How Integration Can Simplify Account Maintenance 

How Integration Can Simplify Account Maintenance 

Posted by Tracie Hummel on May 15, 2018 10:03:00 AM
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Integration is known for simplifying, de-cluttering and streamlining processes, but it's often not until you see a specific example, or integration in action, that you're able to see the power of integration. This blog post explores the benefits of integration, specifically as it relates to account maintenance for the wealth management space. Some of the content is borrowed from our whitepaper, "Improving Experiences by Connecting, Sharing and Enhancing Technologies Through Digital Integration." You can download your copy of the full whitepaper by clicking the button below:

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In this integration example, we'll explore how the process of updating a client's address change is different when the associated technologies are integrated. In this particular example, the client has three accounts: an advisory account at NFS; a brokerage account at Pershing; and, a VA held directly at the annuity carrier. Without integration, the advisor is forced to manually change the address for each application. This includes the CRM, Wealthscape (advisory account), NetX360 (brokerage account), and the annuity company. With this approach, the process looks something like this: 

Manual Acct Maint.png

But, when these technologies are integrated with IFS, the process is much different. IFS automates the address change process and pushes the account changes to all of the integrated technologies:

acct maint - integrated.pngSo, how does this result in a better experience? We'll break it down by stakeholder:

  • Advisor: IFS saves the advisor five administrative steps so he/she can focus on value-added services like investing the sale proceeds from when the client downsized their residence (e.g. address change).
  • Client: IFS provides the client with quick and easy automated servicing that can be accessed at any time from any place, while providing the status tracking they are used to receiving from other sites like Amazon.
  • Firm: IFS provides the firm the compliance adherence and cost savings of recording and notifying the client digitally of an address change and all their advisor/firm data is synched.

Interested in learning how IFS's integration is unique and how we can help simplify, streamline and de-clutter processes at your brokerage, wealth management or insurance organization? Click below to download our whitepaper, and check the "I'd Like to Learn More" box.

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Topics: Financial Services Industry, integration, FinTech, technology

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