Over the last few years, there has been an increasing effort to integrate financial planning and lending services to offer consumers a one-stop-shop. Unfortunately, the integration generally stops at the sign on the door. Because advisers and brokers use different, disconnected software systems, sharing of information is still very much a manual process, resulting in a disjointed client experience. The next release of FinPal’s software will include support for mortgage brokers.
While the professional intelligence of financial advisers (product knowledge, tax, strategy, etc) is important. Our business intelligence provides significantly more benefit to our business and, ultimately, our clients. Unfortunately, there’s been very little focus in this area.
Manually tracking and reporting revenue transactions is simply not cost effective for most financial planning businesses and so they hope they are being paid correctly and clients are being charged correctly. Unfortunately, that is almost certainly NOT the case.
In 1984, Eliyahu M. Goldratt published The Goal, a ground breaking Business Management book, which introduced readers to the theory of constraints.