What financial advisers should look for when choosing software

The world of finance is a complex one, and if you are a financial adviser, you will no doubt be bombarded by adverts for all sorts of software that promises to make your job and your life easier. You may already have a tried and trusted piece of software that you have used for a significant length of time, but if you are looking to upgrade or switch software, what are the main things that you should take into consideration?

Cost

Whilst the price should of course come into the equation, value for money is probably the key consideration. It’s not always necessary to go for the cheapest or indeed the most expensive option. Often, a low-medium priced package will offer the best value. You may already have a tried and trusted piece of software that you have used for a significant length of time, but if you are looking to upgrade or switch software, what are the main things that you should take into consideration

Security/audit trail

Client data is highly sensitive and needs to be kept safe at all times. Client correspondence is the same. When selecting your software, look for options that mention secure document storage, encryption, and email archiving.



Ease of use

This is very important as you will most likely be using the software multiple times a day. You want to have a simple, customisable interface that is easy to navigate and client records that can be updated and saved with ease.

According to research by the Financial Conduct Authority (FCA), there were 5,270 financial advice firms and 25,951 financial advisers in the UK as at the end of November 2017.

Customer support

You want to know that if you have a query or something seems to go wrong, then you can easily contact someone knowledgeable. So check when support is available and whether you can contact the provider via multiple methods. You want to know that if you have a query or something seems to go wrong, then you can easily contact someone knowledgeable. So check when support is available and whether you can contact the provider via multiple methods.

Reporting capabilities

Whilst detailed reporting is key for transactional level analysis, it is also nice to be able to tailor more basic reports to give to clients that provide a quick and understandable overview of their financial situation.

Some software for financial advisers, such as that provided by intelliflo.com, enables you to integrate your CRM, point of sale systems, and all your financial processing – through an online client portal.

There are numerous software solutions out there, but using the above criteria should help you narrow down to the ones that you want to try. Some will also offer free trials, so you can investigate further before committing.