OPERATIONS AND TECHNOLOGY
- Sonesh Dedhia
RESPONDING TO CHANGING CLIENT NEEDS
Areas where IFA’s need to enact transformative
change to be successful –
 Markets and...
 Risk and Regulation - The increasing cost of
regulation is a significant challenge facing the IFA
industry. When regulat...
 Human Capital – IFA’s want client relationship managers
who can identify and respond to client needs, bring in
new clien...
 Products and Services – Products and services
generates the majority of revenues for IFA’s. But in the
future wealthy cl...
 Legacy transactions are helping IFA’s stay commercially
successful but the top technology priority would be to
implement...
 In the middle of all this we’re shifting from legacy
transaction processing environment to more of a digital
and data-ce...
DOMAIN
 Go to the GoDaddy website and look around for
the domain name search box. It's typically in the
middle of the pag...
WEBSITE & BLOG
 Word Press powers more than 17% of the web - a
figure that rises every day. Everything from simple
websit...
PERSONALISED EMAILING – APPS TO FIT
YOUR BUSINESS
 Using Gmail or Yahoo email address — isn’t
professional, and that’s wh...
SOCIAL MEDIA
 Social media managing tools can help marketers save
time, stay organized, and optimize their efficiency.
 ...
MASS MAILING – BULK SMS
 Mass email & Bulk SMS is when one information is
sent to many recipients.
 Reach thousands of r...
NEWSLETTER – NATIONAL & INTERNATIONAL
 One of the biggest tasks facing many businesses today is
gaining and keeping prosp...
ONLINE VIDEO CHATS – VIRTUAL MEETINGS
 Communication Technology is advancing day by day. For any
business to succeed, it ...
ONLINE DOCUMENT SHARING
 Today’s technology and machines (whether it’s PC or
Mobile) are certainly capable of processing ...
ONLINE DOCUMENT STORAGE (CLOUD)
 Cloud storage can improve small business owners'
capability to access, share, and protec...
ONLINE MEETING SCHEDULER
 A slew of online applications are attempting to eliminate
the headache of scheduling meetings. ...
ONLINE PAYMENT GATEWAY
 As India grows, more people are expected to enter
the online market with access to easy and cheap...
SIGN DOCUMENTS ONLINE WITH
NOTHING TO SLOW YOU DOWN
 Online document signing is a software program or suite that lets its...
CUSTOMER RELATIONSHIP MANAGEMENT
 In today’s market, financial advisors know that they need
a customer relationship manag...
PORTFOLIO MANAGEMENT
 Portfolio management software programs are one of the
tools most widely used by IFA’s. As an invest...
FINANCIAL PLANNING
 With major legislative change set to occur, it is up to software
providers to make life easier for fi...
RISK PROFILING
 Risk profiling is integral to the investment process. It
underpins decisions about making an investment, ...
MONEY ORGANIZER
 Money management software seems to be the one phrase that
many people are spilling out when they are tal...
ACCOUNTING & PAYROLL
 Payroll software systems can be programmed to perform manual human
resources tasks, freeing up time...
PASSWORD MANAGEMENT
 In 2011, IBM predicted that in five years we will not be using
passwords to access secure resources ...
MICROSOFT OFFICE
 Microsoft Office, also known as MS Office, is a popular
software suite featuring many desktop publishin...
NEWS & UPDATES / REPORTS
 While online platforms continues to expand rapidly,
regulations continue to gear up, financial ...
 Advantage Subscriber gets –
 Any time access to a unique & exclusive mix of company,
industry, country and financial da...
ADVISORY EXECUTION PLATFORMS
 Offer a 360° comprehensive business platform with
unmatched IT solutions, empowering IFA’s ...
ONLINE BILL PAYMENT
 The monthly chore of paying bills - starting right from receiving them,
sorting them, remembering to...
