Are You Running Your Business? Or Is Your Business Running You?
So you’re a Financial Advisor. But wait, why are you not advising all the time? Statistic show that at least 41% of your time is spent on administrative and regulatory tasks, and these are vital to running your business and keeping both your clients and the regulators happy. But what if this can be handled by technology? We have tried to break down the various aspects of your practice to show how DataView Wealth can be used to streamline your activities and reduce your risk and cost.
Pre Client
Every advisor needs a pipeline and that pipeline needs to be easily queried and administered, but also needs to be realistic. Our Pipeline Management module ensures the correct stage and probability is set and the expected cashflows reflects. Rather than having your leads in a separate, generic system, they can now be part of the fabric and tied to the actuals once a client is onboarded to help management determine realistic future revenue.
Initial Client
Once a potential client is entered into the system, instead of the antiquated way of then handing them a PDF form, you can use our Questionnaire Builder to create a custom Proposal or Mandate for a client to fill in, and this can then automatically feed back into the relevant fields on the client record.
When onboarding the client, they can perform self service tasks such as taking a 3D Face Scan to compare it to their ID or driver’s license. In South Africa, the 3D Face Scan and ID number is all that is required as it compares it to the Home Affairs photograph and then retrieves all the fields directly from Home Affairs. You can also auto verify the Bank Account details this way. Our compliance rules engine also lets you define you own rules and risk ratings, or you can import the standard set for the relevant country of risk.
For Companies, you will need custom rules per entity type. You will need to KYC all of the Directors, either as related parties or as full clients. If a related party you may only need a “Proof Of Identity”, but as a full client you may need the other Proofs such as Address, Tax and Bank Account. You will also the to complete your Ultimate Beneficial Owner (UBO) tree containing other entity types.
For Trusts, you will need different rules for Trustees, Beneficiaries (and Guardians and Minors) and Donors.
Client Monitoring (Compliance)
Once your client is successfully onboarded and set to ACTIVE as per your compliance rules, they will need to be continuously monitored. We believe in “perpetual KYC” where the system will screen every client every day against an ever growing set of sanctions and PEP lists. In addition to this you may require renewals of the evidence based “proofs” you obtained during the onboarding phase. For example, should you revalidate bank accounts every year?
Also, there are rules and regulations to follow when offboarding a client. Which country of risk or policy they were onboarded with would dictate the retention policy, and with privacy regulation such as GDPR or Popia etc. the de-identification needs to be automatic. These are part of the DataView Wealth fabric.
Separating out the compliance rules into the Compliance department allows you to easily download your compliance manual for external compliance officers or regulators, or they can log in and query the system across several dimensions such as status changed per period, onboardings counts, partial onboarding counts, non-completed onboardings etc.
In addition to the Client attributes, you may want to screen all the financial transactions of the client. For example, transactions above 25k may need a second set of eyes for signoff, or repeated loss making trades may need to be signed off in the same manner as client name matches to a sanction list are handled.
Client Monitoring (Operations)
Onboarding a client is only the start of the journey with the client. Every single interaction with the client needs to be like an “Apple experience”, where the client feels special and looked after. Our Task Manager is built in to the fabric to ensure that you will never drop a ball with a client. Every task has a due date and and is monitored by the system. Every task is specific to the client, their actual policy, trading account, bank account etc. and the full audit trail means you can run your office from the portal or mobile device. You can create your own task types and workflows, so you will be paper free out of the box. You advisors will receive reminders about client birthdays and meetings, and management will receive weekly meeting summaries.
Client Experience
You client will finally have their one view of the world. With our many local and international service provider integrations we consolidate and validate all of their data whether is be insurance policies, retirement annuities and trading accounts. You can set up custom portfolios and create statements, policy schedules, reports and client packs, or your client can log in anytime and view it themself, even from their phone. This can be done at Portfolio, Client or Household Level
Management Experience
Your practice, at a client level, should now be running smoothly and your clients enjoying your interactive branded solution. At the management level you can use the revenue reporting and fee splits management to record, operate and validate the firms revenue for the firm and the advisors.
You can use the finance integrations to interface with your management reporting making month end a much smoother experience.
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