We received "Highly Commended" as the "Leading platform users' planning tool provider" at Tuesday night's Aberdeen Platform Awards, coming second to Financial Express Analytics. Congratulations to the DT team and thank you to our clients. Congratulations of course to Finex too. As Finex are a partner, it's good to know we really are offering our clients, best of breed.
The judges based our commendation on the basis that DT offered the "best end-to-end solution" for the front office. From conversations on the night, it's clear that "front office" is becoming established as a category in its own right, as well as being an integral part of the Target Operating Model of choice for advisory firms ahead of RDR (Front Office + Investment Platform(s) = Target Operating Model).
Ben
Our thoughts on financial planning and front office technology
Thursday, 30 September 2010
Tuesday, 7 September 2010
Process, process, process
At a recent user group the topic of FSA ARROW visits came up and the Regulator's apparent focus on the need for repeatable processes across an advisory business as part of the TCF agenda.
The FSA's move away from 'light-touch' to a new outcomes-focused approach delivered through intensive supervision is clear. They have hired 537 extra staff to make extra supervisory visits.
Ensuring that all front office processes used to deliver planning, sales and servicing are consistent and managed centrally means that the firm is better placed to manage outcomes and treat customers fairly. In preparation for RDR it also means that the operating model is more efficient.
Advisers of course are very often used to doing their own thing when it comes to advice. There is also a potentially risky mix of paper, spreadsheets, home grown tools and back office systems which inhibit the delivery of consistent processes and introduce the potential for error and misunderstanding.
So how do you introduce consistent processes without upsetting half of your advisers? Answer: Carefully. We have seen it done well and not so well.
What clearly works is the introduction of processes which obviously help the adviser; that make their lives easier. One client who has been particularly successful in this regard says that they need to make it a ‘no brainer’ for the adviser to use technology. They provide ‘bite sized’ processes using Dynamic Planner (we call them ‘tasks’) which together build into a single customer view and financial plan which can then be managed on an ongoing basis. It’s easy for the adviser and delivers a better customer experience.
Think of it as a ladder. Risk profiling or a simple investment sale is a great place to start as the bottom rung and provides a base on which fuller investment advice or more holistic planning can be built. Once the client data is entered into a front office application of course, it makes it considerably easier for the adviser to undertake the next, more comprehensive advice task or review.
The FSA's move away from 'light-touch' to a new outcomes-focused approach delivered through intensive supervision is clear. They have hired 537 extra staff to make extra supervisory visits.
Ensuring that all front office processes used to deliver planning, sales and servicing are consistent and managed centrally means that the firm is better placed to manage outcomes and treat customers fairly. In preparation for RDR it also means that the operating model is more efficient.
Advisers of course are very often used to doing their own thing when it comes to advice. There is also a potentially risky mix of paper, spreadsheets, home grown tools and back office systems which inhibit the delivery of consistent processes and introduce the potential for error and misunderstanding.
So how do you introduce consistent processes without upsetting half of your advisers? Answer: Carefully. We have seen it done well and not so well.
What clearly works is the introduction of processes which obviously help the adviser; that make their lives easier. One client who has been particularly successful in this regard says that they need to make it a ‘no brainer’ for the adviser to use technology. They provide ‘bite sized’ processes using Dynamic Planner (we call them ‘tasks’) which together build into a single customer view and financial plan which can then be managed on an ongoing basis. It’s easy for the adviser and delivers a better customer experience.
Think of it as a ladder. Risk profiling or a simple investment sale is a great place to start as the bottom rung and provides a base on which fuller investment advice or more holistic planning can be built. Once the client data is entered into a front office application of course, it makes it considerably easier for the adviser to undertake the next, more comprehensive advice task or review.
Subscribe to:
Posts (Atom)