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Advisers looking for CRM control

In developing products for the wealth management market, tech consulting firm Sequential Project Services has conducted research indicating advisers are seeking greater control of client relationship management systems from their dealer groups.

Speaking to ifa about the launch of its new Cloud Practice tool – a cloud-based product aimed at assisting advisers with fee disclosure and opt-in requirements, Sequential principal Glenn Elliott said that practices are looking to balance the control of the client relationship with their licensees.

“Advisers want to own the client relationship end to end, they don’t want third-party systems to do that; they want control of their own data, they don’t want their clients to be stuck in their dealer group’s system,” he said.

“While the system does have to be in accordance with the dealer group’s guidelines, the Cloud Practice tool allows them to retain an element of control over their client relationship and record-keeping process.”

The Cloud Practice product uses Salesforce basic architecture but adds elements relevant to the running of a wealth management business, Elliott said.