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Third party back office systems performance

Journalist: Ima Jackson-Obot, FTAdviser

ended 08. November 2023

Hello advisers,

  • What do you look for in terms of great service from a back office system? How has what you need from a back office system changed over the years?
  • How have back office systems performed for you this year? What could they do better or have improved upon?
  • Are there any particular back office systems you like or don't like (why/why not)?

 

Thanks

Ima

2 responses from the Newspage community

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Daniel Wiltshire
Actuary & IFA at Wiltshire Wealth
The standard of adviser back office software is shockingly bad. Even the supposedly 'best in breed' systems are awful. Born out of an unholy alliance between compliance teams and tech bods - filling out a fact find can feel like having to re-translate Dostoevsky back into the original text.
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Gary Bush
Financial Adviser at MortgageShop.com
An interesting query that is answered by: We hated the front and back office systems provided by the financial industry so much that 24 years ago we started building our own! Now that system has website and back office full integration, client-to-adviser and adviser-to-adviser online chat, full automated open banking integration and analysis to cover affordability, income verification, existing financial commitments, gambling analysis, vulnerability checking etc, automated multi-credit report analysis to verify manual and open banking data received, automated client rate quoting for vanilla cases. Along with thousands of other facilities from our hundreds of thousands of lines of code. Should we have had to do this, well no we'd have thought the financial services industry would have been ahead of the game and able to provide such systems but still today there isn't a system on the market as comprehensive as the one we have painstakingly built - they just don't provide the usability.