Back office system
The back office system is the cornerstone of any IFA business entering the post-retail distribution review world.
It stores accurate information about clients, from contact details, policy information and meeting notes to valuations, portfolio performance, fees and commissions processing, and compliance procedures.
More than this, its real power lies in providing quick access to information for a range of purposes, such as automatic fact finds and portfolio reports, cashflow analysis, investment performance and insurance shortfalls.
Where Gabriel reporting is required, accurate management information is essential. Back office systems can produce this quickly.
Care must be taken in choosing the right back office system, as moving between packages can be costly.