Product Adviser  

Focus on mobile wealth management

Focus on mobile wealth management

For the past couple of years, the Focus Digital proposition has been one of the outstanding options for advice firms with 50 or more users who want to deliver a consumer experience built around the latest mobile-optimised technology.

Its wealth management system has now been extended to support top end wealth management practices with the launch of Focus:Wealth, a web-based wealth management solution accessible through a computer, tablet and smartphone, which provides a client-facing, holistic view of a family’s financial planning as well as a fully functional wealth management system.

It is not possible to even list all the features in a review of this length, but this is a system for firms who want to engage with wealth clients across all generations.

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While it can support a traditional desktop and paper-based approach, it can also assist those who wish to deliver a fully responsive mobile-optimised service to younger and more tech-savvy clients.

The system provides the full range of functions you would expect within the traditional back and middle office type wealth management propositions, but complemented by the exceptional front-end, client-facing capability.

On the plus side, the proposition has been refined to deliver advice and planning for true high net worth customers.

If there is a downside, and that is questionable, it is that this is a highly crafted solution.

If you want to vary what Focus produce there would be a lot of additional development.

The converse approach to this would be to use the InvestCloud approach, where they use automatic code generation to fill gaps within any existing systems.

Overall both suppliers offer very different approaches to wealth management, but firms who can afford to spend more than £100,000 on their client experience may want to look at either option.

Ian Mckenna is director of the Financial Technology Research Centre