It is available as a stand-alone product for professional advisers, wealth managers and financial intermediaries.
Existing users of Adviser Office: Intelligent Workflow will have the option to upgrade to a version which integrates iTrak with the back-office functionality, enabling pre-population of client data and smooth report production. The added benefits of this integration will include the ability for advisers to take advantage of a smooth three-step holistic advice process: risk profiling using the integrated ‘Investment Risk Profiler’ from Silent Partner; stochastic modelling using the integrated financial planning suite from Tillinghast - Towers Perrin, and then complete wealth management from the iTrak system.
iTrak contains one of the most complete and extensive databases of European fund information, incorporating almost 50,000 fund prices and comprehensive background information. The system is designed for use on laptops, so that advisers can sit with clients and use the software as an integral stimulus to the whole advice process.
Mik Cons, managing director of 1st, explains:
“ The great advantage of iTrak is that it enables advisers to not only increase the level of client service but at the same time to grasp the opportunity for significantly increased revenue streams. Clients are much happier to pay for professional reports which aggregate all their financial portfolio in one easy format, and the iTrak system, combined with the integrated back office benefits such as less data re-keying, provides just that.
“ Used in conjunction with Adviser Office’s risk profiling and stochastic modelling tools, the iTrak system provides a complete front-end solution, giving advisers a fully portable point of sale system which will be attractive to all clients wanting comprehensive financial planning.”
Benefiting from immediate access to FT Fund ratings and Financial Express fund prices, advisers can view funds in the context of a client's portfolio, which enables the adviser to match funds according to a client's specific needs. Advisers can set up individual portfolios for each client and work with the client to set objectives and future scenarios, based on risk-tolerance and market parameters. A complete audit trail of the advice process is automatically created which can be added to other client records already held in the integrated back office.
Clinton Askew, managing director of Citywide Financial Partners, comments:
“iTrak is an invaluable tool for presenting investment strategies to clients and logically demonstrating the decisions taken by an adviser when making their recommendations. Also the new integration with Adviser Office from 1st is a natural complement to the existing financial advice functionality already contained within the software.”
iTrak is available as a stand-alone product for all financial intermediaries and wealth managers at the cost of £125 per month. A variety of training packages are also available for groups or individuals. Existing Adviser Office users pay an additional £75 per month for the integrated iTrak system, which includes an Adviser Office laptop licence, priced at £52.50.
For the past two years iTrak has been developing its products, which came to market in January 2004. Following the acquisition in June 2004, the staff and directors of iTrak joined forces with the team at 1st. 25 adviser firms are current clients of iTrak, including members of the Inter Alliance and Whitechurch Networks.
