Are You Panicking About Implementing a New Back Office System

Lately, a lot of financial adviser firms have been busy moving their back office systems and I’ve spent much of my time offering up my advice.? If that sounds familiar or you’re considering moving your system to a different provider, it could be that you’re feeling overwhelmed with the features available!?

It’s unsurprising, I know certain software has been removed from the market and plenty of my clients are worried that they won’t find anything suitable for their business’ needs, therefore they feel they have no choice but to change over.? That’s not always the case, by the way, but if you really do need to move, here’s some of my advice.

Do a Functionality Check

Firstly, make sure you’re not going to lose any functionality when it comes to how you work with your clients.? There will be certain aspects of your old software that you cannot be without – that has to be on your “must have” list.? Then, of course, as with all new software there will be a list of new fangled bits and pieces that can appear frightening.? My best advice is to not worry about the newness yet.? If you feel time reassured, replicate what you’re doing first and then start a programme to gradually improve your use of the new system you’re putting in place.

This comes back to an old article I wrote about what to do when looking for new software, you can access it here: https://adviseroutsourcing.com/selecting-a-back-office-system/.? In that article, I mention that before talking to providers, the key thing is to understand those functions that are critical to your business and, being able to deliver on the journey you’re taking your client through. This should include what management information you need out of the system and how you communicate that information to your clients.? So, are you using the software to do so or are you relying on producing documents to do that for you?

Develop the Other Functionality Over a Time Period

Once you have a really clear idea about your business’ critical areas and pain points make sure these are completely covered from day one.? That is your “initial milestone.”? Then, when you’re satisfied with that, you can work with your chosen provider, before implementation of your new system, to outline a three, six or twelve month plan. ?That plan will cover the additional parts of functionality or processes that you want to further develop and utilise for your business in order to enhance and streamline your proposition.

Keep Your Software Steps Plan Manageable

As I’ve already said, don’t feel overwhelmed at the beginning – make sure your chosen provider breaks down your software plan to very specific manageable steps, so you know what implementation looks like to get you to that initial milestone.

Of course, bear in mind that there may be some other mandatory areas to complete in order for the system to work and again these should be broken down into very small, simple steps.? Once you have these steps in place, it becomes an easy project plan to be able to work forwards from “now” or go backwards from a selected date, if its your choice for Go Live. In essence, this forms your main project plan.

Communicate with the Relevant People in Your Business

Once you’ve got that organised, your next job is to involve the people inside your business, in the relevant areas to fulfil those tasks. If you have a gap, bring in specialised one-off or ongoing services, such as data migration assistance etc.

Lastly, and as a reminder again, do not worry about implementing a new back office system.? Break it down into those bite-size chunks I’ve mentioned, make sure that it can deal with what you’re already used to and only then, get to know all those exciting new software bits and pieces that are designed to make life even easier – going forwards!