Paraplanning outsourcing service The Timebank has unveiled a new website and administration features which are designed to speed up client report production and increase income for financial advisers through an online data exchange.
Creation of the ODE is essentially designed as a virtual office for members using the service, as it allows them to upload work requests using a template, monitor case progress and download the finished client material through an exclusive deal with xDM Software.
Along with case management uploads and downloads, data can then be stored – by using a bespoke version of xDM’s Obsidian ASP document management system - in a way which best suits the intermediary firm and provides a retrieval facility under any search criteria.
Development of the Timebank’s ODE service was piloted by intermediaries Alistair Mann and Richard Perkins at Independent Investment Planning in Leatherhead, who say the more the service is used, the more efficient it should help an adviser firm to become.
“This is a massive leap forward and we can see great potential in the system. To date, we have used The Timebank to undertake a very particular part of our work. However, it is obvious that more clients we put through this system, the more effective it will be in terms data access and, importantly for us, a full audit trail of cases and clients", says IIP.
Creation of the ODE is additional to The Timebank’s existing service – used by firms such as Millfield – which offers bespoke paraplanning to IFAs and financial planners by writing the ‘pre sale’ financial reports or ‘post sale’ suitability letters to be presented to new clients, producing review reports and summaries for existing clients alongside a service assisting with marketing and business development.
Damian Davies, founder of The Timebank, hopes creation of the ODE system will enable IFAs to completely outsource some of their client management administration, so firms have more time to give face-to-face advice to clients.IFAonline
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