Advisors want tech upgrades, support (includes chart)

> Technology Tools And Advisor Desktop. Royal Bank is making big strides in this category by investing in a new generation of Emerging Information Systems Inc.’s financial planning software, NaviPlan.The Web-based system is set for implementation this autumn.

And there are other reasons why Royal Bank advi-sors rated the bank best in the category. For instance, it has performed a number of minor upgrades over the past year to keep existing technology in good shape.

“We did do a couple of one-off financial advice and planning tools,” says Michael Walker, vice president and head of branch investments for Royal Bank. “One would be the retirement-income planning tool; that is a tool that helps our senior account managers and financial planners work with our clients on how to maintain their investments and turn their investments into an income stream in retirement.”

Other technology-related changes at Royal Bank this year include an in-house support system for account managers who have questions about using the financial planning tools. This includes a group of professional financial planners available at a toll-free number to help advisors work through any glitches or problems.

For its part, Scotiabank is piloting technology that will enable account managers to visit clients at their homes or offices and have all the information they need for the meeting on remote devices such as laptop computers or BlackBerrys.

The implementation should be completed in all branches by December, says Wendy Hannam, Scotiabank’s executive vice president of domestic personal banking and distribution. The technology, which is currently being tested with advisors across Canada, will also include use of portable printers and scanning pens.

Toronto-based Bank of Montreal, for its part, is also launching NaviPlan this autumn and hopes that will improve advisor satisfaction. BMO account managers rated the bank poorly in the technology tools and advisor desktop category.

Jim Lund, national program director of BMO’s investment solutions network, says the new software will be shared among all divisions of the bank, including BMO Nesbitt Burns Inc. and BMO Harris Private Banking. “The good thing for clients,” he says, “is that if we transition a client to another division of the bank, the client doesn’t have to start all over again.”

Unlike Royal Bank, BMO and Scotiabank, which are making strides in the technology tools and advisor desktop area, some firms are still not meeting the expectations of their account managers.

One example is Montreal-based National Bank of Canada. The most common complaint heard from National Bank’s advisors is that its systems are antiquated, not user-friendly and behind the industry curve. The bank’s advisors say that the main problem is lack of integration, resulting in several different systems that don’t talk to one other.

But even though National Bank’s managers acknowledge that problems with the software tools do exist, they have no immediate plans to introduce anything new.

Margaret Pernice, senior manager of wealth management at National Bank, says the bank has plans for major upgrades but nothing specific has been decided. “We expect the arrival of new technology in the next year or two,” she says, “because of problems with existing technology.”

> Back Office And Administrative Support. Royal Bank recently developed an expert advice centre for back-office support comprising professional administrative staff members whose goal is to speed up and improve communication with the bank’s branches.

“The centre provides speed-dial access for our account managers and financial planners,” Walker says, “allowing them to get direct support and information on things such as operation policy procedures. [This] can range from loans and mortgages to technology challenges to personal investment-banking issues.”

Royal Bank also has specific service-level guidelines in place for the back-office department to ensure questions are answered in a timely manner, he adds.

@page_break@Scotiabank has also developed a team of experts to facilitate liaisons between its branches and back office — albeit, a little differently.

“We have a relatively new national team of investment sales coaches whose primary responsibility is to provide sales tips and coaching, such as practice management,” Hannam says. “But they also act as subject-matter experts on internal processes and provide tips on working effectively with our back office.”

Scotiabank took a communicative approach in creating the team, holding several presentations for its employees to develop stronger relationships between the two departments. The presentations, held over the past year across Canada, were delivered in person as well as via Web conferences; they focused on clear, easy-to-understand information about transferring assets, what happens behind the scenes once the transfer is initiated and reviewing documents required by other firms.

The aim was not only to make the back office more proactive when talking to front-line staff and to build relationships but to set expectations regarding timeliness, Hannam adds: “So we can make sure we get it right the first time.”

Prompt back-office turnaround is also on the agenda at Vancouver-based Vancouver City Savings Credit Union. It’s one of the main reasons why Vancity advisors rated their back office much higher this year, tops in the category vs being in the bottom third last year.

A Vancity account manager in British Columbia praises the credit union’s back-office staff as “quick and very knowledgeable.”

Another Vancity advisor in B.C., commends the firm on the timely response it provides when it comes to paperwork and administration.

Advisors at firms that didn’t do so well in the back-office category say one of the main problems is high turnover. It’s not surprising, then, to hear CIBC account managers say the bank’s administrative support is slow and inefficient.

“We’re having a hard time keeping experienced people,” says a CIBC account manager in Alberta.

Another CIBC advisor in B.C. adds: “Staff are overworked and unco-ordinated.”

A CIBC account manager in Ontario agrees, adding that the bank “seems to have undertrained and new people” in its back office.

Royal Bank’s Walker offers a suggestion on one way to halt the revolving door in a firm’s back office is to promote careers within the bank: “It’s about supporting people in their learning and development, so that they may go on to other roles.” IE