Recipe for robust re-balancing
You’ve designed your service proposition, you understand your regulatory reporting requirements and your advisers are qualified. Life should be plain sailing. Unfortunately the reality is not that simple.
Two recurring challenges we hear from advisory firms are “We cannot get our reporting where we want it to be” and “securing client authority for investment transactions is a real frustration”. Fastrak is a product from Sprint Enterprise Technology and I was able to get a look at the solution this week and see first hand how their features can address these practical problems.
Reporting is a challenge as many adviser firms work on a multi-platform strategy and there is also legacy business that is not suited to a custody arrangement. Yes, a back office or CRM system can help here but the quality and flexibility of outputs is variable. Sprint aims to bring together the data hosted by your back office and platform providers and enrich that with asset specific information from Financial Express to deliver consolidated and comprehensive outputs.
What appealed to me was the speed in which a user could create a quality templated valuation report. They also have the ability to deliver performance analysis where the portfolios are held with platforms that have shared their transaction data. The breadth of valuation integrations is strong and they are working on growing the number of providers who deliver that next level of transaction detail.
The feature that really grabbed my attention was the ability to create well-structured reports to support the re-balance process and how they very clearly illustrate the proposed transactions necessary to complete the process. If the report is one thing, for advisory firms, getting the authority to proceed is most certainly another.
Fastrak allows the user to upload a re-balance report to a portal and sends the client a secure email, with a link to a page, where they can review and confirm authority to proceed. This process is monitored and therefore an electronic audit trail is created. Pretty neat and not only does it create operational efficiencies for the adviser firm, it delivers a much better client experience.
As always there is room for improvement. Growing transaction integrations will help advisers with performance reporting, 2-way integration where outputs are returned to a back office system would also be a nice touch and increased capability for bulk processing would be valuable.Traction for the solution is growing with over 400,000 client portfolios being managed through the tool and firms who are looking to improve how they manage these two core processes, would be well advised to take a look at Fastrak.