The Need for Alignment
Independent brokerage firms in financial services have evolved from being simply captive sales intermediaries for manufacturers of financial products into being distinct business entities unto themselves.
However, the industry framework has been slow to embrace this evolution. Processes and technology remain highly fragmented and proprietary. And there is a profusion of them that a financial brokerage firm must incorporate into its own business.
As a result, there is chaos on the front lines of the industry. Financial brokerage firms are contending with an extremely complex system in which small changes in one process or technology can cause unexpected results creating confusion, frustration, and higher costs for these firms.
It does not have to be this way.
In fact, we believe that a fresh perspective can create alignment and efficiency. It begins with accepting that the traditional silos are no longer tenable, that the industry value chain involves more players (client, advisor, distribution firm, manufacturer, and regulator) than there were during the captive distribution era; and that all are integral participants in every interaction and transaction that occurs.
The new approach demands that advisors’ and distribution firms’ automation be integrated into all next generation processes and technology, creating alignment across the entire value chain.
All front line systems such as CRM, Needs Analysis, Financial Planning, Illustration, Transactional, and Compliance must be designed to dovetail with back office and manufacturer automation to eliminate redundant data capture and the excessive amount of rework of not-in-good-order cases only discovered after the fact outside the control of the process owner.
OPUGEN believes the key first step is to integrate intelligent multi-purpose data capture on the front lines along with a strong Financial Relationship Management (CRM) capability that automates practice workflows within the advisors’ own office. These involve implementing our eGEN Beyond Forms along with the NexJ CRM as our recommended approach or we can interface eGEN with your existing CRM.
The subsequent integration with back office and industry platforms will improve life of the front lines exponentially.
Creating Alignment: The OPUGEN Approach >>>
