Which Back Office Systems Are Most Effective for Independent Financial Advisors (IFAs)?

Over the last 3 decades we have seen monumental advances in technology. Businesses have gone from using pen and paper systems, to those which are completely computerised and enable instant, 24 hour access from almost anywhere in the world. Software for IFAs is no exception.

Image Credit

Processes are more streamlined and efficient than ever, with a huge range of systems, platforms and software available to carry out functions which previously had to be completed manually. The business world has seen a revolution, with technology facilitating operation on not just a local level, but on a global scale, with very little additional effort.

IFAs and their clients now have access to a whole new world compared to what was available in the 1970s. They can access the global markets online at the touch of a button. The scope for opportunity is now effectively limitless. It’s an exciting time, especially as technological advancement shows no signs of slowing down.

Options for IFAs?

So what are the options in terms of software for IFAs? The back office market currently has a number of major players, including Intelliflo, Itess, Focis Solutions and Time4Advice. According to intelliflo.com, they can now offer far more than standalone back office capability, incorporating full business management systems. There are also a range of services and systems available which enable IFAs to undertake a huge range of essential tasks, such as performance data and product comparison.

As such IFAs using this software can now provide a seamless service to clients, managing every process, from regulatory reporting, fact finding, accessing accurate MI, lead generation and marketing, to income and fee tracking. Basically, everything necessary to run a financial advice business which can successfully merge meeting individual customer specifications, legal compliance, FCA requirements and risk reduction.

What Is the Value of IFA Software?

Initial Investment into such systems, in terms of both financial input and time, can be significant. However, in the long term considerable financial savings can be made and processes completed to a much faster timescale.

Depending upon the scale of the organisation, it may be necessary to use a ‘mix and match’ method of operating – combining two or more systems. This enables businesses to tailor their software according to their individual needs and future objectives.