Turning client data into gold

IFA uses facts buried in Client Data to mine for opportunities

The background

In the UK alone there are over 12,000 registered Wealth Advisors and Independent Financial Advisors. Some of them work for large organisations, some of them operate as self-employed agents for smaller networks. All of them are directly regulated by the UK Financial bodies that are there to oversee fair play and honesty after laws tightened up following the World-wide financial meltdown.

The resulting restrictions, rules and laws applied to the industry have made it very hard for anyone in the industry to operate without fundamentally embracing a very complex record keeping, administrative and reporting overhead. For example: An IFA that takes commissions from a client directly in return for his advice needs to completely justify what advice was provided, to whom, when as well as a full justification of charges applied against time and effort spent on that particular case.

These reports have to be entered at least once per year and organisations that cannot show that they operated fairly risk fines and in some cases, law suits and damages claims going back several years. In order to ensure compliance and to protect themselves from attacks on all flanks and fronts these organisations keep exacting records of each instruction, conversation and of course every subsequent sale.


  • Highly regulated and monitored industry sector
  • IFA Network responsible for compliance of its members
  • IFA must show evidence that their client guidance is sound
  • The risk of fines and other penalties for non-compliance is high
  • Evidence required to support compliance is immense
  • These regulations result in it being one of the safest consumer markets in the world

The challenge

An IFA client approached Trivaeo understanding that reams of paperwork collected and subsequently collated was an administrative burden. Yet, buried within it are the keys to providing even sounder 'financial advise' to clients by using the data gathered intelligently.

The end to end process of marketing, lead generation and then follow ups that resulted in client engagements was entirely built around paper based record keeping, compounded by spreadsheets and other tools used by individual IFA members as they preferred. In one case it was found that an 80 page document called a 'Confidential Financial Review' was detailed over many hours, then left in a cabinet; it's value and contents lost to history with only the 'memory' of the IFA able to resurrect it when needed. It offered the business little opportunity to use the data collected intelligently in future.

If a vendor released a new financial product it was impossible to 'match' the benefits of the new product to the 'needs' of the client base from whom the 'facts had been gathered'. Only the memory of the IFA triggered any form of association between the applicability of a product to the needs of each client they serviced.

The company also noted that there was no way to link sales performance of the sales teams against the data the IFA's were collecting. Sales Management couldn't monitor sales performance directly without physical exams of the paperwork or by conducting 'joint visits' to clients to assess the performance.

There was no way to conduct a financial fact finding review with potential clients other than on reams of paper forms as most IFA's don't use centrally orchestrated data systems

Each year the IFA had to submit detailed product data and commissions in the form of "Gabriel Reports" to the regulator. These are complex to compile and often required dedicated administrative teams to complete the tasks necessary

The IFA used multiple pieces of supporting software from different vendors to store other information about clients, their details, attitude to risk (ATR) calculations, capacity for loss (CFL) calculations. The creation of 'evidence' necessary to create the 'letters to justify product selections' is complex and time consuming


  • Reams of Paperwork
  • Paperwork loses value as soon as it is stored away
  • No single 'top-down' view of a client
  • No easy way to map products available to the needs of clients beyond memory and knowledge of the IFA
  • Detailed fact-finding data isolated in 80+ sheets of paper
  • Gabriel Reports time consuming to compile
  • Evidential Reporting for the regulator are expensive in time and money to produce
  • Sales Management function is difficult to exercise and monitor
  • Use of multiple software platforms to do different bits of the task for each client activity phase

The goals

Create a solution that manages the entire IFA to client lifecycle. Optimise the collection of data, especially fact-finds conducted with clients for hard facts as well as soft facts. Make the data available for centralised storage, recording, extraction, reporting and be able to mine it effectively at any point in the future.

Ideally, be able to create the ability for the clients themselves to be able to collaborate and view real-time reports of how the products and investments they are using are performing. At the same time improve the sales management process and to review performance against the data collected.

Automate as much as possible the activities required for Gabriel Reporting and for commission payments for Agents and Partners alike


  • Better manage the IFA to client lifecycle
  • Provide enhanced service capability
  • Capture, store and expose all core data centrally
  • Have tools to mine and extract the value from big data
  • Match financial products to clients needs more effectively
  • Reduce heavy administrative overheads
  • Increase business comfort with reporting and regulatory requirements
  • Improve Sales function, reporting and performance
  • Allow clients to self-serve and see how their financial products are performing

The solution

Working with Trivaeo the IFA network developed an end-to-end solution that completely addressed the challenges and the goals required.

The existing Trivaeo Crossroads framework of 65+ applications was orchestrated under a single workflow and business process management application called CLOE, the Client Lifecycle Optmisation Engine and became immediately available for IFA networks and companies to use as a solution to the challenges faced by the industry as a whole and was immediately embraced by the lead IFA network concerned.

The CLOE solution provides the following core functionality to the IFA, out-the-box;

  • It allows for the fast collection and input of data in structured formats
  • It enables the collection and upload of key customer data and fact finds to a centralised database
  • It provides an iPad (tablet) based fact-finding application that works offline. Allowing client fact-finding visits to be conducted offline with the resulting data uploaded once connectivity is restored
  • Allow IFA's to create their own fact finding questionnaires with infinite free form questions for hard as well as soft facts
  • Ensures data is stuctured and formatted so that it can be cross-referenced
  • Ensures that the data can be searched against in a multitude of dimensions. Slice it how you want!
  • Linking to 3rd party applications that manage 'attitude to risk' ATL assessments
  • Linking to 3rd party applications that manage 'capacity for loss' CFL assessments
  • Maintain a single view of records of all clients, cases, visits and sales
  • Provide a secure place for clients and IFA's to collaborate
  • Provide a secure place for clients to view real-time reports about their product and investment performance
  • Provide templates and standard documents that are linked directly to client records
  • Allow Sales management to review sales performance against the data collected, facts-found and clients
  • Provide executive management KPI reports of financial performance as a whole
  • Automatically compile accurate reports for "Gabriel Reporting", commission or job fee payments for Agents or Partners alike

The IFA client proceeded to extend the CLOE solution framework by adding entitlements to use the full Human Reources Management solution

The resulting solution saved thousands of pounds (£) in recurring administrative costs for the practice, allowing administrative staff to refocus on assisting the sales and client facing functions of the business, direcly and positively impacting on the subsequent financial performance of the team.

The Trivaeo CLOE solution framework is the industry's first end-to-end solution for the financial advisors marketplace and may be readily adapted to the individual needs of any IFA.


  • Enhanced Customer Relationship Management Solution
  • Automate.NLS Solution Pack & Customisation
  • Workflow Automation
  • Business Process Management (BPM)
  • Business Process Automation
  • Single Sign on Portal (SSO)
  • Fact Finding Applications Framework
  • Mobile Applications with offline to online data burst
  • Alerts and Notifications
  • KPI Dashboards
  • Reporting Automation
  • Gabriel Reporting Solution
  • Client Self-Service Solution
  • Human Resources Management Solution
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