WHY SELECTING A CLIENT MANAGEMENT SYSTEM IS LIKE CHOOSING A CAR

It’s all about finding a system that suits your practice’s needs (a sportscar isn’t much use for a family of five) and is safe and secure, says atWORK’s Group Executive Business Development, Trevor Stacey.

Adviser forums are awash with discussion of which client management systems and technologies are ‘the best’. I thought I’d share some insights into what is always a complex decision with far-reaching consequences.

Selecting a system is a little like shopping for a car. The system must suit your way of working and it should meet your practice’s needs. It’s essential to evaluate any system holistically and not be swayed by one or two snazzy features. (Electric seat warmers never served much purpose in a head-on collision!)

Key considerations

Systems are becoming more complex by the day and there are loads of issues to consider. Taking my atWORK hat off for a moment, here are a few of the factors I’d be taking into consideration if I were in the market for new software:

• Reputation, track record and financial position (especially since COVID-19) of vendor

• What components does my business need and does the vendor offer these tools?

• Openness to partnerships with other specialist vendors

• Ability to adapt and adopt new services as they become available

• Can I use my own branding on the system? Can I customise my reports?

• Level of training and support (online chat, email, call centre) offered by the vendor

• Ease of use and implementation.

Peering ‘under the hood’

Once you’ve found a system that seems to tick most of your practice’s basic needs, it’s time to look ‘under the hood’ so to speak. Just like when you buy a car, the components that you can’t actually see are equally – or often, more – important.

• Security: When choosing the system that is going to house all your clients’ data, cybersecurity is a massive consideration. But, as we’ve seen with the recent ‘Experian hack’, cybersecurity alone is not enough to prevent a data breach. True data security can only be achieved through the combination of cybersecurity and system security and integrity. If anything goes wrong, the buck stops with YOU, so it’s absolutely imperative to know that your chosen software partner conducts regular audits and is certified to POPI and GDPR standards. (Also, make sure the contract guarantees you your data back if you ever decide to move on.)

• Support and adaptability: It’s really important to know how deep your chosen provider’s support mechanisms go. These days, all the best systems use ‘open architecture’ that allows them to partner with third-party data services (AML and KYC services, for example) almost overnight.

• Innovation: COVID-19 has forever changed the world of business. Does the system you’re looking at offer a client portal, where clients can login to view and sign documents, review their investment portfolios and even hold virtual video meetings with you?

Instead of being beguiled by snazzy features (like a video rear-view mirror…have you ever?), focus most of your attention on the underpinning technology platform. It’s impossible for one company to be good at everything – which is why you need a platform with open system architecture that allows you to plug into the latest risk profilers (FinaMetrica), commission systems, KYC services, and antimoney laundering providers, to name but a few.

The long and the short

Now we come to the crux of the matter: Is the system easy to use? And will it save you and your clients time and money? The only way to answer these questions, of course, is to give the car a test drive. Contact me on 082 880 9477 to arrange your no-obligations trial of atWORK 6.