financial additives secure enables smaller IFA FIRMS to offer valuations via the internet
Intermediaries are being offered a financial reporting system to enable them to compete with larger firms at a fraction of the cost of developing their own in-house systems.
Financial Additives Secure is an online financial reporting package that advisers can install onto their existing websites via a CD-Rom or by downloading it from the Financial Additives website.
The retail software has just been released by software house Delve, which provides reporting systems to companies such as global fund provider GAM.
The system already offers its services via financial advisers to over 10,000 private investors.
Financial Additives enables financial advisers to offer an internet login and password to each of their clients online, enabling them to access valuations at any time.
Advisers can also use the system to deliver documents of any kind, with examples including fund fact sheets, newsletters, market reports and product documentation. Jonty Hurwitz, managing director of Delve, said the system is primarily targeted at smaller companies to close the technology gap that has developed between them and larger businesses with greater investment capital.
'Small to medium-sized businesses are in general neglecting the importance of a professional online presence,' said Hurwitz. 'Now advisers can take on the bigger providers and elevate their service.'
Delve said the software therefore enables financial advisers to compete with larger companies that have their own in-house IT departments and very large client services budgets.
'Our offering changes online financial services like EasyJet changed the airline industry,' said Hurwitz. 'It doesn't have to be expensive to develop an online service and there is no longer any excuse. Anyone can do it. It's mostly about keeping your existing clients satisfied, particularly in the current economic climate,' he said. 'Our feedback shows that in every instance of a Financial Additives Secure installation, client communications and relationships have been deepened.'
Hurwitz said some technical support may be needed to set the system up unless a firm has an in-house technical person to do it for them. But he emphasised the system is relatively simple and Delve can offer full support, guidance and infrastructure.
Once set up, the system is easily managed by non-technical people, Hurwitz claimed.
Initial log-in to advisers is free and allows up to three users. Costs start when the service is offered to more users on a sliding scale. For 10 users the flat fee cost is £65. Fifty users cost £165, 250 users costs £325, 500 users amounts to £520, 1,000 users £840, and 5,000 users attracts a fee of £1,920.
Nielson Net Ratings last May estimated there to be 34 million people in the UK who regularly use the internet.
Of these, Datamonitor estimated that 9.8 million use online financial services. This number is expected to grow to 14 million in 2005.
FA Secure software can be downloaded from the internet (www.financialadditives.net) and set up by a person with some technical knowledge in approximately one hour.
Contact www.financialadditives.net or call on 0207 940 5600.
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