In the past there have been a few barriers to using new technology for the process of client data collection.
Primarily this is because the technology on offer has either been a simple on-line version of the paper document (such as an editable PDF format), or a survey style process that cannot be added to (something like survey monkey or Microsoft/Google forms).
In either case, they have not been built up specifically with the specific requirements of Australian Financial Planners and Advisers. Further, they must be re-completed every time you need to update the advice.
Perhaps most importantly, though, is that they are one-way forms of communication. Data cannot be added by both the adviser and their clients in real time and so advisers must wait until the document is completed (whenever that is!) before determining if the information collected is correct or complete enough to provide advice. And of course, they are static – meaning that the data is collected once and once only.
iFACTFIND - FACT FIND FOR FINANCIAL PLANNING.
iFactFind has been developed by Financial Planners and Advisers to be a two-way dialogue between the adviser and their client, with information sharing amongst practice users, using trackable inputs. We follow ‘who’ entered ‘what’ information ‘when’, via our unique Audit Trail function, so there is no confusion about important details. Progress is tracked daily so you can see at what stage your new clients are up to with completion, or if they haven’t logged in for a little while, so you can keep on top of your work flows and scheduling.
iFactFind has been designed as a ‘live’ process where clients and advisers can update information in real time as it occurs.
This means that there is no more need for reverse fact finds as the data is kept current. Each time advice is provided (say for an annual review of an ad hoc piece of advice), your client logs back in to iFactFind, confirms all details are correct, and then submits the updated version by e-signing a confirmation.
This is time and date stamped and recorded with an IP address and a version number and converted to a PDF of the data so that you have a permanent record of the client details on file. This is required under FASEA Standard 8.
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