Today’s financial planning businesses are increasingly aware of the need to closely manage upfront and ongoing revenue. Pressure on traditional revenue streams, competition from digital advice offerings and regulatory controls like FDS have combined to highlight the critical nature of revenue data.
Until now, this data has been limited in use. However, with the revenue module in PractiFI’s upcoming AMP Edition, businesses can now track and analyse revenue across existing clients and sales pipelines. This new feature extends an already powerful tool to identify trends in adviser sales, highlighting cross-sell potential within the existing client list.
PractiFI CEO Glenn Elliott says “We developed this feature based on feedback from our AMP clients. They needed an easy way to import and analyse revenue but we wanted to extend the value into driving sales and profitability.”
Elliott adds “With usability and configurability fundamental parts of our design process, we implemented a straightforward way for AMP businesses to utilise their existing commission file format, bringing much needed transparency over their client base and uncovers additional opportunities.”
A new real time analytics engine allows powerful reporting and insights, including breakdowns of revenue by client, segment, adviser and service. Drill throughs and metrics are completely customisable to those that matter for an individual business. The tool also delivers a highly sought after expected versus actual revenue tracking capability that dramatically reduces the time spent reconciling commission statements.
David Stephen, Managing Director of Invest Blue, an AMP advice business says “PractiFI’s revenue management capability saves us time and effort, but more importantly allows us to get a complete understanding of our client base and their relative value to the business, which assists us in determining profitability on a client level and in designing our pricing policies at a business level. This is exactly the type of feature advice businesses need to power their growth.”
PractiFI’s AMP Edition is due for release in April this year.