Around half a million wasted financial adviser hours potentially can be saved thanks to FE CashCalc and FE Analytics integration

Almost half a million hours, costing more than £70m, in wasted financial adviser time during 2022 could now be put to better use, stats show following the latest FE fundinfo integration.

Earlier this month, global fund data and technology company FE fundinfo announced that the launch of the integration between FE CashCalc and FE Analytics – part of FE Fundinfo’s Financial Advice Hub – will save hours of wasted time for financial advisers during the financial planning process.

Now, stats from last year show just how much time and money could potentially be saved.

The stats revealed that accessing and saving documents in FE Analytics was done 5.8 million times last year. When this is multiplied – on average – by five minutes per document, it showed that 480,000 hours (equating to £72.5 million) of wasted adviser time that could be better spent with clients.

The potential saving follows the integration of the two key services. It means that now advisers – who are signed-up to both services – no longer have to manually carry out this process, freeing up their time to better serve their clients and improve their returns.

The integrations mean that advisers can quickly import an investments plan's latest valuation and holdings data into FE CashCalc, and then quickly generate a Medium Scan. Similarly, once they import a plan's latest valuation and holdings data into FE CashCalc, they’ll be able to access and quickly download FE Analytics factsheets, KIID Documents, Provider Factsheets, and Adviser Factsheets from within FE CashCalc; helping advisers streamline their processes and make them more efficient.

Stephen Mitchell, Head of Adviser Product Strategy, FE fundinfo, said:

“The more time financial advisers have to better serve their clients rather than carrying out repetitive and time-consuming administration tasks is a step forward that that can be welcomed by everyone.

“Integration has been a hot topic of discussion for many years now and seeing an increase in the amount of integrated technology has traditionally topped the wish list of many financial adviser surveys, and stats like these show just how much of a difference automating the process and removing the intense manual re-keying of data can have to smooth the process.

“It’s our hope and expectation that the integration of these two key products – FE CashCalc and FE Analytics – will mean that we will now see more adviser time spent on achieving better quality outcomes for clients.”

The integration of FE CashCalc – recently shortlisted for the ‘Best Use of Technology in the Investment Life & Pensions Sector’ as part of the 2023 Investment Life & Pensions Moneyfacts Awards – and FE Analytics, can only be used by those who have a licence with both systems. Those who have both licences won’t need to set-up an integration between FE CashCalc and FE Analytics as FE fundinfo will automatically identify mutual users who have signed up with the same email address.

Please click for more information about the integration of FE CashCalc and FE Analytics.