Newsletter from Winter 2010 Updates to system
We are pleased to announce our fully integrated FSA Switching Template within the Multi-Transfer Wizard. In February 2009 the FSA issued their version of the FSA Template and indicated that when a firm is conducting pension switching business, the contents of the Template would ideally have been addressed. Rather than use the Template separately, we do it for you, saving time and effort and making the Selectapension Money Purchase Transfer Tool even better.
How does it work? simple:
. hard data, e.g. transfer values, etc.
automatically populates within the template
. soft data, e.g. client aspirations, is entered via a
drop down box facility on the screen
. the template can be produced as a PDF
. the template, as with everything else Selectapension systems do, can be saved for future reference
. no more manual print out and completion by hand!
DEFAULT FUND SELECTION - NOW THE USER HAS CONTROL
This latest development, as with the majority of our upgrades, is free to all existing and new subscribers. It's another example of Selectapension listening to customer feedback.
Which Funds do you want as your defaults.The Cheapest? Largest? Best performing? You decide from now on.
Selectapension launched a full funds functionality early last year. This enabled the user to include the actual fund choice, charges and performance when using any of the Selectapension Tools that are Provider and Product specific. In doing so the calculator needed to define the criterion for default fund selection in any given ABI sector. The default can be altered by the user, and Selectapension's criterion was to use the best performing fund available. We understand that the criterion used by another money purchase transfer analysis tool on the market is the largest fund available. Ultimately it should be you who decides the default criteria for fund selection. So this is what we have built:
You can now set three options when using the tools:
1. The best performing fund
2. The largest fund
3. The cheapest fund
Or a combination of all three criteria! This gives you complete autonomy when using our software to conduct any form of pre and post retirement planning for your client. Again this enhanced functionality is now available to all current subscribers without cost. This new functionality will then be shortly followed by the ability to run the analysis using one or more actual named funds regardless of Provider and Product.
SECTOR TEMPLATES
In addition to being able to construct your own Investment Template, you can now pre-set your own Sector Templates. So if you wish to build certain sector portfolios for several different types of client depending on, say, their attitude to risk then this can easily be done. For example a very cautious investor may wish to have a sector portfolio made up of 30% gilts, 20% cash, 30% Fixed Interest and 20% Managed Funds. The system will then apply the default criteria you set, as mentioned above, to these sectors. Where a Provider pays a certain level of commission over and above the standard rates, then the specific terms that apply to the user in question can be pre-set on the Selectapension system and will automatically apply when using the tools. This means that when requesting the point of sale quote the commission levels in question will mirror those on the Selectapension system.
Selectapension has now integrated with True Potential in terms of data automatically transferring between the two systems. When using True Potential, client details will appear within the Selectapension tools and once the client work has been done on Selectapension the report will migrate back onto the True Potential software. Further enhancements to this process are being built and it is intended to develop such an enhanced functionality to other CRM software houses. This will save you time and avoid duplication of effort.
Within the Selectapension Multi-Transfer Analysis Tool a screen will appear just before running the analysis, with a summary of the data you entered. This enables you to check at a glance that it is correct. As with everything human error can play a part on occasions; now this double-check will allow you to press the 'go' button with confidence.
Very shortly Selectapension will launch the facility to construct your own bespoke products, on the system. This will mean that where special terms apply, e.g. within any given Group Personal Pension, the appropriate charging structure can accurately be reflected and the product will be personal to the user. Details of the bespoke product structure will feature in the report in the same way as standard product structures appear now, so the client will easily be able to identify any special terms that may apply
We are planning to launch an end to end proposition commencing Q3 2010. Not only will you be able to run the analysis, but you will also be able to obtain a point of sale quote direct from the Provider instead of having to do it separately and the quote request will be pre-populated with the majority of information required! Soon after the delivery of this huge development with Providers, we will be developing the ability to then go on to pre-population of applications. These new deliveries will further enhance the Selectapension offering in the market place and assist with the onerous requirement about to befall us all in 2012.
If you would like any further information on the recent changes or indeed on new modifications soon to be included, please do not hesitate to contact us.