How Finplanning replaced shared folders and monthly manual TFS checks with a single CRM
An independent financial planning practice in South Africa. Client files lived in shared folders, and the team checked every client against the TFS list by hand each month. We built the practice its own CRM.
The situation
Client files lived in shared folders. Every month, the team checked every client against the targeted financial sanctions (TFS) list by hand, and the list changes often. The compliance documents for each deal were put together by hand, items were left outstanding, and there was no easy way to see what a client’s portfolio looked like.
What we did
We built a CRM for the practice. Each client has one record with their details, portfolio, history and documents. New business moves through set stages, with tasks and emails sent at each one, and a checklist shows what is outstanding. Clients are screened automatically against the current TFS list, with the result saved to their file, and the compliance documents for each deal are produced from the client record.
The result
The monthly manual TFS check and the hand-built compliance documents are gone. Advisers see a client’s portfolio on one screen, and outstanding items show on each record. Compliance judgement stays with the practice’s compliance officer, and the evidence is already on file.
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