Solution4 - The Financial Services Engine

Choosing Technology

Traditionally advisers have used paper files, hand written notes and whiteboards. Some advisers have progressed to using excel sheets and word files but even these will not help business production in the current economy. Financial Services was already a competitive industry before the credit crunch affected business volumes, and now more than ever, advisers need to start thinking about how to work smarter not harder in order to guarantee their survival through this difficult time in the market.

Client data needs to be stored in an industry recognised business management system. This not only secures your data but allows you to access and analyse your client information giving you the tools to be more productive and efficient.

When choosing your system, you need to consider the costs involved. Practices that need remote access for multiple staff should consider a web-based solution, as this can save thousands of dollars on servers and VPN networking. Web-based solutions can also offer remote technical support, eliminating the cost of I.T. engineers.

If you sell more than just mortgages then make sure you do not choose a mortgage only solution, as you are likely to change at a later date if you decide to manage all files through an electronic database.

How quickly the system evolves is very important. You do not want to choose a database that is built in old technology as it will eventually be discontinued or no longer supported. If you want to be involved in development and have your ideas implemented, ask to see the software provider’s "wishlist management system".

Training and support is crucial. Most users need access to on-going training courses, as understanding everything about a comprehensive database in the first week is virtually impossible. Make sure you know how easy it is to access a training course and how much it will cost per person. Also ask to see the ‘Newsletters’ that keep you informed of new releases and ask to see a copy of the user-guide to ensure it is comprehensive but user friendly.

Finally, most successful database solutions will either offer the same functionality or they will have a ‘Development Roadmap’ to continuously enhance their users experience.