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Guide to Back Office Systems

Published by FTAdviser | Sep 13, 2012

Back office systems have evolved greatly in recent decades. There has been a progression from paper-based systems to traditional general insurance systems or, in many cases, to simple spreadsheets.

Now, however, an increasingly large proportion use complex, all-encompassing data-management programs that handle all of the client administration information for their firm.

Given the regulatory upheaval in the financial advisory market, many advisory firms may be in the midst of a planned upgraded to their administrative software to cope with the recording and reconciliation of income from various sources and providing identical regulatory reports.

FTAdviser’s Guide to Back Office Systems tackles what advisers can expect from back office options on the market, how cheaper options differ from all-in-one systems and how back office software can help with your regulatory compliance.

Answers supplied by Richard Stanton, sales manager at Time4Advice; Sue Nutall, owner and lead consultant at Jacana; and Steve Billingham, owner and director of Steve Billingham Consulting.

  1. Q: What should back office software do?

    At the very least, software should store client investment data, but you could find it transforms your business prospects.

  2. Q: How important is an all-in-one system?

    It can be extremely valuable but there needs to be some important tinkering if advisers want to avoid compromising quality.

  3. Q: What are the low-cost options for smaller firms?

    There are many low-cost data handling and productivity tools available, but firms’ requirements will vary substantially.

  4. Q: How can software turn client data into a marketing tool?

    Customer relationship management could be the key to transforming your new business prospects.

  5. Q: How can software help with compliance?

    Back office system can help ensure a measure of qualitative quality control by helping ensure standard procedures are adhered to.

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Q1.  What, at the very least, should a back-office system store?

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Q2.  According to Time4Advice’s Richard Stanton, what will systems need to be able to record post-RDR?

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Q3.  Why does Steve Billingham caution against some ‘tremendous’ all-in-one solutions such as Marketo or Hubspot?

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Q4.  What details in terms of client contact will be required to be kept post-RDR

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Q5.  What example does Time4Advice’s Richard Stanton use to demonstrate how systems can help with TCF requirements?

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Q6.  How does Mr Stanton suggest this could be extended futher?

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