Engagement that excels under FoFA rules.
In designing the software we devised effective monitoring, measuring and interaction tools so that Advisers would exceed the demands of the new FoFA rules. We extended the design focus of the FoFA Fee Disclosure Statement by developing the capability to not only monitor, manage and interact with the client on these rules but also include the ability to bring into the discussion all the non-transparent actions that an Advice office conducts that a client doesn’t see, and we built the App to require only 60 mins of input per month to manage thousands of clients per year.
Enhancement methodology
The software and the design principals reflect the ability to allow rapid and customisable change to the software without excessive coding, this has been achieved by the indented design of each data engine to allow them to run concurrent to the Advice App within the software.
Hero as the CRM
Hero CRM goes beyond current industry offerings with rich content features, point of advice capabilities and compliance automation that keeps you connected with clients, prospects, and staff - with ease.
- Contact management
- Client activity streaming
- Calendar events monitoring and management via Office 365
- Video Conferencing and Client Skype channel
- Automated workflow
- Automated client file notes
- Automated records of advice tool
- Expansive investment research & modelling
- Investment fee management and comparison
- Automated superannuation accumulation & retirement goal management
- Automated portfolio management complete with performance data
- Risk insurance management, research and instant quoting
- Client interactive interface
- Automated fact finder
- Automated holistic strategy creation
- Ultra-modern & clean design
- Smart, intuitive SOA generator & instant document retrieval
- Automated ROI creator
- Client Money App direct
In addition to the above you also receive :
- 55,000 Bank Feeds
- 37,000 Managed Funds
- 18,500 ASX stocks
- 37,000 Research stocks direct to the ASX
- Top rolling 100 ASX stocks per quarter
- Full interactive Research Fund calculator
Dashboard design and performance enhancements for mobile devices
The Dashboard is the central page for your practice and from here you can manage all the day to day staff and client activities.
Let’s start from the Top.
The Top line in dark grey allows you to edit your details, Manage staff assignments and advisers, access Help files and print screens. We strongly recommend that you use the Help Files as they cover everything you need to know about getting the best outcome out of your Hero platform.
Next, you will see that the remainder of the page is broken down to a range of sections, boarded by a thin grey line. To start let’s look at the top right side of the screen where you can;
Manage Clients
Search Clients
Add clients
You can also view the most recent client files and by clicking on the name of the client you will be able to access the clients file.
On the left side of the page is the My Apps list. This is a list of current available modules that you can use for your clients. The outcome features of the My Apps section changes to reflect the page you are dealing with.
For example, if you click on the My Apps whilst in the Dashboard page, you will access online reporting of your practice, for example, clicking on Insurance cover gives you a complete report on who are your underwriters, types of cover, number of polices and allows you to drill down to a group or single client view.
If you are in a clients view, the My Apps relate to the modules you are using solely for that client, so if you are only advising on risk insurance you would only see the risk insurance App and that App will only have information pertaining to that client, unlike the Dashboard view which has the entire practice view.
Next is your Tool Box containing a range of calculators, Super seeker tools, Market Summary reports, Strategy Text creation and Practice Overview.
For Compliance managers and RM of AFSL we have additional tools to help with the management of staff, audits, ARs and compliance measures.
The central part of the page is the command centre, this is a complete dynamic portion of the page, with data changing and where you view your practice in real-time.
On the top are 4 colour coded boxes that are expandable to display active data.
Click on Investment Statistics to view everything from Superfunds to funds held in Investment companies and everything in-between.
Click on the Insurance Statistics providers to view a detailed report on the Adviser insurance portfolio
And by clicking on the Client Statistics this gives you a complete overview of your client’s position, Risk profile, pending review and how many files may have compliance concerns via SmartCheck.
Finally, you can view which clients have logged into the system and also the date and time that they accessed their files.
Next, within the centre section of your Dashboard are up to 12 active ‘Hot Button” options for you to use in planning and designing your practice advice position. For example, if you click on the Workflow button you will see ALL the open workflow tasks for your practice by client name and colour coded for ease of identifying.
