IRESS will work with adviser firms to assess their propositions and identify key areas where savings might be made.
How does it work?
First the adviser completes an audit questionnaire about their technology and business, which takes around an hour to complete, with questions focusing on seven key areas:
• The factfinding process
• Sales aids
• Quotation and new business processes
• Back office
• Compliance and business practice
• Management information
• Client portal and digital services.
IRESS will then provide advisers with a ‘snapshot’ gap analysis report containing a graphical representation of the current proposition compared to industry peers.
The aim of the report is to help broker businesses to see where they can maximise the benefits offered by technology, streamline key processes and improve their overall proposition.
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.”