ITM Launches new "Advisor Data Services"

23-Feb-2009

ITM, the independent data consultant, launches a new range of financial adviser and wealth management data services. Building upon the established ITM independent data services for trustees and pension administration providers, ITM has expanded its client base and service range to add value to financial advisers,wealth managers and asset technology providers.

Steven Weiss, formerly Chairman of the Regent group of companies and who has worked in the financial markets of adviser, actuarial and processing review for over 25 years, and now Director of Adviser Services at ITM commented:

“Business models within the UK retail financial services sector have been seeing a major shift over the last few years. A maturing financial adviser and wealth management sector, supported by an increasing sophistication and development in software tools and solutions, is creating more long term stability and value in the sector for those who are taking advantage.

However, almost all businesses carry a legacy from the past and have on-going data issues. The legacy and on-going maintenance issues are both a threat to the advisers business as well as being perhaps the greatest potential asset for financial services organizations.

The Threat: It is essential that businesses are able to ensure the continuing appropriateness of products and investments sold to clients in the past. Where a business has a poor qual ity historic record of previous business, where it is the result of previously merged businesses or acquired client bases, the challenge of meeting the FSA’s desired outcomes is particularly challenging.

The Opportunity: Previously advised clients hold assets that may not still be the most appropriate for their current circumstances. Those assets may not carry any continuing trail commission to the Advisory business. The potential therefore to ensure the client’s best interests are still being served and to create a new, recurring revenue stream, without seeking any new clients, is extremely attractive. Client and policy data control is now seen as one of the most important parts of running a successful business”