the bells and whistles with its mutual fund screener and composition data, but these nice-to-haves were just that. On top of that Workstation’s complex interface made using the tool a chore. “I used a small subset of the features from Workstation, but I wanted a tool I could seamlessly integrate within my practice rather than use here and there,” said Dering.
Just like fellow Mutual Advisors firm Financial Journey Partners, Dering realized HiddenLevers was the hidden gem he didn’t know he needed.
“HiddenLevers is such an intuitive, smart, and simple piece of tech,” said Dering. “It’s a complex, robust tool with an easy-to-use interface. And the output took the client experience to the next level.”
HiddenLevers Fills Morningstar’s Gaps
“Investing is a world of tradeoffs, and HiddenLevers really helps us illustrate this in an effective way,” said Dering. “We couldn’t do this in Workstation.”
For North Country Wealth Management, HiddenLevers redefined risk assessment with its risk tolerance questionnaire. “With the risk questionnaire I can jumpstart the conversation about risk and reward with clients,” said Dering.
With the risk score as a baseline, Dering and his team use the risk profile comparison to present risk/reward tradeoffs through clear, concise imagery that resonates with clients. “Investing is a world of tradeoffs, and HiddenLevers really helps us illustrate this in an effective way,” said Dering. “We couldn’t do this in Workstation.”
With the ability to break down risk and reward in the context of a client’s goals, Dering and his team bring the client’s concerns to the forefront. “The risk profile comparison lets me easily compare the client’s current holdings versus their stated objectives,” said Dering. “This helps us show and explain market risk to the client and how some risk will help them move closer to their goals.”
No Client Left Behind
HiddenLevers’ seamless integration and easy adoption help Dering and his team focus on existing clients, as well as grow North Country’s client base.
Rather than spending hours digging through Advisor Workstation to build a client report, Dering is able to serve up meaningful and robust insights at scale with the risk profile comparison and proposal reports.
“The other issue with Workstation was scaling the output, I want to make sure every single one of my clients is taken care of,” said Dering. “With Workstation I had to sacrifice so much time on a single client, my other clients were losing out. Now with HiddenLevers, generating meaningful output is a cinch.”
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