I am convinced that offering a client-focused proposition requires the use of technology throughout the process of giving and delivering financial planning.
When I began looking at different solutions, I had particular criteria in mind, I needed a solution that would be:
Clear (that is, charges)
Precise (to hold all information and report on it independently)
Flexible (something that could be used with ease and give true benefit to the company and our clients, making our processes easier)
I chose Intelliflo to deliver our solution for a few reasons. The company has some good people who show great understanding and support to IFA businesses both in the forward-thinking processes and the ever changing marketplace.
The next issue is clear – price. I know exactly what the system costs us and this means we can stay independent as we can choose any tax wrapper from any provider and any fund within and put them on to our system. We can also have National Savings included.
We have found challenges along the way but Intelliflo were always open to feedback and suggestions for improvement. Therefore, I am confident this is the right direction for the future of financial planners who are serious about the industry and delivery excellence to clients.
When it comes to the actual financial planning aspects, the system aids and assists us. We have the ability to undertake risk analysis with the client that is consistent across the company and build asset allocation models to match this risk. We also use this system to diary tasks including our client reviews and workflow models.
Where possible, we request that product providers feed information into the system so we are able to have up to date valuations and information on our clients’ plans. This also includes the current asset allocation for each plan and as a total client holding.
What we value most from the system is being able to report on everything with the client in a timely manner and having our branding and corporate colours on everything, including our client portal.
Clients can access our system through our website and see their total portfolio. The feedback that we have received is positive and our clients feel it is much clearer than receiving individual statements from different providers.
We have adopted Intelliflo into the heart of our operation so we put as much information on it as possible as the system is only as good as the information inside it. This enables us to produce management information quickly and effeciently for commission, treating customers fairly and regulatory reporting purposes.
Intelliflo continues to improve and add new features with the consultation of many different IFAs. We are confident that this system will continue to evolve with our core needs in mind allowing us to build our business and provide professional financial planning to our clients.
Paul Richardson is managing director of Concept Financial Planning