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Operations and technology framework for IFA's

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Operations and technology framework for IFA's

  1. 1. OPERATIONS AND TECHNOLOGY - Sonesh Dedhia
  2. 2. RESPONDING TO CHANGING CLIENT NEEDS Areas where IFA’s need to enact transformative change to be successful –  Markets and Clients - While emerging markets are growing faster than developed markets there is a need to communicate with next-generation clients the way they want to be communicated with. Clients leave an IFA because they are next- generation investors who want to replace their parents' advisor. But most of the IFA’s that are out there haven’t quite gotten up to speed yet.
  3. 3.  Risk and Regulation - The increasing cost of regulation is a significant challenge facing the IFA industry. When regulations are passed they frequently take effect in several phases. It is estimated that regulatory costs will consume major component of annual revenue in the next two years. It’s hard to architect technology and business & solutions and people & everything else. Clients require a single view of everything they’ve got globally and to get a single view of the customer, IFA’s need to be able to focus on the data.
  4. 4.  Human Capital – IFA’s want client relationship managers who can identify and respond to client needs, bring in new clients, communicate well and respond quickly to clients. Over the next two years, IFA’s looking for talent will expect managers to be knowledgeable about in- house and external products, and have strong cross- selling skills.
  5. 5.  Products and Services – Products and services generates the majority of revenues for IFA’s. But in the future wealthy clients will likely demand holistic financial planning and will pay for actively managed portfolios, not transactions. Currently, most IFA’s are working to improve product performance, but over the next two years, improving transparency and information will define their product approach.
  6. 6.  Legacy transactions are helping IFA’s stay commercially successful but the top technology priority would be to implement legacy systems that address regulatory requirements having standards, reviews and control assessments.  So they have to start using advanced technology in more of a clean-room environment. Currently, telephone, in- person meetings and email are the primary ways IFA’s communicate with their clients, but use of such methods will fall in the next two years. Mobile technology, video conferencing and social networks will be used to a greater extent over the same time period.
  7. 7.  In the middle of all this we’re shifting from legacy transaction processing environment to more of a digital and data-centric environment. IFA’s who are having trouble keeping up have to contend with this new reality. Fortunately or unfortunately, it’s only going to accelerate potential acquisitions and changes in the market.‖
  8. 8. DOMAIN  Go to the GoDaddy website and look around for the domain name search box. It's typically in the middle of the page about halfway down.  Enter the domain name you want to buy. We usually start with the perfect domain name, because even if it's already taken, GoDaddy will suggest other options that could be bought.  Other domain experts are Bigrock  Alert : Book Domain by yourself and hosting from some vendor separately. Keep control panel with yourself.
  9. 9. WEBSITE & BLOG  Word Press powers more than 17% of the web - a figure that rises every day. Everything from simple websites, to blogs, to complex portals and enterprise websites, and even applications, are built with Word Press.  Advantages :  Security  SEO  Clear Navigation
  10. 10. PERSONALISED EMAILING – APPS TO FIT YOUR BUSINESS  Using Gmail or Yahoo email address — isn’t professional, and that’s what you’re striving to be.  The great thing about personalised email addresses is that you can tailor the whole address - you could use your personal or business name, or nickname, e.g.you@yourname.com. This means fully customised, easy to remember email addresses. With this service you also get many valuable features not included with free addresses such as spam filters, virus protection and webmail.  You can use Google Apps to set up custom email addresses through Gmail  Additional apps calendar, drive, docs, sheets, & slides.
  11. 11. SOCIAL MEDIA  Social media managing tools can help marketers save time, stay organized, and optimize their efficiency.  Social media is the blending of technology and social interaction for the purpose of communication and co- creation in today's world. Knowing how to use social media is an essential 21st century skill that you can acquire for business.  HootSuite is probably the most well-known social media management platform, letting users manage Facebook, LinkedIn, Google+, Foursquare, and many other social accounts.  Other options Buffer, Sprout Social & Social Bro.
  12. 12. MASS MAILING – BULK SMS  Mass email & Bulk SMS is when one information is sent to many recipients.  Reach thousands of recipients with one click  Send thousands of emails & sms within minutes.  Provides low-cost solution when compared with traditional phone calls & couriers.  Options are Campaigner, Mail Chimp, etc for emails and SMS Poll, Bulk SMS for messages.