Let’s look at the other buttons listed for you to use.
Dashboard - it gives you a refreshed view of all the actions within your practice.
Client Files - browse and search by client.
Workflow - is your practice process manager completely editable and customisable to suit your office procedures. You can also manage the template designs of your Workflow here as well.
Reviews - is as the name suggest, your pending review manager.
Prospects - is a pipeline manager.
Research - this is your recourse to upload or add external research sites that is central to your practice.
Time Tracker - your Fee for Service and Staff time task manager tool, followed by Smartfees, which is your insight practice fee management tool.
SmartFees - this is a custom design Fee for Service generator.
Asset Allocation - this App will give you an alert if your model portfolio for clients require attention or is out of balance based on Risk profile or Select Asset allocation.
QuickTEXT - this is where you can globally edit your strategy text.
Favourites - this is a list of your preferred investments for clients or AFSL listed APL.
Import Users - This App is deigned to allow you to import on mass, pre-mapped CSV files of all your client files from 3rd party providers.
Data Feeds - This App is where you can manually upload pre-mapped CVS data files from 3rd party providers.
Finally, on the Dashboard central page view are the dynamic changes within your practice management.
When you first view this section you will note that there are 6 task bars, these task bars are collapsible and movable allowing you to arrange this display in the manner that is best suited to your needs.
The three key aspects are;
Workflow Manager - this section outlines which staff member is working on what file and the status and duration of the file.
Workflow by client offers a similar view by highlighting the most recent task and their duration in relation to a client
Practice Actions – this task bar keeps you informed about ALL the actions that relate to All your clients, for example if a client has been sent an SMS, that action would be displayed in the Practice Actions screen.
Then you have 3 client focus task bars;
Clients Birthdays – as the name suggest this displays all upcoming birthdays within the next 30 days complete with an automated SMS to clients
Anniversaries - this relates to data captures within the Advance Fact Finder and will display such things as Binding Death Nominations and even wedding anniversaries
Client Activities – this is one of the key task bars for you to view, as it displays any actions that your client may have undertaken by logging into the portal; for example, if they up-dated a new address you will instantly see it, this task bar identifies ALL client actions for your convenience.
Finally, as we said, within this section you can design the layout to suit your needs and to do this simply place your cursor over the main task bar and your cursor will become a 4 point tool, click on your mouse and simply move the bar to where you want it.
Compliance Enhancements
Advisers must improve portfolio monitoring, management: lawyer
Data from the Financial Ombudsman Service shows advisers are losing in complaints proceedings concerning under performing client portfolios, signifying a need for better monitoring and management of investments, says Claire Wivell Plater, managing director of The Fold Legal.
Pressure from clients and regulators for advisers to deliver better portfolio management and monitoring is increasing, she said, adding that FOS data shows that clients are often successful in complaints brought to FOS concerning these areas. “In the direct aftermath of the GFC, the public eye was on the appropriateness of financial products recommended by advisers. Now there are signs the spotlight has shifted to advisers’ ongoing service obligations for monitoring and managing investments,” she said.
“Ongoing monitoring of clients’ investments is likely to be the subject of increased scrutiny going forward – by both clients and corporate regulators. “The Financial Ombudsman Service’s archives abound with successful complaints against advisers who failed to warn clients about under performance in their portfolios," she said.
“These determinations make it clear that advisers who offer to provide an ongoing monitoring service will be liable if their client suffers a loss as a result of their failure to do so.”
To protect themselves, Ms Wivell Plater suggests advisers describe their monitoring services “very carefully” to clients.
“They may be contractually obliged to provide continuous monitoring unless their agreement specifically states otherwise, i.e. on a quarterly basis,” she said.
Regardless of the wording of service agreements, it is not unreasonable for clients who pay an ongoing fee to expect their adviser will tell them if the market is dropping. Failure to do so could result in hefty compensation payments.
Hero already addresses these concerns seamlessly and effectively.
