Trailblazer was developed by financial advisers for financial advisers, and is used by:
Small advisory firms
Multi adviser businesses
The app allows users to prove compliance in three core areas:
MiFID II: This legislation places a requirement on regulated firms and their advisers to demonstrate that annual suitability assessments have been completed and clients are suitable segmented
Ongoing servicing: RDR imposed a requirement on firms to demonstrate clients are receiving the ongoing service for which they are paying for
CPD (Continuous Professional Development): Advisers have a requirement to complete a minimum amount of CPD each year
Penalties for non-compliance could ultimately force an adviser or firm to cease trading.
That’s where Trailblazer comes in.
It provides a convenient, multi-device (desktop, mobile and tablet), standalone system to meet these challenges, delivering high-quality management information to prove compliance and showing the action which needs to be taken.
Specifically, the system:
Allows seamless uploading of existing client data
Enables the monitoring of periodic client reviews based on agreed service levels
Confirms whether Annual Suitability Assessments have been carried out
Allows advisers to set goals, record CPD activities in real-time and track their progress
Enables advisers to easily record client interactions in real time
Helps advisers manage their diary and client meetings
Includes a client contact management system
Enables group messages to be sent from the advisory firm to all users. This helps those people in authority in multi-adviser firms communicate more efficiently while being able to prove that key messages have been delivered to their teams
Allows oversight of an adviser’s activity in all the above noted areas by their managers, compliance team or those with a Training & Competence (T&C) role. Gaps can, therefore, be quickly identified and an action plan put in place
Trailblazer was developed because no existing system solved the problems identified. For example, specialist back-office systems are desk-based, whereas the Trailbazer system works on the adviser’s phone or tablet, allowing records to be updated in rea-time. This immediacy improves both efficiency and the accuracy of data.
Trailblazer is therefore designed to complement a firm’s existing back office, not replace it.
The key benefits of the system include:
Being able to prove that periodic reviews and annual suitability assessments have been completed
Access to actionable management information
Improved delivery of ongoing service requirements by advisers
A reduced likelihood of regulatory complaints in respect of ongoing service delivery
Increased client retention
More efficient and timely recording of adviser CPD allowing adviser, management and accrediting bodies to see progress towards the annual goal
Simplified diary management
Comprehensive recording of client interactions
Access to actionable management information allowing those people with compliance or T&C responsibility to understand an adviser / firm’s progress in complying with MiFID II, providing the agreed ongoing service to clients and meeting with annual CPD requirement
Ultimately those firms who adopt the system will experience:
Reduced compliance risks: Being able to demonstrate ongoing compliance will lessen the likelihood of regulatory enforcement action
Higher client retention: Ensuring services are delivered as promised will lead to greater client loyalty
Improved long-term capital value: Firms with high client retention and who can demonstrate regulatory compliance will command a higher valuation.
Trailblazer is aptly named; no other system provides the features and benefits which it does. It truly fills a gap in the market, solving a genuine problem which was identified by the founders of the system in their day to day work as financial advisers.