Outlook's popularity may be explained by its price, since it's essentially free. But I'd like to suggest a second reason. Most wealth managers that invest in a more powerful contact manager only end up scratching the surface of the product. They know that their contact manager can make them more successful, but they never get around to utilizing the product's capabilities. So perhaps wealth managers using Outlook question the real benefits of moving up to a better product.

Thus we are faced with the contact management conundrum. A powerful contact manager has the potential to make you considerably more successful. But how do you tap that potential?

Powerful contact managers have a steep learning curve. It doesn't matter which product you choose. No one can use a powerful contact manager effectively without proper training.

But what's the best way to learn how to use your contact manager? There are a variety of options and each has its own strengths and weaknesses.

Offsite Instructor-Led Training
There are two good reasons for sending your team offsite for training. They will be led through the course material by an instructor. And away from the office it will be easier for them to focus on the training.

On the negative side, offsite training can be expensive and inconvenient, particularly if considerable travel is involved. The training may not be private to your team. And your practice is impacted during the training. But worst of all, your team only receives one exposure to the course material. Learning studies all indicate that to retain the majority of the information presented, your team will require two or three exposures to the course material. And of course, losing a member of your team after investing in training can be quite frustrating.

Onsite Instructor-Led Training
Onsite training can take two forms. The instructor can visit your office, or your team can join the instructor's "webinar". This is a considerably more convenient approach than offsite training. And again you have the benefit of being led through the course material.

However, if the instructor is visiting your office, this type of training can be expensive. And your team will have to deal with the distractions of ringing phones and client drop-ins. But worst of all, once again your team only receives a single exposure to the course material. So only a small fraction of the information will actually be retained. And you still face the potential frustration of losing a member of your team after investing in training.

Self-Paced Training
Self-paced training can take the form of printed or computer-based training material. It's the ultimate in convenience. This option overcomes the chief problem with instructor-led training because your team has ongoing access to the course material. As a result, they can revisit the information as many times as necessary to ensure retention. The course material also serves as a great reference. And if you lose a trained member of your team, simply have their replacement work through the courses.

The down side to self-paced training? Some people prefer instructor-led training. And if training isn't given a high enough priority, there may never be a convenient time to train.

The Ultimate Approach to Training
A hybrid approach provides the ultimate training solution. The cornerstone of this approach is self-paced training because it's the best way to ensure that information is retained. And it also provides an excellent reference, allowing staff to answer most questions that arise themselves (which is particularly handy if the question comes up late in the evening or on the weekend when help desk support may be unavailable).

Teams also like the convenience and flexibility of self-paced training. Staff can train when they have time. Different members of your team can train at different times, ensuring that your practice continues to operate efficiently. And new staff can begin training as soon as they are ready.

Course material should be accessed via the internet rather than being supplied in print form or on CD. Web-based course material ensures that your team is working with the latest version of the information. It has the added bonus of being accessible from any computer with internet access. This opens the door to training at home or finding the answer to a question while out of town.

This hybrid approach also includes the option of instructor-led training for those that want it. But please note that the instructor presents exactly the same material as contained in the self-paced courses. And your staff also has access to the self-paced courses, so they can revisit the information as often as necessary.

The result? Your team will climb your contact manager's learning curve quickly and with a minimum of pain. And you'll enjoy the many benefits that your contact manager has been engineered to deliver.