Regulations (MIFID, KYC, RDR) are changing wealth management models to a more advice/fee-based approach, and market turbulence presses advisors to justify their value proposition. OFS Advice is a multi-channel, multi-entity, multi-device, integrated and customisable software platform that wealth firms can leverage to overcome these business challenges.
OFS ADVICE empowers wealth managers to get a holistic view of clients’ internal and external holdings, to understand clients’ goals, to create and execute investments plans, to provide the highest quality advice and recommend appropriate and suitable products.
OFS ADVICE enables wealth management institutions to set up a client centric closed loop advisory process:
• Profile & Diagnose: to understand a client’s total wealth including assets and liabilities, income and expenditure, risk profile, secondary characteristics, investment behaviour, financial goals, stage of life.
• Define & Tailor Investment Proposal: to define and tailor an investment proposal in terms of asset allocation and product recommendations that comply with and meet all of a client’s objectives.
• Compliance & Suitability: to verify that the investment proposal is suitable for this specific client in terms of risk, investment horizon, product types, costs, investment constraints (compliance defined and client defined).
• Deliver & Execute: to manage the proposal workflow with the client (drafted, accepted, rejected) and to execute orders integrating with the wealth manager’s OMS.
• Monitoring and alerting: client’s goals and portfolio positions and suitability must be continuously monitored and alerts generated when conditions are met.