I am thinking of setting up a database to manage my client list more efficiently. What tools are available for this?
One option is to use a generic programme such as Microsoft Access. This is relatively cheap, but does require some knowledge of how to use it to create the necessary fields to enter information into. The generic nature of the application will also limit what you can achieve from your database once it is set up.
Another option is to take advantage of one of the packaged back-office systems, designed exclusively for use by IFAs. These are designed around a ready-built database with all the relevant fields required to store all client records, contact history and policy details, giving a concise, single view of each client.
These systems are more than a client database. They provide a range of tools and services designed to streamline key administration processes, enabling more time to be spent focusing on customers and growing the business. These tools can include automated reminders, fee and commission accounting packages and report and management information templates. Additionally, customer relationship management functionality can enable interrogation of the client database and growth of the business by increasing the percentage of business written from existing clients.
These systems are becoming more affordable and some can now be accessed via a simple internet browser on a PC for a monthly fee. A back-office system may be more expensive than building your own database, but the business benefits outweigh the cost. They can give you the flexibility needed to survive in changing business environments.
Stephen Wynne-Jones
