Tandem Case Study
The Customer
Tandem Financial Advice Limited is a boutique dealer group with nearly 100 advisers nationwide. Their business model reflects their vision to be recognised as the leading advisory group for premium high net worth clients by providing unique resources and support to their advisers.
Now with $2.2 billion under advice and approximately $300 million in funds flow Tandem has experienced significant growth with profitable results.
The Challenge
Tandem, like many dealer groups, support a diverse range of products held by their investor clients. With a strong service culture, Tandem needed to ensure they were able to access a complete view of their client's portfolio information so advisers could easily value their client's investments at any time.
As more advisers joined the dealer group, Tandem also needed to access historical client portfolio data including that of products other than ING which occurred prior to the adviser joining Tandem.
Individual Tandem practices initially tried downloading data manually, however they found it difficult to recognise and manage data inconsistencies. Because each data feed format was different the process of putting together a consolidated client view was error prone and labor intensive. Without data cohesion, advisers received less coherent reporting for Investor portfolio reviews.
Managing data in-house was problematic and expensive, we wanted to bring in the data specialists who could manage, verify and consolidate client transactional information so we could get back to the business of giving advice.
- Andrew Doquile, Tandem Financial Advice
The Solution
To help build an automated investment portfolio reporting process, Tandem invited InvestmentLink to provide a client data solution that would alleviate some of the challenges associated with manual data downloads. e-Portfolio offered an affordable, flexible and reliable service that suited Tandem's vision.
Andrew Doquile, Managing Director at Tandem said, "We knew outsourcing was the best way to manage the variable labor costs associated with manual data retrieval, apart from cost predictability e-Portfolio was also able to deliver a sound consolidation and verification process."
Tandem wanted a seamless integration into their financial planning technology to ensure best practice efficiency. Through a single data feed e-Portfolio was able to dramatically reduce the labor intensive component of managing multiple data feeds from a wide range of product providers.
Kerrin Glover, Senior Paraplanner at Tandem said, "A consolidated data resource is critical, particularly for our client investment analysis function. We are confident e-Portfolio delivers a complete and accurate record of client information."
The Outcome
e-Portfolio was able to streamline the processing and consolidation of client data from numerous product providers. Without the distraction of manual consolidation Tandem can focus on delivering high quality service while planning on how to further enhance client investment potential.
The e-portfolio service maintains a dedicated customer support team who are able to attend to adviser changes, fund issues, data re-ordering or refresh requests. Kerrin Glover said, "It is a great relief to be able to refer any issues to InvestmentLink customer support. We collaborate on relevant business changes so the impact is without disruption to our data service."
Conclusion
For Tandem, quality data is a business-critical element for pro-active client management and service. It is important to Tandem to have a combination of software and resources that allowed advisers to provide the best quality service and advice for their client network.
