Knowledge is power

Martha Koekemoer, MD Headspace Technologies.

They say knowledge is power. We all know it rings true, but as a financial adviser in an era of information-overload and heavy legislation, having access to your revenue data and knowing how to use it has become the cornerstone of any business wanting to distinguish themselves and survive the looming RDR legislation.

In the case of independent financial advisers, it has long been good enough to know the amount of money that landed in your bank account from various financial service providers. In recent times it has become imperative to have a deeper insight when it comes to understanding the structure of your income. Everybody talks about business intelligence like client segmentation, accurately splitting commissions and being able to categorise revenue by income type, etc. Being an Excel addict myself, one would think that pivot tables with interesting slicers, vlookups and a few macros should surely suffice? The reality however is that a mean spreadsheet is usually dependent on a single person, does not provide transparency and unfortunately makes for a terrible long-term data storage solution, leaving you short on some important answers when it matters.

If you are looking for an easy to use commission-tracking tool, that gives you accurate answers without the sweat - we have developed the answer over the last 9 years. Commspace is a cloud-based application developed primarily for independent financial advisers to track, allocate and manage commissions and fees relevant to the life, short-term, medical and investment sectors.