Back office, paraplanning and client portal for advice firms with one to ten advisers
Advisin keeps a firm's households, cases, letters of authority, fees and reviews in one system. Paraplanners draft from the client's file, compliance signs each case off before anything goes to the client, and clients read and sign on their phone.
A household holds both people and every plan
A household in Advisin holds one or two people, each with their own identity check, risk profile and signature. Every plan records who owns it: one of them, both of them jointly, or a trust.
When Michael and Anita Patel come to consolidate their pensions, their household holds Michael's Aviva and Scottish Widows plans, Anita's Royal London plan and the investment account they own together, each with a value, a valuation date and the state of its letter of authority.
Opening a case copies in the firm's workflow for that kind of advice. Every task has an owner and a due date, every stage has a clock, and the administrator knows which letters are back and which still need a signature.
Compliance signs off before the client signs
A suitability report, fee agreement or provider application cannot be sent for signature until a compliance user approves the case. The rule is enforced by the database, so it holds for every member of staff.
Your compliance user approves each case, or returns it to the adviser with a note saying what has to change. An adviser cannot approve their own case unless the firm has chosen to allow it.
Letters of authority, fees and reviews
Letters of authority
Each letter has an owner and a chase date. When the date arrives, Advisin drafts the chase: to the client while the letter is unsigned, then to the provider once it is signed. Whoever owns the letter sends it and records the reply. The questions follow the plan type, so a defined benefit scheme is asked for its transfer value and guarantees and a personal pension for its charges, funds and death benefits.
Fees
The ledger holds each fee agreement and every receipt from provider statements, with adviser and introducer splits by month. A fee that does not arrive, arrives at the wrong amount, keeps coming after a client has left or keeps coming with no review held becomes an exception for someone to clear, and so does a receipt that matches no agreement.
Reviews
Each completed review schedules the next one a year later. An overdue review is set against the ongoing fee the client is still paying, and the review record covers what changed, whether the plans still suit and the charges discussed. That is the record a firm needs to show the ongoing service it charges for was given.
Drafts from the client's file, approved by the adviser
On the Complete plan, Advisin drafts from what is already on the file. Paste meeting notes or a transcript and the fact-find is filled in for checking. Upload a provider's reply to a letter of authority and the plan details are read out of it. Write the recommendation in a few lines and a suitability report is drafted from the fact-find, the risk profile, the plans and those notes, with anything the file does not support marked for the adviser to confirm.
Nothing drafted reaches a client until an adviser or compliance user approves it. Each draft keeps its own record of who asked for it, when it was generated, who edited it and who approved it, and compliance can review every draft in the firm in one place.
The risk, research and cashflow tools you already licence
Advisin records the result from each tool on the client's file with its date and reference, for the file check and for compliance. Capacity for loss is scored in Advisin itself, with the reasons for the score written beside it.
- Attitude to riskDynamic Planner, Oxford Risk
- ResearchDefaqto Engage, FE fundinfo
- CashflowVoyant, CashCalc
- Identity checksSmartSearch, Thirdfort
- ValuationsOrigo Integration Hub
