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A third of advisers shun client management systems, says Bankhall

Nearly a third of advisers do not use a client management system, a survey by Bankhall has found.

Bankhall says 29 per cent of the 330 advisers it surveyed do not use a CMS and of those who do use such a system, many do not use all the functionality on offer. The survey found that 40 per cent of advisers use one of the four main CMS systems.

Managing director of IFA services David Golder says: “Our survey did indicate that advisers are realising that CMS solutions are an essential part of a modern IFA business. Our results showed that while a significant portion of advisers have yet to make the leap, many are already using one of the leading products.”

He adds: “Those advisers who have yet to adopt a CMS solution are
missing out on features that could add significant operational, income and capital value gains to their business.”

Golder also believes that adopting a CMS solutions is important in the exit strategy of advisers at the end of their career, as not using one can jeopardise the value of a firm.

He says: “A firm I spoke to recently indicated that they had been looking into purchasing another adviser firm. However, while the acquisition promised a significant increase in clients the amount of paper and client information that would have to be integrated into their existing CMS solution would have cost them significant time and effort.”


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Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.


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