12 November 2009

Financial Life Support benefits from working with Figlo on its customer advice processes.

Financial Life Support (FLS) in the Netherlands supports advisors with knowledge and experience through the use of tools and training, so that they can offer objective, integrated and excellent personal financial planning advice to their clients. Recently the company has benefited from working with Microsoft partner Figlo to give its advisors access to a new advice process, which is transparent and objective and is designed to improve communication and customer understanding.

FLS recognises IT as an important element in the advisory process and it believes personal financial planning should always cater for the unique situation of the customer. “Our methodology applies for both customer and advisor: short-term profit and long-term value,” says Marcel van Leeuwen, CEO at FLS. “The personal touch gives financial advisors the competitive edge.”

To further improve its services, FLS consulted with financial software supplier Figlo and has since adopted its solution to automate the advisory process with a have, want, need and do (Hawanedo) approach. Using Figlo’s virtual financial cards, which standardise information about finance and financial products and present the information in a visual credit card format, FLS has revolutionised the way its advisors communicate with customers.

Figlo Financial Cards, which are supported by Microsoft CardSpace, display a logical presentation of stored, calculated or communicated user data divided into four simple steps: have, want, need and do. Hawanedo provides a central platform for advisors in the FLS process to calculate, advise, report and communicate. They can, for example, calculate taxes on behalf of the customer, produce predefined and adjustable reports, work out differences between the customer’s actual situation and their financial goal, then use Hawanedo, which is linked to a product database, to give advice.

Hawanedo is now the binding factor in the FLS process. The client can login to a personal secure account where he can see his profile and financial data. The advisor can also see his current financial situation. With the monitoring and alert tool in Hawanedo the advisor is able to give the right information at the right time.

The Hawanedo process ensures that quality service is given, and client goals and legal requirements are met. “Figlo and Microsoft’s aim to create a more effective means of communication between advisor and client is so important for the financial industry,” says van Leeuwen. “Transparency across the board, from giving clear advice to ensuring financial products are properly explained to the customer, is something we strive for. Hawanedo is helping us make that happen.”

This article first appeared in the 2009/10 edition of the Finance on Windows Partner Guide.

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