Can I ask a cheeky question re IFAs' software?

Tracyk_2

I have started as a financial controller for an IFA with quite a large client base of small monthly amounts and around 200 clients of larger monthly/initial/trail commissions.

They are currently using Excel - but it has its limitations - any recommendations for a software package geared for the industry - or is it easier to write a simple database?

I really just want to project monthly/quarterly/annual incomes.

dunstonh

There are about 6 recognised software packages. The big two are 1st software and quay software.

You would never be able to write a simple database that could compare with any of these. The integration with providers, quote engines, portfolio planners, fund price feeds etc would not be feasable.

Quay is better for the one man band or single office. 1st is better for multiple location advisers. Quay is a better "out of the box" solution as everything is in place for you to use there and then. 1st requires a lot of setting up to get the best out of it.

I'm surprised that any IFA firm can run efficiently nowadays without back office software. A lot of the new TCF requirements almost force you to use software now.

If you just want a commission tracker and none of the office/product related stuff, you may as well use something like ms money

Tracyk_2

They are using 1st - but its either not set up properly or they need more training. They don't seem to be able to give me any stats.

dunstonh

I would say more training. 1st's documentation is a little on the light side. However, thats because they love charging for training. That said, the training is good.

Commission tracking is available on first.

Tracyk_2

thanks dunstonh - will see about getting some training for them and myself. It seems crazy to be paying every month for the software and only using it as a contact database (and not even that very well)

whiteflag_3

Hi Tracey

My firm has been using 1st for 5 years. The biggest problem with 1st is that it does so much, that knowing and using it to its full potential is difficult.

We find training costs prohibitive but have found a number of ways round the problem

Pm me if you want to know more.

dunstonh

Whiteflag, do you use the stochastic modelling with 1st? I havent as of yet but intend to take the plunge next week.

Also, do you have any decent template report/letters? I have a few standard letters and have a custom core factfind. Although I am still adding the analysis pages and want the stochastic modelling to integrate with that.

jamesd

You might consider getting a MediaWiki wiki set up and writing your own documentation cooperatively as you each come to use features. No need to pay high prices for training these days just because of bad documentation.

Tracyk_2

Hi Whiteflag- where abouts in Scotland are you? I'm in Glasgow - anywhere near?

whiteflag_3

dunstonh wrote:

Whiteflag, do you use the stochastic modelling with 1st? I havent as of yet but intend to take the plunge next week.

Also, do you have any decent template report/letters? I have a few standard letters and have a custom core factfind. Although I am still adding the analysis pages and want the stochastic modelling to integrate with that.

Hi Dh- I do use the Stochastic modelling and the shortfall analysis /lifetime cashflows etc.

We also have itrak .

About the only thing we dont use 1st for is report writing although we have got templates for straightforward stuff like term insurance.

whiteflag_3

Tracyk wrote:

Hi Whiteflag- where abouts in Scotland are you? I'm in Glasgow - anywhere near?

Not very near at all - Aberdeen

Going back to your original post 1st has a trail / renewal commission cash flow forecaster in managment reports