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Amatica is finalising development of its new solution for wealth managers – HARBOUR: a complete approach to managing Know-Your-Customer, risk profiling and suitability. The solution, first envisaged two years ago, is designed for use by wealth managers and their IFA networks.

HARBOUR answers the needs of those responsible for operations and compliance and addresses the FSA’s concerns, recently expressed, over the weakness of simplistic ‘tick-box’ systems, the lack of robust processes and the potential abdication of professional advice.

Improve the quality of advice given by IFAs and wealth managers

HARBOUR is designed to answer these needs. Moreover, it is designed to provide a framework to improve that quality of advice given by IFAs and wealth managers to clients.

David Roberts, Amatica’s strategy director is interested in the timing of its new development saying “We’ve been working discreetly on our ideas for a new approach to managing risk profiling and suitability for sometime. As we’ve worked through our approach, the FSA have been raising the profile of the same issues; firstly with a finalised guidance document in March, then with a keynote speech and finally with a ‘Dear CEO’ letter to wealth managers."

FSA will impose 140 Section 166 notices to firms

“Furthermore, information released at the end of 2010 states that the number of Section 166 notices issued to wealth managers has increased year on year and the individual costs incurred by firms has increased by 75%. It has even been suggested that the FSA will impose one hundred and forty Section 166 notices to firms in 2011.”

Amatica’s HARBOUR solution for wealth managers uses the latest software development technologies from Microsoft and encapsulates its extensive experience of delivering broker and client portals that are quick, efficient and easy to use. Using web technologies means that HARBOUR can be delivered directly to the users desktop and this is where Amatica’s undisputed skills in interface design come to the fore. “Delivering efficient and robust web-based systems involves more than some colouring in and making simple tick-boxes. HARBOUR contains robust business rules and processes yet this is disguised by its ease of use – a critical factor when working with IFAs” says David Roberts.

One important HARBOUR feature is the automated generation of a printable report containing an analysis of the client’s ability to accept risk, their risk profile, discrepancies between their risk profile and desire for high returns, a comparison of investment performance and a recommended portfolio spread. This document is a vital record of the client’s circumstances, risk appetite and advice given. A copy of the report is held within HARBOUR and can be printed on-demand or even attached to the client’s casefile within a document management system.

FSA exercising greater scrutiny

“It’s obvious that the FSA will be exercising greater scrutiny upon the wealth management sector” says David Roberts. “We want to be at the forefront of delivering a solution that not only addresses the compliance and regulatory needs but improves a firm’s business, operations and efficiency.”

A review of clients investment decisions can be scheduled through HARBOUR, providing a meaningful touchpoint for the client and the IFA as well as producing more up to date record keeping for compliance.

HARBOUR is one element of Amatica’s portfolio of front and mid-office portal services that covers client portfolio reporting and compliance process management.

© Amatica 11/07/2011