  13. 13. NEWSLETTER – NATIONAL & INTERNATIONAL  One of the biggest tasks facing many businesses today is gaining and keeping prospective customers. Increasingly, most companies are turning to the newsletters as an effective way to market their products and services.  Marketers take advantage of what these company letters can provide to upgrade their status in the industry. If you are looking forward to meeting your business goals, then you can explore the possibility by investing in a company newsletter. Options are Datacomp & Karvy’s World  Newsletters are being widely used by many companies who have claimed a lot of benefits of using these marketing tools to promote their businesses.  Effective communication & Establish brand recognition  Increase client loyalty & Increase website traffic  Cost effective & Increase public and media exposure  Establish company’s expertise & Communicate sale information
  14. 14. ONLINE VIDEO CHATS – VIRTUAL MEETINGS  Communication Technology is advancing day by day. For any business to succeed, it has to use improved communication tools, communication helps in the flow of information which in return accelerates the rate of decision making in an organization or business. Virtual meetings are becoming more popular, many business owners and organizations are resorting to virtual meetings because they save time. You can use web-conferencing tools to communicate with employees, customers and business partners. All web-conferencing tools support video chat, so both parties will see each other and this will make the communication so real and effective. Most of these virtual conferencing tools will require participants to install a web conferencing software on their devices, some can even be used on smart-phones, so you simply download a virtual meeting mobile Application and start attending meeting via your Smartphone.  Options are Skype, Infinite, Watchitoo, Gotowebinar, Zoho meeting.
  15. 15. ONLINE DOCUMENT SHARING  Today’s technology and machines (whether it’s PC or Mobile) are certainly capable of processing large original files in our businesses. But the bad news is the sharing part aren’t . Our files are fairly large in size and cumbersome to share with peers and clients.  Two ways we would generally used – e-mailing and sharing via hosting account. Not saying it’s bad but e- mail comes with attachment limitation and usually doesn’t allow anything more than 100Mb.  On the other hand sharing via web hosting account allows you to upload as big as your account can take but it also means the file is exposed by anyone who knows its direct path.  Options are Pando, Google Docs, Dropio & DropBox
  16. 16. ONLINE DOCUMENT STORAGE (CLOUD)  Cloud storage can improve small business owners' capability to access, share, and protect their company's data, particularly when they have a limited capacity—or desire—to manage on-site technology resources.  To be sure, moving data to the cloud brings its own set of concerns, ranging from security (vulnerability to breaches) to availability; i.e. will a service outage prevent you from getting to your data when you need it.  Options are Googledrive, Box, Sugarsync, Dropbox
  17. 17. ONLINE MEETING SCHEDULER  A slew of online applications are attempting to eliminate the headache of scheduling meetings. And, unlike their proprietary older brothers, such as Outlook and iCal, these new entrants into the scheduling market are completely web-based, compatible with Google Calendar, and best of all, don’t require your invitees to install software or register on their site.  Share calendars with your clients  Access your calendar from anywhere and any machine  Create more than one calendar  Set reminders for yourself to your mobile device  Set appointments with RSVP’s  Set recurring meetings or appointments  Options are Google Calender, Doodle, Tungle, Scheduleonce
  18. 18. ONLINE PAYMENT GATEWAY  As India grows, more people are expected to enter the online market with access to easy and cheap internet services. With fast paced penetration of credit card, India is on the poised to be one of the most envied nations in the technology of e- commerce era.  Options are payupaisa & ccavenue
  19. 19. SIGN DOCUMENTS ONLINE WITH NOTHING TO SLOW YOU DOWN  Online document signing is a software program or suite that lets its users sign documents electronically and send the signed copy over the internet. The online document signature is legally binding, just like a real ―pen and paper‖ signature, making online document signing a powerful, flexible tool for businesses, employees, and anyone who needs to sign or collect documents.  The benefits of online document signing are numerous. Signatures can be sent and returned instantly, which notably speeds up paperwork. Instead of waiting impatiently at their desk, someone who utilizes online document signatures can be completing sales or filing paperwork from the airport or while at lunch.  Benefits to online document signing include:  Speed – documents are signed and transmitted instantly  Paperless – electronic documents clear the clutter from your office  Flexibility – complete paperwork with anyone, anywhere  Portability – send, sign, and collect documents on your mobile device  Ease of use – most programs, like Right Signature, lets users sign with a single click
  20. 20. CUSTOMER RELATIONSHIP MANAGEMENT  In today’s market, financial advisors know that they need a customer relationship management (CRM) solution to help manage their business. Technology surveys and studies over the past few years have focused on how the right CRM can help advisors run more efficient practices and provide more consistent client service. While all of that is true, choosing a CRM is only the first step for advisors seeking to transform their practices. A well-planned and well-executed roadmap is necessary to ensure that the technology meets its expectations, and it takes only a few key missteps to derail the best laid plans for organization.  Options are paretoplatform, salesforce & zohocrm.
