FASA 2023
Back Office Providers

Back office solutions and software providers

Increased integration of systems is ever more important for advisers in their day-to-day work.

Tim Morris, independent financial planner at Russell and Co, said: “[Third-party back office] systems need to function well…Especially with more sophisticated tools now available. The less times client information has to be entered or duplicated the better.”

Morris said that over the past year, the biggest issues he has had with back office systems were problems with digital signatures. Additionally, he said there needs to be staff members with sufficient experience to resolve such issues in a timely manner. 



As the needs and requirements of consumers have changed, so too have the needs of planners.

Today, technology needs to be accurate, intuitive and readily accessible on phones and tablets.

Ritchie Walton, managing director of Truth Software, which has been been recognised for the Most Improved back office system in this year’s Financial Adviser Service Awards, said planners are no longer constrained by the need to see their clients in their office or at their home.

Many clients are perfectly happy to conduct financial planning meetings over Zoom or Teams.

Additionally, technology has evolved so that financial planning with clients is readily comprehensible, visual and simple to understand, whereas years ago, planners felt they needed to be armed with lots of paper and busy-looking charts.

At Truth Software, Walton said the company provides clients with immediate telephone and email support, during office hours.

This can often be a financial planning query as opposed to a tech issue.

Planners can also access a combination of regular, scheduled webinars, on-demand bookable training, regular YouTube content and regular virtual development meetings via Zoom or face-to-face CPD days in London.

If changes to legislation are announced, for example to tax, its support staff will research the changes that need to be implemented and its developers are able to turn around those changes to the software as a priority.

Walton added: “We aim to be the planners’ ‘partner’ in financial planning. If planners have questions or problems, a good technology partner will be there to answer them.

“No long call waiting times. No 48-hour response periods or service level agreements, just a helpful human being at the end of a phone line (or email).

“Planners want to see better, efficient integrations, especially those planners for whom the one-size-fits-all model doesn’t work.

“However, planners will always want support services that are designed around their needs – chatbots seem to be have been designed to enrage rather than support.”

The key to excellent service in the back office sector will lie in helping advisers navigate the ever-changing landscape.

Indeed, as SimplyBiz's marketing director Richard Ardron said, it is vital to make sure companies provide "the very highest quality of comprehensive compliance, tech solutions and business support to advisers".

He said: "Since launch, SimplyBiz has aimed to support advisers in every area of their business, no matter the size or model of their firm. 

"Our expert regulatory services team including our helpdesks, field, policy, and file review units are relied upon by firms to ensure that they stay ahead of myriad regulatory requirements.  

"We provide dedicated support and guidance on new and evolving regulation, such as the consumer duty, senior managers and certification regime, supervision, and vulnerable clients, and our specialist teams provide support on training, competence and certification schemes, DFM, defined benefit transfers, equity release, and more."

ima.jacksonobot@ft.com