Data Assessment. For

Transcription

1 Data Assessment For Produced by: Zoe Stretton 16 th October 2017

2 INTRODUCTION 3 BACKGROUND AND CONSIDERATIONS 3 ASSESSMENT OVERVIEW 3 SUMMARY OF FINDINGS AND RECOMMENDATIONS 3 ADVISER OFFICE DETAILS 3 CLIENT RECORDS 4 MANAGER RECORDS 5 UNIT PRICES 6 SCHEMES 7 RMAR INFORMATION 7 CONSULTANTS 8 TRAIL RATES/ADVISER CHARGES 8 TITLE/MAINTENANCE FILES 9 NEW BUSINESS/KPI 10 ACTIVITY ENTRIES 10 PROPOSED SCOPE OF WORK ERROR! BOOKMARK NOT DEFINED. NEXT STEPS 13

3 Introduction This report is the output from the database assessment of the information contained within the Hart Grayson Financial Planning back office system (Adviser Office) conducted on 16 th October It is thought that not all of the available functionality is being used and that Adviser Office could be used more effectively with better outcomes for the business. For any business, having complete and accurate data is crucial for many reasons. It provides the base on which everything else hinges in order to build better processes and practices. It also provides the ability to produce better reporting for both clients and give clear insights on the business. At the end of the report, where remedial action has been recommended, it may be preferable to Hart Grayson Financial Planning that this will be completed by a Jigsaw Tree consultant who has a good working knowledge of Adviser Office coupled with tried and tested techniques and experience that may speed up the process. It would be recommended for Hart Grayson Financial Planning to appoint a member of staff who will oversee the data cleansing process, if this were the agreed action and assume responsibility for maintaining the database on an ongoing basis. Jigsaw Tree can always provide further guidance, training and support where required. Background and Considerations Assessment Overview The assessment of the Hart Grayson Financial Planning Adviser Office database focuses on key data areas that can affect the production of Management Information Reporting; the ability to migrate data to new systems (should this option be considered in the future) and to support the delivery of an effective service to clients. The review includes a number of areas of Adviser Office, including Business Management, user definable maintenance files, financial and regulatory information. Individual client records are not reviewed as part of the process. Summary of Findings and Recommendations Adviser Office Details Current Version Number of Users 15 Number of Adviser Office Licences 8 Database Type ( Access/SQL ) SQL Business Suite -Installed/Licenced/Functioning No E-Commissions Installed/Licenced/Functioning No

4 Notes: Having the correct version ensures that your company is taking advantage of the latest functionality. Adviser Office licences are on a concurrent basis and therefore it is good to review periodically if you have an appropriate amount of licences for the number of users. Comments: The latest release of Adviser Office is version 11.5 and Hart Grayson Financial Planning currently has an older version of Adviser Office implemented. Adviser Office licensing works on a concurrent user license basis, there is nearly double the number of users to licenses. Sometimes this can create a logging in issues when too many users are trying to access AO at the same time. Recommendations: Review the latest version for its new functionality and if appropriate consider upgrading to the latest version of Adviser Office. Review users and where appropriate use Suspend User Wizard to suspend any users no longer required. Client Records Total Number of clients Client Status Active 325 Inactive 449 Prospect 118 Not Defined 0 Not Taken Up 54 Total Number of Clients 946 Total Number of Active clients Client Type Personal 178 Corporate 57 Staff 9 Trust 4 SSAS 0 Introducer 12 Supplier 29 Group Scheme 36 Only Court of Protection 0 Not Defined 0 Blanks 0 Number Personal Active Clients/Partners with - No Date of Birth 58 No NI Number 60 Number of Duplicate Clients 0 Total Number of clients with no plans or mortgages 444 Number of Clients with no Consultant attached 53 Clients/Partners with no address 469

5 Clients/Partners with no postcode 251 Policies with no policy number 691 Ownership Issues - incorrect owner (partner/joint where Assets/Liabilities there is no partner record) 88 Leads 5 Expenditure 3 Policies 53 Activity Entries 83 Policy Issues Invalid on risk date 799 Life Assured with no valid partner 29 record Activity Entries With no Action by User 1 With no Taken by User 9,000 + Notes: It is important to keep accurate client data as this impacts on all other areas of the software and future processes. Accurate Management Information and client mail merges are not possible if client data is not correct. This can present a risk to the business in certain circumstances e.g. writing to deceased clients. Comments: There appears to be a number of clients with missing key data, this includes; date of birth and national insurance number. There are 449 inactive clients and 118 prospect clients, this information should be considered in line with GDPR and new processes put in place to demonstrate how these records will be handled in future. Recommendations: The active client list should be reviewed and any agreed critical data that is missing on active clients should be obtained and added to the database. A list of active clients showing National Insurance Number and DoB can be obtained through Query builder. These can then be reviewed and cleansed in the new Data Cleansing Module. Clients with no plans or mortgages should be reviewed and removed if not required or set to inactive. Clients with no Consultant attached should be reviewed and allocated a consultant accordingly. It is also recommended that ownership and policy issues are resolved. Policy issues should be reviewed and resolved where appropriate. Activity entries should be reviewed and resolved where appropriate. Manager Records Total Number of Managers Total 569 Duplicate Very minor cleansing required i.e. NDF Administration Ltd/NDF Administration Limited Not in Use 39