  21. 21. PORTFOLIO MANAGEMENT  Portfolio management software programs are one of the tools most widely used by IFA’s. As an investor’s personal portfolio grows over the years, it often encompasses several investment accounts. Tracking all these accounts accurately is an difficult task, and many investors need help. Luckily, the continuing development of technology has led to increasingly powerful portfolio management software aimed at providing just that.  Fully integrated Multi Asset Wealth Tracker - MF, Equity, Insurance, FDs, Bonds, Real Estate, Gold, Personal Items, Loans.  Options are Wealtherp, Mprofit, ARM Fintech, Accord Fintech, Vijya, Investplus, Investwell
  22. 22. FINANCIAL PLANNING  With major legislative change set to occur, it is up to software providers to make life easier for financial planners.  The push for more low-cost advice delivery models has been a central focus for financial planners over the past 12 months and this demand will get stronger as the entire industry creeps ever closer to the Future of Financial Advice  Financial planning software is a business intelligence tool that helps track individuals financial status. The benefits of financial planning software are very extensive as well as appealing. It has various valuable functions such as reporting, analysis, balancing, reconciling, tracking and others that can be used.  Options are Omnimax, Redvision, Finserv, Figlo, XLFP, Optimum Financial, FiscAlmanac.
  23. 23. RISK PROFILING  Risk profiling is integral to the investment process. It underpins decisions about making an investment, and plays an essential part in ensuring the suitability of investments for clients.  As per the investment advisor regulations offering investment advice can be risky, as advisers are open to compensation claims in the event of any mistakes. Risk profiling helps to reduce this, not only for advisers but also for investors, as it improves the quality of advice and brings added credibility, explanation and rigour to the investment advice offered.  Options are Finametrica
  24. 24. MONEY ORGANIZER  Money management software seems to be the one phrase that many people are spilling out when they are talking to others nowadays about their finances. However, many people wonder if this money management software is really worth their time? It is useful at all?  It is something that most people should consider having since it can really help them manage their finances. Have all the financial information in one place and know exactly the spending on the things that are bought throughout. In the end, one may find that they are better able to make a budget and they are going to have more money to put into their savings accounts. It is one way in which those that are not financially stable could find a way to make sure that they are making their lives more financially stable and preparing for their future. Which is something that everyone should be doing in order to ensure success in the future.  Options are Perfios, Mint, Aditya Birla Money, Intuit, Arthamoney.
  25. 25. ACCOUNTING & PAYROLL  Payroll software systems can be programmed to perform manual human resources tasks, freeing up time for you to run or grow your business. They can be used to archive your employee slips and monthly reports, giving you a concrete payment history. And as an automated program, payroll systems pay your employees on time and according to the parameters that you set, leaving little margin for human error.  Payroll software takes care of employee taxes  Integrated access to your information  Fully customised reports  Secure access online  The accounting programs carry out functions such as invoicing, dealing with payments, paying wages and providing regular accounting reports such as trading and profit and loss accounts and balance sheets. The introduction of computerized accounting systems provide major advantages such as speed and accuracy of operation, and, perhaps most importantly, the ability to see the real-time state of the financial position.  Options are Intelliob or raycomputech
  26. 26. PASSWORD MANAGEMENT  In 2011, IBM predicted that in five years we will not be using passwords to access secure resources such as ATMs and PCs. Instead of entering a PIN or typing a username and password into a PC, we will simply look into a camera or speak a name into a microphone, because our eyes and voices are unique, IBM said.  Biometric recognition replaces the entry point for what password managers are already doing today. Companies such as RoboForm and LastPass provide a platform that requires only one complex password to access your secure websites, credit card information and even documents that you keep inside an encrypted database. Depending on the platform, the database could be stored locally, on the company's servers or even in Dropbox.  Some password managers use browser extensions that keep your data in a local profile, syncing with a cloud server. Because the data is encrypted and transferred through a secure connection, you can be reasonably confident that your data is safe.
