Månedsarkiv: november 2013

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Managing Clients With Convenience with Customer Relationship Management Software for Financial Services

For a thriving financial business, handling multiple clients could mean never-ending paperwork. That was then. Now, client management for financial services has never been easier, more efficient, nor convenient.

Personalized Service

Clients feel more comfortable if they know the service they are receiving is tailor-fit for them (e.g., risk tolerance). This can improve the chance of customer retention and loyalty.

Finding the right client management software especially for a financial services company can guarantee that piles of paperwork and hours of filing will be replaced with a few keyboard taps and more clicks. Here is why you should shift to using CRM for financial services:

Continuity of Customer Care

From the front liners to top level management, every department that is involved directly (or otherwise) with each client is armed with a complete profile and the most current information regarding the client’s account including their needs, preferences, logs, and history.

Maximized Profitability

With the client’s profile, preferences, and needs at your fingertips, it has never been easier to match offers with CRM for financial services, therefore maximizing your client’s financial gains.

Improved Efficiency

Even with a seamless paperwork system, operational can be taken to the next level through the automation of important tasks such as weekly reports or client on-boarding.

Thorough Assessments

Not only do manual financial assessments take a huge chunk of your staff’s time, it can also be faulty to a degree; minor details can be overlooked. Taking advantage of CRM for financial services make it easier to identify client behaviors that can put your business at risk. It can keep track of late payments or any history of it, or low credit ratings.

Profile Update’

Clients’ profiles need to be updated over time. Updating any information requires a one-time data entry and is synchronized across all departments through CRM for financial services.

portfolio management software

Top 4 Costly Fund Accounting Software Mistakes

The most successful entrepreneurs listen to the stories of the mistakes of other people, and then make sure that they do not make the mistake. By just listening, the most successful people in the business have a competitive advantage because they are avoiding the most common mistakes that everyone else makes. Below are 4 common fund accounting software mistakes that many small business owners make. Go through every one of them so you do not make the same in the future.

Failing to Schedule Back Ups. There are many small business, a even a few large ones, fail to realize the importance of performing system file backups. You might never have to backup your files, but if your system ever crashes, then you become aware of the importance of having a plan in space so your business continues to run smoothly.

Hiring unqualified accounting personnel. Your fund accounting software is not generating accurate expense reports, your budget to actual statement is not accurate, and there are figures in your financials that do not add up. You might be getting the story that there is a problem with the software, but you should also consider the fact that it just might be user error. Poor hiring decisions can plague small businesses because they are more costly than hiring an accounting professional who understands the industry and the fund accounting software that being used.

No training for employees on the fund accounting software. Many small business owners assume that employees can just figure out how to operate the fund accounting software. However, today’s accounting software programs are complex and powerful applications, that even working with easy to use programs can frustrate employees if they do not have resources where they can fall back.

Not upgrading the fund accounting software. Most accounting companies produce a new version of their software every year. Data compatibility conflicts occur when the accounting software is not upgraded often enough. For example, waiting five or six years to upgrade the accounting software invites these kinds of problems. In some cases, data might become inaccessible or corrupted if upgrading the fund accounting software is not performed.

portfolio management software

Deciding on a Portfolio Management Software

Weighing strengths versus weaknesses and opportunities versus threats are the backbones of portfolio management. But those are only two of the numerous Not only is a crucial process, it is regarded both as an art and as a science. Every decision has to be dissected and scrutinized thoroughly: the initial step of studying the investment policy and proposals, digging details further to affirm that the investment is in line with the client’s goals, and even ensure individuals’ and institutions’ assets are allocated appropriately.

The sheer volume of data and information that has to be gathered, categorized, and updated are overwhelming. A portfolio management software makes perfect sense for either active or passive portfolio management.

Good portfolio management softwares require very little manual processing, offer the ease of keeping client information up-to-date as well as  real-time updates and implementation options. All three points are are notorious culprits that consume a sizable chunk of time and resources that should be better spent on hauling in sales and earnings.

Formulating and implementing investment strategies and further expansion are tasks cut for the highly competitive. Taking portfolio management softwares to the next level at par with the demands of both portfolio managers and clients will require highly automated solutions including the capability to simulate investment strategies allowing portfolio managers to rework their strategies.

By the same token, the software should be able to analyze each strategy thoroughly prior to execution. This allows more room for innovative ideas or workarounds, even evolving into a more complex, exotic, and unique investment strategies that are tailor-made for each client and their portfolios, funds, and mandates.

Other strong points a portfolio management software must possess include a clutter-free user interface that puts importance on key features that are easy to use, and technical support that is readily available.

Do you want to work with Asset Management?

It is said that working with asset management is prefered by many, as “it is where the money is”. Do you want to know more about asset management as a task or how to become an asset manager, you should read this!

Asset management in itself, concerns the act of monitoring and maintaining the assets of a company or an individual. To work with asset management, an education in finance, economics and business is a must. The skills you will get from the education will prepare you to possess a job as an asset manager. Therefore, you first of all need to get a Bachelor’s Degree in business, finance and accounting. Next, it will be prefered if you achieve a Master’s Degree in finance, business administration or economics. The reason why you should educate yourself on a higher level than a bachelor degree, is to improve your opportunities for employment in asset management. Often, you will experience that employers prefer candidates with a graduate level degree.

When you have made sure to educate yourself in order to be skilled to work with asset management, you should get some working experience within financial accounting, as it will position you better for the job you want. Also, you can look at the opportunities for taking training programs at the firm you work at, as ongoing training only will get you more experienced – and can lead you to achieve more advanced position within the industry.