Quay Software is rolling out a new version of its Client Care Desktop tools at the end of this month which gives IFA firms full compliance functionality for most aspects of the adviser's regulated activities and simplifies various jobs which technology makes cumbersome.
An existing version of the CCD tools – CCD V2 – already offers intermediaries access to data management and administration tools, as well as training and competence and other back office support.
However, changes push Quay Software's offering one step closer towards complete end to end processing and the complete business management package, as each adviser will be able to log the exact amount of time each job or role takes for a client, its impact on the business’ profitability and the amount the client should be charged, depending on the adviser’s position within the company.
Advisers using the software will soon be able to receive scheduled valuations on client’s portfolios, along with automated commission messaging between the IFA firm’s technology and that used by the 24 product providers signed, and automated (pre-populated) new business applications - all of which are delivered with a complete audit trail.
Significant additions to the data-handling capability mean adviser firms and networks, in particular, will be able to centrally set up and monitor all the activities of financial intermediaries, randomly check whether all the compliance requirements have been met.
In particular, the system allows compliance officers to set "unsuitable advice" tolerances and flag any adviser which over a certain period may have overstepped the company's own tolerance to mistakes, as well as restrict the activities of certain staff if necessary and simplify the network commission payment process by detailing the network commission deduction within calculations.
Advisers will also be able to gather quotations without needing to go through a new business application process and maintain client portfolios through automated links with providers using.
Furthermore, advisers will be able to manage the procurement fees where they receive regular payments so they do not have to fill out new documents for each stage of the process.
Additional tools being added in the near future include Distribution Technology’s stochastic modelling-based risk assessment system, allowing advisers to create printable FSA-compliant risk assessment reports, along with tools which can show the client exactly what their current financial planning status is worth and they might need to achieve.
Developments are also under way to deliver Technology created by John Joseph Financial Services – the protection IFA – following testing of the new CCD by John Joseph.
A chat room forum is also being created – similar to that seen on IFAonline or FinServ – to generate discussion about industry issues as well as feedback on Quay Software developments.
Additional deals with mortgage technology firms should soon provide mortgage intermediaries will all the tools and online compliance support they need to complete mortgage advice.
And a deal is being signed with the Financial Services Training College to give Quay Software users access to its ‘Ensure’ online training software.
All of this is aside from the other elements of module-based technology support Quay Software offers - its client care 'hub' and mesaging and white-labelled website design tools.IFAonline
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018