  27. 27. MICROSOFT OFFICE  Microsoft Office, also known as MS Office, is a popular software suite featuring many desktop publishing programs. It comes with everything that may come into use in a classic office setting, hence the name.  Unlike some other kinds of software, Microsoft Office is the industry standard when it comes to desktop publishing. Whenever a document is required, it is always required in the Microsoft Word format with very few exceptions. In order to stay current with industry trends, MS Office is a must.  If you are looking to write a letter to a client, Microsoft Word is the right software to use. You could employ Microsoft Publisher to help create a business brochure, or you could use MS Excel for your client database. Options are Word, Excel, Powerpoint, Publisher (Create fliers & brochures), Picture Manager, Onenote
  28. 28. NEWS & UPDATES / REPORTS  While online platforms continues to expand rapidly, regulations continue to gear up, financial advising has just begun transitioning. The gravitation towards online applications represents an interesting shift in the financial services industry and IFA faces challenge to stay ahead of times. But the question on many IFA’s minds is whether they feel comfortable to adapt these online tools. It's not an easy task, but a number of financial industry experts believe online tools for advising can be useful for a segment of the population that's largely untapped.  These websites provide financial advice/information to advisors & people at a large and at a lower price point.
  29. 29.  Advantage Subscriber gets –  Any time access to a unique & exclusive mix of company, industry, country and financial data for national & international markets.  Essential information that independent advisors need to make informed decisions about their business and the clients they serve.  Financial advisors can rely on the news, opinion, expert advice and practical business building ideas that independent financial planners need to be successful. Their primary concerns are their clients, their practice and managing their client's portfolios.  Registration to these websites produce news, conferences, articles, files, forums, events, custom publications and newsletters covering in-depth analysis and planning advice. They provide advisors with the most up-to-date information and cutting-edge analysis on investments, client relationships and business management to help advisors run a thriving business.  Options are NetworkFP, Cafemutual, Wealthforumezine, Financial Planet, Advisor One, Kiplinger and ICRA, Value Research, Crisil
  30. 30. ADVISORY EXECUTION PLATFORMS  Offer a 360° comprehensive business platform with unmatched IT solutions, empowering IFA’s to set the best practice standards and deliver real value to their customers.  Advantages –  Robust Platforms  Highly Scalable Solution  High frequency and volume  Price negotiation power streamed directly to IFA’s  True Anonymity – Will never disclose not execute your business in their names.  Options are Datacomp, iFast, Next Advisors, FundsIndia Advisor, NJ Fundz, Bajaj Capital,Prudent, AMFI
  31. 31. ONLINE BILL PAYMENT  The monthly chore of paying bills - starting right from receiving them, sorting them, remembering to pay them on time, writing out the cheques, standing in queues and paying them, storing the receipts and finally toting up the amounts to figure just how much of our salary has been spent. And well, do we know if all bills have been received and paid? Or are we running up late payment charges, penalties, or possible discontinuation of facilities?  A one-stop destination through which we could make all our payments, at one time, from one location - or better still anytime from any location. A one single destination that keeps track of our bills, informs us of due dates, eliminates the hassle of writing out cheques and standing in queues and gives us the freedom and the ability to pay with just one instruction to our bank.  Saves time - fewer checks to write.  Helps you maintain good credit by ensuring your payment is made on time.  Password protection and other leading technologies safeguard your personal information.  Easily access your account balance, payment data and history.  Options are Billdesk

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