Lorin brings over 30 years experience building computer and information systems to Bridge. His current project includes developing the billing portion of Atlas-X, a soon-to-be released end-to-end financial solution for advisors. Besides being a naturally talented coder, Lorin is also a talented musician and has an interest in art. This week, I had the opportunity to sit down with Lorin and discuss his work on Atlas-X's billing application.
What are you currently working on?
One of services Bridge provides our customers is to help them determine how to bill their clients. These financial transactions and fee structures can get quite complicated. I am currently updating our system by applying new technology to make our billing capabilities more powerful than ever before.
What is your main goal for improving the billing application?
We want to increase transparency. We can want billing information to be readily available and easy to understand. We want advisors to be able to explain where each charge is coming from, creating total transparency.
For example, imagine if your cashier at the grocery store handed you a receipt with nothing more than the final total on it. This wouldn’t do you much good if you wanted to see how much you paid for an onion, for example. Instead, an itemized grocery receipt would be much more helpful to see how much you were charged per item. This is the same mentality we’re adopting for our new billing application. We want advisors to be able to see the details of billing, rather than just the bigger picture.
How will this application help advisors?
Essentially, we’re doing the accounting for advisors so they don’t have to. In addition to creating fee structures and billing IDs, the application will also let advisors see exactly where their revenues are coming from.
Our system will allow advisors to do a “status check” or “update” on their financial position to help them determine if they can afford to buy a new computer, hire someone, etc.
With the click of a button, advisors will be able to see how much money they would be making annually if they added an additional client or if they incurred an additional expense, such as new technology. Or, an advisor can find out how much revenue they generated over the past two weeks alone, for example. Advisors can then use this information to make important financial decisions.
We think forecasting, or showing advisors their projected income, will be an important tool as well. By forecasting predicted income for the coming month, year, or years, we empower advisors to live the lifestyle they want. Advisors can decide if their current client base is enough to maintain their preferred lifestyle, or if they need to grow their client base. We’re helping advisors identify the amount of growth necessary to meet their personal financial goals.
The best part is, this information will be available on demand, at the touch of a button.
What are you most excited about for this app?
Normally, billing is delivered on a schedule. But now, advisors will be empowered to log into the portal and get up-to-date information on demand. Not only are we including optimization billing and built-in fee structure features, but also the cash planning and forecasting tools advisors need to successfully scale their business. I think these features will change the way advisors think about and handle billing.