FASA 2022
Back Office and Support Services

The past few years have certainly highlighted the importance of back office systems and support.

Many people have recognised this, given the amount of private equity money that is being thrown at this sector and the number of acquisitions seen in the past year or two.

Certainly, the move to hybrid working across many professions has changed the game, and financial planning is no exception.

This is reflected in how strong the level of competition was in this category this year, just two years after it was created.

FE is one of those companies that has realised the importance of back office services, with its acquisition of Cashcalc, among others.

But it has also focused on improving its own services.

Oli Greenspan, sales director at FE fundinfo, says: “Throughout 2022, we’ve had a real focus on not only enhancing the quality of our data, but also introducing new features.

"For example, we started the year by adding US equities data into FE Analytics, and throughout the year have onboarded several new MPS providers to the MPS directory, giving advisers access to more model portfolio holdings data than ever before from approximately 70 different MPS providers.”

But the key to providing top-quality service in the back office sector is to keep on top of the constantly changing business of providing financial planning.

For example, Greenspan says FE has invested in environmental, social and governance data and ratings, while SimplyBiz has been focusing its efforts towards helping advisers with the looming consumer duty regulations.

Neil Stevens, joint chief executive of SimplyBiz’s parent company Fintel, says: “In 2022 advisers have again dealt with significant regulatory change, most notably the introduction of the consumer duty, against another year’s backdrop of economic volatility and political uncertainty in the world.

“We have met these challenges over the past 12 months with our investment and innovation to support our members, helping them through the delivery of strengthened regulatory services, a comprehensive education programme, the best technology solutions and a wider range of consultancy support.”

As always, the key to excellent service in the back office sector will lie in helping advisers navigate the ever-changing landscape in which they operate – whether that’s regulatory change or evolving business practices through hybrid working. 

damian.fantato@ft.com