Financial Planning

XPLAN

Lifetime Wealth Planning is a financial planning company based in Belfast and Glasgow. Tired of the issues they were experiencing with their existing back office software, they wanted a more cutting-edge, cloud based solution to better fit and support their growing business. They turned to us and chose our wealth management software solution, XPLAN.

Improving business flow

The team at Lifetime Wealth have a high net worth client base and put cashflow modelling at the centre of their advice process, supporting them in building personalised Lifetime Financial Plans. A change of system would help them to improve the transition of information between their front and back office, giving the team access to real time information on clients, leads and business flow.

In addition, they wanted to provide better support for their back office team and make their jobs of inputting data and chasing and submitting new business easier and more efficient.

‘The best option on the market’

After looking extensively into the range of back office solutions available, Philip Gregory, Managing Director at Lifetime Wealth selected XPLAN saying “it was the best option on the market and fitted what we wanted to achieve.” The team also decided to take our revenue management software, CommPay, because it would seamlessly integrate into XPLAN giving them a complete, joined-up solution to all their business’ requirements.

A seamless transition from one system to another

Although switching IT systems can bring with it concerns about client data and time taken to re-train staff, Lifetime Wealth felt confident moving to XPLAN and based on positive previous experiences using other IRESS products, knew they were in safe hands with our team.

From the outset a dedicated implementation team worked closely with Lifetime Wealth to fully understand their needs and identify any potential issues which ensured an easy transition. Philip explains: “The support provided by IRESS was invaluable in ensuring the smooth transfer from one system to another, there was virtually no business interruption.”

A visible improvement

Since using XPLAN, Lifetime Wealth have noticed significant improvements – most notably the time it takes to add new clients and plans. Using CommPay with XPLAN to manage their revenue and reporting is also saving them vital business hours each month.

Lifetime Wealth say the reaction from their team, both in the front and back office, has been extremely positive, with users commenting on how easy XPLAN is to navigate and the high level of information that the system can provide compared to their previous back office system. Philip also admires the connectivity and automation XPLAN offers saying “XPLAN integrates very well with all our preferred providers and pulls through policy details at the touch of a button or automatically overnight.”

Philip adds: “We find XPLAN a lot easier to navigate than our previous system and are very impressed by its functionality. It has been picked up by all our users incredibly quickly. We now have a fully integrated back-office system which all our staff are confident using and our clients are equally impressed with the new reporting and valuation system.”

No looking back

With plans to move to a bigger office this year, and further plans underway to expand both their adviser and back office numbers, Lifetime Wealth say that having XPLAN gives them the confidence to grow their business and increase the firm’s financial stability. Phillip sums up by saying “We would most certainly recommend IRESS to other firms. I truly believe that XPLAN is the best integrated back office system currently available to financial advisers.”

 

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