Users of the system can set up a series of measures that reduce the risk of litigation from a client in relation to under performing investments by;
- Setting a Target Value option
- Setting a Performance threshold
- Setting a Performance Asset Allocation threshold
- Setting Fund Manager Company monitoring threshold
- Setting Investments Vs Risk profile management and monitoring
All of the above settings can be actively monitored and managed including effects on the outcome of the clients and used as a record of advice without the interaction or direct involvement of the Advice once set.
Missing data sets for compliance
Hero comes with a unique toolset for managing client files, SmartCheck. This tool searches each file for missing key compliance data, for example TFN or if Risk profiling has not been completed, it then displays an RED alert notification both on the individual file, Adviser Dashboard and Compliance reporting for easy remedy by the adviser.
Investment Fund Research
Hero has the most powerful Investment Research and Comparison tool within the Market place.
Over 37,000 different types of investments can be compared, modelled and researched within 3 clicks of selection, including Fees and Charges.
In addition to this it also is designed to take the selected funds, compare all the data and calculate the best outcome for the client and allow the outcomes to be included within an SOA within one click.
Insurance Cover
Hero now allows for Sum Insured calculations to be completed across multiple options and overlays those calculations on the clients REAL cost of living and lifestyle position and devises an annuity outcome position then calculates how long a client would last until the client (or family) would need welfare support.
The above tool is designed to address the Gap in Insurance Advice which has seen a spike in FOS claims.
In addition to this, within one client an Adviser can gain OEM quotes from All the leading providers.
SOA generation
Hero has created what we believe to be the best option of creating tailored and individual SOA for clients and reduced the publishing and authoring time by over 90% when compared to our competitors.
This has been achieved with the development of QuickTEXT - QuickTEXT is the new world of SOA generation combined with an Adviser knowledge base.
It is a knowledge base APP that stores App/Product related text for use in an SOA and is designed to foster ‘Peer to Peer SOA’ compliance.
An individual can create, share and edit text based on the outcome of the SOA.
In minutes not hours.
Each section of SmartSOA is related to a shared knowledge base library of TextBitz which when compiled allows for not only inspiring SOA generation but a Point of Advice client dashboard that reflects real-time performance of the advice. SOA generation combined with an Adviser knowledge base that is pre-determined by the Compliance Officer means that the flow of advice mirrors the engagement requirements of the AFSL.
For example, each draft of an SOA is quarantined for future reference with the final SOA being automatically stored, managed and dispatched to the Compliance Officer, Adviser Document storage and Client email address (if selected) in a PDF version, time and dated stamped.
The design, authoring and management of the SOA text are monitored allowing an Adviser to create their own text whilst that same personal Adviser text is being set for approval by compliance then shared across the AFSL.
The system comes complete with over 500 Advice Strategies and is completely customisable and usage is tracked for compliance.
C-Fact Finder Express
The latest in our version of Self-analysing Fact Finders for Adviser is C-Fact Finder Express. This, as the name suggest is an express version of our fact finder model that allows capture and advice to be created within minutes of use.
It allows for the Objectives and Goals to be directly linked with Reasons for Advice without additional workload for the adviser and takes this information directly into the modelling Apps for execution.
This now means that a Risk or Superannuation advice statement can be generated within 20 mins from Fact Finder to Presentation.
HeroOffice365*
HeroOffice365 is a joint exercise of adapting the proven capabilities of Office365 and channelling them into the design framework of Hero.
The outcome of this feature allows full access and use of:
1) Seamless Coordination with the Tools within Hero and the tools Adviser Already Know
Office 365 works seamlessly with the programs Advisers already know and use, including Outlook, Word, Excel, OneNote, Publisher and PowerPoint. These tools provide the same great features you rely on as well as powerful capabilities in Office 365. With multiple subscription levels in Microsoft Office 365, you can see if others are editing the document you’re using, synchronize documents with your desktop, broadcast PowerPoint presentations, and check documents in and out of your online document library.
What we have done is take the direct data feed from these actions and placed them into Hero, so you will able to not only access these Apps within Hero but Hero will manage the outcome from a compliance position, for example - if a client sends you an email, the email notification will show and the email will also be placed in the client file notes.
