The finance industry and investing more specifically are among the most regulated industries in the world, compared next to medical. Beyond the compliance aspect, there are the demands of the clients who you are managing money for. What both of these have in common is reporting, whether it is directly to your client or to a government entity such as the SEC. We’ll briefly go over a few key points on why reporting within investment management is important.
Client Satisfaction
Arguably the sole reason investment managers are in business is to first generate revenue but two, earn their clients trust and satisfaction. In order to obtain and maintain client satisfaction you need robust reporting that can generate customized data. When reporting to a client you’ll want to show a variety of information from returns, current risk and allocation summary.
While many institutions have their own reporting software it lacks the ability to generate a truly customizable report. When selecting your software, ensure you have the ability to customize it to generate anything and everything. Reporting to your client is critical, ensuring they have a working knowledge of how their wealth is being put to work.
Legal Compliance
While there are books published on the importance and financial reporting from a legal standpoint, having the appropriate software to streamline government report is critical. Furthermore, if you issue 1099’s to your clients, you’ll want to ensure those are automatically generated at the end of the year.
Legal compliance can be intimidating but once you have the infrastructure in place it should simply be monitored. If there is one area in your business to not scale back this is it.
Distribution
Lastly, when you have reports for your clients and reports for government entities you want to ensure these reports are being distributed properly and securely. Distribution is something if not execute properly can require mass amounts of time. Instead, look to automate and streamline this process.
The last thing you need is your business failing to issue a tax document or mail a financial report, likely causing a client to become upset or worse, leave your business all together.
ReportWa is an end to end real-time report creation and distribution solution that empowers advisors with self-service capabilities. Ensuring you have the right software not only saves your business time, but ultimately money.
For more details, visit us at www.reportwa.com. If at any point in your ReportWa journey you need help, just mail us at hello@hexaviewtech.com and we’ll get back to you within a few hours or In case you want to connect with me personally, lets connect on LinkedIn.
