Obtaining accurate client investment information could often be argued to be of even greater importance than that of their goals and objectives.
In times when markets have been flat, advisers are looking for better ways to justify their ongoing service fees their client’s are currently paying. Accuracy of data is one of those areas they can focus on.
When gathering client investment information the following needs to be completed, all dependent upon accurate data:
- A Fact Find
- Statement of Advice
- Records of Advice
- Client Reviews
XPLAN offers over 172 different datafeed providers, so chances are where ever you are investing client’s money, the data can be fed into XPLAN. Once within the system, you can provide the client with up to date portfolio information, transaction history and income & growth reporting.
Combined with online client access, the client can log into your practice’s website and get a consolidated picture of all of their investments, with not a fund managers branding & advertising in sight.
Datafeeds need constant attention and regular maintenance. They need to be checked every couple of days, and it’s only once an error occurs do practices understand the impact the inaccurate reporting can have. Being software, datafeeds break for no apparent reason, whenever they want, without warning.
As a former practice manager, I would have maintained these feeds. Problem was, when I went on my 4 weeks of holidays, or up to 10 days of unexpected sick leave, or go to the odd conference; nothing would happen whilst I was away, and all kinds of trouble would break loose in my usually matched and ordered datafeeds.
So, after a nice relaxing holiday, my first day back in the office was spent dealing with the stressful job of matching datafeeds. That refreshed feeling that we feel after a well deserved break, almost immediately disappeared.
Practice managers are good at problem solving, but fixing datafeeds can be a worm hole, and we hate worm holes, with no idea how much time needs to be spent trying to figure out why these clients’ investments are out by 10 units.
Sending an email to a team of professionals to sort it all out, would have saved me hours of lost time. Because let’s face it, I never had the time to write down how I fixed the issue for next time; because there will always be a next time.
Over these holidays, think of your practice manager and their well being. When your practice manager gets back from their next holidays, check to see just how long they spend fixing these up, then talk to Enzumo to see how much 2 hours a month of datafeed maintenance will help your practice manager. It may just be the best present you could give to your team this coming year.