Financial technology business, IRESS, has launched a new free technology audit service to help financial advice businesses assess their propositions and help identify key areas where efficiency savings might be made.
The new service involves a collaborative approach between the adviser and an IRESS consultant to address a series of questions designed to identify potential proposition gaps. The audit questionnaire takes around an hour to complete, with questions focusing on seven key aspects of any financial advice proposition.
The areas identified by IRESS as the main processes where significant efficiency gains can be found are:
- The factfinding process
- Sales aids
- Quotation and new business processes
- Back office
- Compliance and business practice
- Management information
- Client portal and digital services
Following completion of the audit questions, IRESS will provide a free ‘snapshot’ gap analysis report containing a graphical representation of the current proposition compared to industry peers. The findings will help adviser businesses identify where they can maximise the benefits offered by technology in order to streamline key processes and improve their overall proposition. For those firms looking to invest further in technology, the audit can be used as an input to a business case report to secure required investment.
Mark Loosmore, IRESS Executive General Manager, Wealth, said: “Our new tech audit report determines whether a business is fully exploiting its technology to optimise its overall efficiency and how well established, comprehensive and ‘digitally-fit’ the proposition is. We’re not limiting this free service to clients of IRESS. We feel strongly that all advice businesses in the UK should have the opportunity to assess their propositions and identify areas that, with some review of processes or investment in technology, will lead to significant time and money savings.”
Advisers wishing to use the new service should get in touch with IRESS here: https://www.iress.com/uk/tech-audit/
IRESS is a leading supplier of technology solutions to clients in the financial markets, wealth management, and mortgage sectors. IRESS is listed on the Australian Securities Exchange (IRE.ASX) with operations in Australia, New Zealand, the United Kingdom, South Africa, Canada, and Asia. www.iress.com