Show me the money !

When it comes to fee and commission tracking, you’re probably feeling like the majority of IFAs – fed up! Most of you will be using one of the many back office systems on offer today. In our experience, most of these were not actually designed for handling fees and commissions as an IFA would want. Recently, Moneybox came across FACT – a Fee and Commission Tracking software tool designed, built & supported by IFAs for IFAs. So we decided to road test it ourselves.

The FACT tracker platform is based on a fairly straightforward philosophy. David Cook, Managing Partner at Pentagon Financial, the developers of FACT, explains “Basically, if you have any money coming in to or going out of your practice, then FACT can track it – to the penny.” Money coming in includes Fees, Retainers, Indemnity & Non-Indemnity Commissions, Renewals, Trail, Increments, Indexation, etc. Money going out includes Network deductions, Firm/IFA splits, Introducer Payaways, Clawback, etc. Cook went on to say, “Any amount over 1p can be tracked by FACT, which then produces all the reports an IFA will ever need."

Probably the most impressive aspect of FACT in our trial was actually what it didn’t do! That is, it won’t do the back office stuff such as policy valuations, document handling, fact finds, fancy charts, etc. FACT simply and easily tracks money (quickly, precisely & independently) and then produces reports (Invoices, Statements, KPI’s, etc). Cook sees this as a major advantage for IFAs telling MoneyBox, “As an IFA myself, I am yet to find a fully integrated back office tool that accurately tracks money and is simple to use.” FACT keeps commissions completely independent of the back office system – that way you always know it’s secure, much quicker to process, accurate and the data is easily exportable (should you ever need to ditch your current back-office software for something else).

FACT software has many impressive attributes; it’s very intuitive, it handles payaways and has a very capable search function. FACT is primarily designed for sole principles, small to medium firms or networks and offers an appealing pricing structure. In addition, Pentagon provide comprehensive training and support for their product.

MoneyBox Rating *****

FREE 30 DAY TRIAL

Moneybox and Pentagon are giving our IFAs the opportunity to road test FACT for themselves - No strings attached. The fully functional software can be downloaded from the FACT website. Pentagon will provide as much free support & information as you want during the trial for you to make your own mind up. You are under absolutely no obligation at the end of the 30 day trial.

To receive your Free 30 Day Trial, simply follow the link below where you can download the software and read all about it....

www.fact-software.co.uk