|
Front, back office & compliance management
systems
Single database access across multiple branches
All firms need to know what business has been written and by whom,
they need to know unambiguously, they need to know in real time.
Paper can’t do that. Paper can go astray, paper can be part-filled,
what’s written on paper can be misinterpreted. What’s
more paper is inefficient.
Multi-branch businesses can work from a single, centrally hosted,
database accessible to advisers via the internet, irrespective of
location. No remembering to back up or synchronise data, no information
lost, no wasted effort. Just real-time access to up to date information
by everyone in the business, an holistic view for management and
the complete picture for compliance.
Data should only ever be entered once, whatever the size or profile
of firm. System controls should ensure that data is entered comprehensively.
Enquiries and recommendations should be recorded in the back office
system so that outstanding enquiries can be monitored and so that
case completion can be measured.
The enquiry log should feed the system’s new business register,
simultaneously completing the electronic new business submission
to the Provider and new business submission to the network where
relevant. All without the need to re-key, all without the possibility
of error and all in real time.
Client
Care Desktop - Corporate-Wide has been designed to support
between 1 to 250 concurrent users, accessable via the internet
24 hours a day, seven days a week from anywhere around the world.
|
Automated compliance management
Removing the need to re-enter data saves admin time but the real
time saving comes from automated compliance. 100% file checking
is still carried out by many firms but that’s often not what’s
required. Routine file checking for a competent adviser need cover
only a very small percentage of files. Where effort should be focused,
for the mitigation of business risk let alone meeting regulatory
requirements, is on identifying and checking “high risk”
cases.
Again, technology can do the hard work. Technology can automatically
select from the new business book cases that are “high risk”.
What constitutes “high risk” is, of course, entirely
up to the business’s compliance officer. Quay’s new
Client Care Desktop software enables advisers to be profiled according
to their experience, their qualifications and your experience of
them. Files can be automatically selected by the system for review
based on business types, Product Providers, categories of advice
as well as exceptionally high commissions, sums assured, client
age at maturity etc.
When files have been selected, the system’s “wizard”
based review process standardises the file review itself. This ensures
that the results of the review are gathered in a totally consistent
way, a way that the system can analyse to determine trends, to build
meaningful KPIs and to identify Adviser training needs.
But the savings don’t end there. Centrally maintained Suitability
Letter and report templates represent a win for everyone. Advisers
get the hard work done for them whilst compliance staff and management
can relax in the knowledge that quality standards are being maintained.
Automated commission receipt and reconciliation
Automated commission reconciliation adds further efficiency, especially
for larger firms, particularly those with large volumes of trail
or fund-based renewal commission.
Electronic
commission statements are currently available from 24
Product Providers and Quay’s technology not only does
the job of delivering data in a standard format from all 24,
it also does the job of matching expectation to receipt.
|
Electronic valuations
Electronic new business recording, automated compliance monitoring,
automated commission reconciliation and automated valuations are
not tomorrow’s dream, they are today’s reality.
The technology exists and is being employed today to enable firms
as diverse a sole traders, nationals and networks to realise their
ambitions, in some cases to become bigger and in all cases to become
better.
|
