Complete IT support shake-up - opinions please!

We're doing a complete review of our support tools - focusing on pensions switching tools and investment research, for compliant file back up mostly I guess.

What do you use? What do you love about it? What software do you hate?

I've looked at Selectapension, Synaptics, Adviser Asset, FE Analytics...........

Ruth Baker

Comments

  • SelectAPension; FE Analytics;

  • We use Selectapension but I understand CashCalc will be releasing an offering soon. If it's any good we'll probably use that instead due to the integration with Intelliflo (plus it generally looks fresher and cleaner than SAP in terms of UI and output). We use Evalue (integrated with IO) to analyse portfolios and use the content from that and paste into suitability reports (clients do like pretty pictures in their reports!)

  • SAP, FE and Cash calc.

  • Investment research: FE Analytics. Comprehensive exportable data, great portfolio building tools and nice charts.

    Replacement business, unless you absolutely need the product selection element: a spreadsheet. I really don't see any value in paying for software to analyse the cost difference between two plans.

    Benjamin Fabi FPFS
    Chartered Financial Planner
  • amarshallamarshall Member, Moderator

    I completely agree with @benjaminfabi

    We also have Assureweb for comparison quotes and Voyant for cashflow.

  • Thank you all.

    I've come to the conclusion that there is no better alternative to FE, and for the charging comparisons I hadn't even considered a spreadsheet - extremely good point raised.

    Thanks again!

    Ruth Baker

  • Hi Andy, do you mean cashcalc are going to start offering a TVAS?

  • yes they're doing the new incarnation of a TVAS (TVC). I think you'd still need to use SAP for other reasons though?

  • @Andy_Schleider said:
    We use Selectapension but I understand CashCalc will be releasing an offering soon. If it's any good we'll probably use that instead due to the integration with Intelliflo (plus it generally looks fresher and cleaner than SAP in terms of UI and output). We use Evalue (integrated with IO) to analyse portfolios and use the content from that and paste into suitability reports (clients do like pretty pictures in their reports!)

    SelectaPension are about to release an integration with Intelliflo for DC schemes.

  • garethgareth Administrator

    If you're shaking up your tech stack, I would also suggest looking at a service to communicate securely with clients. There's various tools out there (StayPrivate, Beyond Encryption etc) and our own offering, Filehaven.

    Web nut, coffee junkie, so-called-responsible parent & MD of codepotato. We build websites and web applications for the financial industry. 
  • One of my clients is considering dropping Selectapension in favour of Adviserasset in order to save approximately half the cost in order to support the relatively few pension switching cases he does. Having reviewed the comments in this section, there is not much detail about Adviserasset.
    Anyone out there using Adviserasset? Or any other comments or knowledge about comparisons done on these two? Any help or advice greatly appreciated. Thanks.

  • I used Adviser Asset at a previous firm where one of my colleagues showed me how to use it. The firm were happy with it and it was great value for money. However, when I tried trialling it last year, it was really difficult to get hold of the guy who ran it. Maybe he usually has someone helping him but they were on leave, I don't know as the trail period was rather short!

    Thankfully, by enlisting the persuasion skills of our lovely outsourcer, compliance have finally agreed to us ditching RIY comparisons!

  • richallumrichallum Administrator

    What are you using now @Clare_Weight instead of RIY?

    Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern. Republican.

  • Plus one for death bens.

  • Looks good Clare 👍
    Benjamin Fabi FPFS
    Chartered Financial Planner
  • richallumrichallum Administrator

    Nice and simple. How do you allow for the impact of any initial charges/fees?

    Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern. Republican.

  • Clare_WeightClare_Weight Member
    edited December 2020

    On projected fund value / retirement benefits? Can you explain a bit more what you're getting at Richard? Forgive my ignorance, For nearly 3 years I've been following our compliance officer's requirements and not really questioned it (it's a pick one battle at a time situation). Boss and I recently asked our outsourcer 'Do we have to do all the RIY stuff (tables from Select a Pension), it's a confusing information overload that nobody understands or values?'.

    This was all very recent so our outsourcer might be better placed to explain her alternative approach. However, I'm not sure if we should should ask her participate as I know she is very busy. I'm very grateful she won over our compliance guy, I don't want to put her off!

  • richallumrichallum Administrator

    This is a conversation we have with lots of compliance people and it never seems to get settled.

    The RIY shows the impact of all charges over time no matter what sort they are. Let's say for example that in your example, there are 5 years until retirement and you're charging a 3% initial fee as well as the 1% pa.

    The impact of all the charges will be a lot more than the +0.74%/£900 shown in the table. How would you allow for that?

    Paraplanner. F1, Apple, Nutella, ice cream. No trite motivational quotes. Turning a bit northern. Republican.

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