We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

Close
In association with

Home > Training > Adviser Guides

Adviser Guides

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.

IN THIS GUIDE
  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.

Finished reading this article? Bank 1hr Structured CPD below.

The CPD Tracker is only available to registered FTAdviser users

CPD Sponsor Sponsored by

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

*Please select an answer

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

*Please select an answer

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

*Please select an answer

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

*Please select an answer

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

*Please select an answer

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

*Please select an answer

You have answered all questions correctly. To bank your 1hr CPD minutes answer questions below.

These questions are required so that we can attribute against each piece of CPD learning an identified learning need that the content is meeting and a reflection statement on the learning undertaken. These are required elements for a piece of CPD to be considered as 'structured' under the new regime.

Why did you select this article as part of your CPD learning?

there's a limit of 500 characters

What have you learned from reading the article and completing the questions?

there's a limit of 500 characters

Submit

By submitting these answers I confirm that I have read and agreed to the terms and conditions.

Bank

Please add a brief statement in response to the above questions to bank CPD minutes.

By submitting these answers I confirm that I have read and agreed to the terms and conditions.

COMMENT AND REACTION
Most Popular
More on FTAdviser
FTA jobs