6 Notes: It is important to keep accurate Manager Records, as these inaccuracies will present a barrier when trying to gain efficiencies using provider/platform downloads and/or internal management reporting and revenue reconciliation. Comments: The number of Managers within the Adviser Office database is in line with what we would expect. Cleansing the Manager data will facilitate better efficiencies with more accurate Management Information. Recommendations: Remove unused/duplicate mangers using the Data Cleansing Module. Unit Prices Total Number of Unit Prices 2,844 Duplicate 47 duplicates Not in Use 490 No Valid Mex, Epic, CITI, SEDOL Codes Update Flags Not Set 156 Missing Sector 58 Missing Plan Category Missing Risk Category 406 Closed Policies with Unit Holdings Fund Holdings with non-zero Units (rounding errors) Floating Fund Holdings 2, Notes: It is important to keep accurate Unit Price Information within Adviser Office. Where Unit Price records are incomplete/inconsistent this can cause further issues when generating client-facing reports and create exceptions when using the e-business Suite (i.e., errors in the downloads which require manual intervention). It is important to have the correct fund type, fund sector and risk categories as if these are incomplete or inconsistently applied it is not possible to do accurate analysis of client holdings within Adviser Office. In addition, without fund codes being entered, it is not possible to extract the client holdings into any other software/application (such as Morningstar, O&M, Financial Express Analytics or if considering migration, it will impact the data that is available to transfer to other back office system) or to analyse portfolios and review the performance of underlying funds. Comments: The number of funds as we would expect however there are a few with no valid codes or no update flags. There are a large number of funds currently not in use.

7 Recommendations: A SQL statement should be run to set Update Flags enabling use of Update Links or e-valuations. Remove unused/duplicate Unit Prices using the Data Cleansing Module. Cleanse remaining issues using Data Cleansing Module where appropriate. Schemes Total Number of Schemes Total 1845 Duplicate Requires cleansing i.e. ALLIANZ Unit Trust/ALLIANZ Unit Trusts Not in Use 486 No Plan category 230 Notes: Scheme data enables Adviser Office to categorise schemes correctly, which will effect; client facing reports, internal management and regulatory reports. These include the RMAR/GABRIEL reports. It is also important for all schemes to be assigned a plan category for the purposes of client reporting. Comments: The number of schemes is in line our expectations of a database of this size. There is a small number of schemes with no plan category. Recommendations: Remove unused schemes using Data Cleansing Module. Update plan category using data cleansing module. RMAR Information Section J ( SEO2 ) Excluded SB02 SC02 SD02 SE02 Blanks WRAP for RMAR Section K&L Regulated Yes No Blanks Yes No Retail Investment Yes No

8 Notes: All schemes are required to have the following data entered to allow for production of an accurate RMAR/GABRIEL report: Retail/Non Investment Insurance classification for the production of Section H. Be identified as a platform product/investment for the production of Section K and L. This has not been completed following the upgrade to version 10. A product classification for production of Section J. This is created automatically for all products when upgrading to version 10. Be identified if it is an unregulated product if appropriate. Income associated with to unregulated products would be omitted from the RMAR/GABRIEL report. Recommendations: There are currently 581 schemes with section J and 1941 with section K&L information as blank. Once the manager data has been cleansed, a review of the remaining Schemes and an update of these are required. Consultants Total Number of Consultants Total 5 Not In Use 0 Notes: It is important to keep accurate data on consultants and ensure allocation to clients is up to date as this impacts on other areas of the software these include revenue income reporting, internal management and regulatory reports. Comments: Generally, we would expect to see all clients allocated to a consultant. Recommendations: No action required. Trail Rates/Adviser Charges Total Number of Trail rates attached to schemes Total Number of Trail Rates attached to clients Total Number of Ongoing Adviser Charge Templates attached to plans Total 201 Total Trail Calculator being used Last run Unable to determine Adviser Charges Templates Set up Last run Unable to determine

9 Notes: Accurate on going Adviser Charge Templates allow firms to have visibility on their income received and due. By using templates income can be managed through the Aged Debt report and outstanding payments can be chased to ensure they are received. If future revenue reporting is required these will need to be set up accurately. Comments: Currently there are only 87 Trail Rates attached to client s plans and 1786 Ongoing Adviser Charge Templates on Adviser Office. It is not clear if trail calculators or ongoing adviser charges are calculated on a monthly basis. Recommendations: Review Adviser Charge templates. Review/cleanse trail rates attached to clients. Title/Maintenance Files Types Activity Requires cleansing - several entries prefixed with Z Asset Client Left Status Reason Defined Payments Event Lists Introducer Types Requires cleansing - several entries prefixed with Z Lead Types Liability Plan Status Reasons Standard Letters Requires cleansing standard letters not set up Time Fee Billing Rates Time Fee Work Types Title Plan Categories Requires cleansing 76 Unused Sector Titles Index Employers Cleansing Required 214 Unused Introducers Requires cleansing - several entries prefixed with Z Introducing Firms Notes: Title files are where the core information is created and set up to use and tend to impact other areas of Adviser Office. There are over 70 of these files and the ones listed above are the ones that are extensively used from our experience. Comments: The table above shows the main/commonly used Title Files along with recommendations as to what should be addressed as part of this cleansing process. Recommendations: Cleansing where required.

