Adviser Guides 1hr
Guide to Back Office Systems
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
At the very least, software should store client investment data, but you could find it transforms your business prospects.
It can be extremely valuable but there needs to be some important tinkering if advisers want to avoid compromising quality.
There are many low-cost data handling and productivity tools available, but firms’ requirements will vary substantially.
Customer relationship management could be the key to transforming your new business prospects.
Back office system can help ensure a measure of qualitative quality control by helping ensure standard procedures are adhered to.