What technology does SimplyBiz offer advisers?

Mark Loosmore of AT8 Group looks at the technology SimplyBiz uses to provide services to its members.

This week we spoke to one of the joint managing directors of SimplyBiz, Neil Stevens, to learn more about how the company uses technology to drive benefit to its member firms.

The conversation with Stevens broke down into two distinct areas – the technology that SimplyBiz uses for itself to drive an efficient service to its members and the technology it provides to its members to use within their own operations. Both are an important part of the SimplyBiz proposition.

Goldmine

We start by looking at the internal systems at SimplyBiz. If networks and service providers are to have sustainable business models they must be efficient and provide their services to their members in an accessible and professional manner so optimising this area is a vital part of the SimplyBiz strategy.

At the heart of SimplyBiz is an efficient CRM system, built around a product called Goldmine. This CRM system is then linked to various process flows and data sources. The end result is a series of joined-up processes used to improve the members touch points with SimplyBiz.

A good example of how this joined up approach can manifest itself is in the initial on-boarding of member firms. Simplybiz has created an ‘FSA Tracker’ to keep members informed of the progress of FSA Applications. They also help you manage correspondence with the FSA and relay information between the parties involved.

Intelligent Office

When passing the technology to the member firms there are a number of solutions that Simplybiz provides. To manage the firms’ business SimplyBiz provides Intelligent Office (IO) from IntelliFlo.

IO comes in three versions according to the needs of the firm: option one is core back-office/CRM functionaility; whilst option two includes electronic quotation and applications; and option three adds electronic valuations and commission reconciliation.

The costs are subsidised by SimplyBiz but members are still charged a nominal monthly fee for use of IO.

Dynamic Planner

In addition to facilitating the use of Intelligent Office, SimplyBiz now also provides Dynamic Planner from Distribution Technology.

Dynamic Planner is provided free of charge to members and it is clear from our conversation with Stevens that he sees this is a fundamental part of the SimplyBiz technology architecture.

“Our vision is to provide support of members to deliver an advice journey of the highest quality”, Stevens explains.

“This means we need to provide the research tools such as Synaptic (provided free of charge to members) along with risk assessment and planning tools such as Dynamic Planner (also free of charge)”.

Dynamic Planner is used for the attitude to risk (ATR) assessment but while ATR assessments have got a lot of press recently Stevens believes this is the tip of the iceberg in the value that advisers can get from the SimplyBiz implementation of Dynamic Planner.

“For SimplyBiz members the value comes from a solid and comprehensive ‘know your customer’ process,” says Stevens. “The ATR is part of the value but as important or more so is the full Factfind within Dynamic Planner – this is about understanding the goals and aspirations of the client, their financial situation, their capacity for loss and yes their attitude to risk is part of that.”

Dynamic Planner also has a series of planning tools within it and all these are provided to the members, including: cashflow modelling, budgeting tools, investment modelling, retirement modelling and the ability to scan existing portfolios and rebalance these in line with the Attitude to Risk and goals of the client.