10 New Business/KPI Is the New Business Screen being completed correctly? Not all fully completed, sampled 5 Notes: It is recommended that all initial commission, initial and recurring adviser charges are recorded as an expectation. This data is fundamental for KPI and RMAR reporting along with audited sales reports and aged debt reporting. Comments: Five new business entries were sampled with only two having all the fields we would expect to see completed. Recommendations: Training given on how to complete these accurately. Activity Entries Amount of outstanding Entries Total 895 Oldest Aug 2003 Notes: Activity Manager is crucial for tracking workflow and providing an audit trail against the client record. It can also provide a central system within the business to enable understanding and if required reallocation of current workloads. This allows for anyone with the right access rights within the organisation to see all contact history with clients and other parties relating to the clients plans. Comments: Open Activity entries were reviewed and the above information was captured. This shows that activity manager is not being used effectively with outstanding entries dating back a number of years. Recommendations: Cleanse/close open activity entries where they are no longer relevant or required Month End Routine Exceptions 74 pages however month end has not been run Bad CQ Matches 24 Unsettled Receipts 197 oldest 2013 Unsettled Payments 9 Unsettled Dustbin 35 Accounting Period Currently in /17 Managers Aged Debt Report Total Amount 148, Total number of 227 pages 30 Days NEG 18,547.85

11 60 Days Days 87, Over 90 Days 78, Client Aged Debt 38, Consultant Aged Debt 85, Notes: Completing a month end routine ensures that all received income for the period is accurately recorded and any discrepancies are identified and resolved. If this is not performed accurately and correctly it can negatively impact on other areas of the software such as Management and Regulatory reporting. By completing Month End the firm can produce an audited sales history. Comments: A complete month end needs to be ran urgently then the above assessed again. Aged debt is misleading as there are so many unsettled receipts, these would all need to be settled before an accurate report can be made. There have been no receipts entered in Business Management since June Average 44 receipts per month Recommendations: A complete and accurate month to be ran with this section re-visited afterwards.

12 Recommended Actions As part of this database assessment Jigsaw Tree have scoped the recommended data cleansing activities and estimated the work required to complete these tasks. Please see below for the detailed breakdown. The alternative option for Hart Grayson Financial Planning is to process the recommendations internally. Clients Area of Database Recommended Action Active clients to be reviewed and missing data added Active clients with no plans or mortgages to be reviewed and either removed or set to inactive Clients with client type/status of not defined/blank to be cleansed and allocated correct status Duplicate client to be cleansed Review all other missing data and updated where appropriate. Jigsaw Tree can produce lists of clients to identify those that need cleansing or to be reviewed by Hart Grayson Financial Planning. Data cleansing module to be used to cleanse remaining information Managers Managers to be cleansed removing/merging any duplicates where required. Unit Prices There are 663 unit prices that have no MEX, EPIC, CITI or SEDOL code, these should be reviewed and the relevant data added where appropriate. If the Unit Price update flag is set to update, and relevant codes added the price feed can be run, which in turn will create more accurate fund values in order to calculate accurate trail and ongoing adviser charge expectations. A SQL Statement can be run to set the Update Flag yes. Run a SQL statement to tick the update flag, once this has been run Hart Grayson Financial Planning can use the 1 st Services Autolinker Data cleansing module to be used to cleanse remaining information. Schemes RMAR Remove unused Schemes using Data Cleansing Module Jigsaw Tree can provide training on this module if required. After the cleansing work on Managers and Schemes has been completed, Blank Section J, K & L can be cleansed. By removing any blanks will ensure that report 155 can be run with confidence and support production of the RMAR report.

13 Area of Database Adviser Charges/Trail Rates Recommended Action Currently there are few trail rates attached to plans, this should be reviewed and resolves with trail rates added where required. Ongoing Adviser Charge Templates should be reviewed and cleansed. This will ensure that the Aged Debt is accurate and income due is received. Title Files These should be reviewed and cleansed where appropriate Activity Entries There are 895 activity entries outstanding, some relating back to Aug 2003, these should be reviewed and closed if no longer required. Aged Debt It is currently not possible to determine accurate aged debt due to the large number of unsettled receipts within Business Management. A complete and accurate month end to be run in order for an accurate assessment to be conducted on this area of Adviser Office Next Steps Agree a date for a follow up call with Hart Grayson Financial Planning once they have had the opportunity to review this report. Should Hart Grayson Financial Planning want any support from Jigsaw Tree to undertake the recommended cleansing actions or any other work we would produce a Statement of Work to outline any agreed work.