What advisers really think about client reporting

The Exchange

The information contained in this page is for professional Financial Adviser use only.

Jason Hemmings, Partner at Cornerstone Asset Management, tells us how they changed their reports to meet the needs of their clients.

"It was only when we asked our clients for their views on the reports we sent them that we decided it was time to change. They told us that our method of reporting was short of what they expected and not really fit for purpose. And they were right. Now our client reports are compelling, which is just as it should be for any adviser that wants to enhance client relationships. Client reports are a big part of that, but advisers can be put off by the perceived costs, viewing it as a false economy.

The simple change we made was to sign up to Sprint’s Fastrak client reporting system, which allows us to create bespoke, branded, client reports using detailed transactional data feeds from the Ascentric platform. It means we can customise the look, language and content of reports according to individual client requirements, which gives us the ability to do something unique for them. There’s more consistency too, in the quality of the reports and in terms of how well aligned our reporting is with the client’s long-term objectives and desired outcomes.

One of the benefits of the system is that we are having even more productive and meaningful conversations with clients. This is the kind of reporting that secures their engagement, not only with us but with their long-term finances too.

It’s also much more efficient. The system can access all the transactional data history that the Ascentric platform holds on every single one of our clients and client reports are automatically pre-populated with that information, which means we no longer have to enter data manually. Ascentric estimates that it typically takes around an hour and a half to produce client reports in the platform market, which sounds about right. Now we can produce them almost instantly.

So as well as improving engagement and strengthening relationships with clients, it works out as being cost-efficient. As any adviser knows, time saved is money saved, freeing up more space for the actual client work.

We estimate that we’ve already recouped around 10 times what the Fastrak system cost us. Advisers can sometimes look at additional technology as an extra cost, but that’s a short-term view. Far from being another cost to worry about, systems like this are a sound investment in the future of the business.

It didn’t escape our attention that this kind of reporting has compliance advantages too. With MiFID II now in force and the FCA having put suitability at the forefront for advisers, systems that help show how we ensure suitability is maintained, are enormously useful.

Adding this service to our proposition has underlined the importance of modifying and improving our offering over time. Delivering more value for clients is essential in the current environment, and this is a simple way of giving them something that’s genuinely different and useful."

You can find out more about Fastrak here.

Please note, Ascentric and its agents or representatives do not endorse or in any respect warrant any third party products or services by virtue of any advertisement, information, material or content referred to, or included on, or linked from or to this page.

The information contained in this page is for professional Financial Adviser use only. If you are a private investor, please visit the Private Investor section or contact your Financial Adviser for more information.

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