2) Anytime, Anywhere Access
Microsoft® Office 365 provides web-enabled access to email, important documents, contacts, and calendar on almost any device—including PCs, Macintosh computers, iPhones, Android phones, and BlackBerry smartphones. By including it in Hero, It frees the Advsier to work where and when you choose, letting them respond to important requests right away, from almost any location. With the ability to access email and documents from their mobile device via Hero, they won’t don’t need to hurry to the office or look for a WIFI hot spot. And if they are traveling without access to Microsoft Office, Office 365 inside of Hero helps them view and edit documents from the most popular web browsers on PCs and Macintosh computers.
3) Easily Communicate and Collaborate Inside and Outside Your Organisation
With Office 365, you will be working in a password-protected portal however you have the additional benefit of being in a sub portal to share large, hard-to-email files both inside and outside of your organization, giving you a single location to find the latest versions of files or documents, no matter how many people are working on them. Send instant messages to colleagues and customers and invite them to participate in online meetings where you can review documents or take control of a desktop.
4) Simple to Learn, Straightforward to Use
Office 365 is easy to try, simple to learn, and straightforward to use. Adviser don’t need to learn new software, install complicated systems, or learn new jargon. In just a few minutes, they can create a trial account and see how easily your business can be “in the cloud” with benefits usually found only in larger organisations.
5) Email, Collaboration, and Online Meeting Solutions
Microsoft has years of experience delivering scalable, secure online solutions. Enhance the Hero experience with Office 365 features like a 50-gigabyte (GB) mailbox that accommodates attachments up to 25 megabytes (MB), calendaring, contacts, online meetings, instant messaging, document collaboration and more. With Hero Office 365, you can take advantage of these easy-to-use solutions and advanced features at a small-business price.
6) Safety and Security
Security is priority at Microsoft data centers. With Hero Office 365, you can use the same systems used by Microsoft and other enterprises worldwide to help protect email, documents, and networks. These systems scan your messages and documents for spam and malicious software (also called malware) 24 hours a day, 7 days a week. Microsoft data centers help safeguard your data and are certified to meet multiple industry-standard certifications.
7) No Requirement for Advanced IT Knowledge
Hero Office 365 administration is designed for organizations without IT staff, so Advisers can easily set up and use the features, helping them focus on their business rather than on learning menus and technical lingo. Hero Office365 will allow Adviser Perform administrative tasks using an intuitive, web-based portal that is accessible only to people you designate. The online help portal provides step-by-step instructions on how to add users and set up your account so your employees can quickly start using Office 365.
8) 99.9% Financially-Backed Uptime Guarantee
Hero Office 365 is built from the ground up for reliability, availability, and performance. Our proven service is powered by the same Microsoft email and collaboration products that businesses of all sizes have been using for decades.
Hero Office 365 helps safeguard your critical data with geo-redundant, enterprise-grade reliability and disaster recovery with multiple data-centers and automatic failovers and a strict privacy policy. Hero Office 365 is designed to deliver reliability, availability, and performance with a guaranteed 99.9% uptime, financially backed service level agreement (SLA).
9) Flexibility for the Advisers Business
With Hero Office 365, you get pay-as-you-go pricing options that give you predictability and flexibility for your business. Hero Office 365 also offers great flexibility by allowing you to easily provide users with only the services they need, cost-effectively adding value to your business.
10) Professional Face for Your Business
Using professional services like Hero Office 365 tells potential customers that you’re serious about business. With these state-of-the-art but easy-to-use collaboration, advice, strategy, Point of Advice presentation, email tracking and notification, and messaging services, Hero Office 365 can set Advisers apart from organizations that use free or ad-supported services.
Skype Capabilities
The inclusion of Skype as a communication tool for Advisers and their client’s breakdown the geographical boundaries allowing anytime, anywhere communication. When used in conjunction with the Facebook App the Adviser has a complete opportunity with their client.
Mobile Budget App
The mobile budget App is designed to allow clients to actively manage their money and spending habits while the system will seamlessly up-date the clients records and allow for up-date advice position and monitoring capabilities- this ensures that the Adviser will always know their client financially.
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