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Business Intelligence Dashboard for a Large Financial Advisory Practice

Industry Financial Services

Specialization Or Business Function Risk and Compliance (Anomaly Detection)

Technical Function Business Intelligence (Reporting, Dashboards)

Technology & Tools Business Intelligence and Visualization (Tableau, Qlik Sense, Microsoft Power BI, Amazon QuickSight, Domo, Google Data Studio)

WORK IN PROGRESS

Project Description

We are one of the largest group of financial advisors in Australia that seeks to develop a dashboard that would provide greater insight into our business, which consists of a network of financial advisors (who are our clients). We have a number of sources of data that need to be combined to provide a coherent view and ability to set alerts when anomalies are detected.

PROJECT OBJECTIVES

By cross analysing the data to create alerts, we are aiming to:

  • Minimise fraud.  Data feeds from XPlan draw direct from banks and fund managers.  
  • Minimise overcharging by using data from funds under management & revenues
  • Minimise churning (re-writing insurance policies to generate continual upfront fees which are higher than ongoing fees) by analysing insurance policies and ‘new’ client data
  • Identify which advisers are generating strong investment portfolio returns, how they are doing it, by looking at portfolio returns and then individual funds within portfolios
  • Accurate funds under management reporting at a dealer level

Real time view of all the above data, with the ability to drill down at an adviser level and then by each individual field.  The alert and reporting system would ideally be customisable as our requirements in terms of what we report on and how we cross analyse data would have a set of initial parameters, but would continually grow and change.  

WHAT WE WANT IN A DASHBOARD

Funds under management (source is XPlan)

- Total $ value, drill down to Adviser, drill down to fund manager

Compliance (source is Accordance Systems)

- # advisers on ‘pass’

- # advisers on ‘watch list’

- # advisers on ‘fail’

Revenue (source is Revex)

- Revenue year to date, drill down to Adviser, drill down to source

Insurance policies (source is XPlan)

- Number of policies and type, drill down to Adviser, drill down to insurer

ALERTS AND REPORTS TO BE GENERATED

Alert : Unsatisfactory Compliance reports

Alert : Fees exceeding 1% of total funds under management

Alert : Upfront Risk revenues that don’t match up with number of new clients

Alert : Declining FUM, not related to market movements

Alert : Outperformance of portfolios (in comparison to a benchmark)

Alert : Correlation of mid range Compliance reports + poor investment returns

Reports : Dealer level FUM report

Reports : Monthly ‘Adviser’ report that summarises all fields as outlined above

DATA AVAILABLE FOR ANALYSIS AND SOURCES OF THIS DATA

CRM – Data source is ‘Accordance Systems’ plus 3 additional fields  

  • Adviser name (manual input)
  • Practice name (manual input)
  • Year they joined the industry (manual input)
  • Qualifications (manual input)
  • Inbound / Outbound communication with the dealer (draws from Outlook) *additional field
  • Dealer assisted projects (manual) *additional field
  • Audit reports (auto generated from Compliance system)
  • Monthly ‘dealer’ report (auto generated from LysensE) *additional field

REVENUE – Data source for everything is ‘Revex.’  

  • Total revenue
  • Total retained revenue
  • Total investment upfront
  • Total investment ongoing
  • Total Risk upfront
  • Total Risk ongoing
  • Total revenue – other
  • Comparison of the above, month on month
  • Revenue as a % of funds under management

INVESTMENTS – Data source for everything is ‘XPlan’ 

  • Total funds under management
  • Total investment returns across asset classes
  • Total investment returns across all portfolios
  • Total investment returns ‘vs’ new funds under management
  • Comparisons month on month
  • Number of insurance policies across Life, TPD, Trauma, Income protection

COMPLIANCE – Data source for everything is ‘Accordance Systems’ 

  • Traffic light system for compliance status

CLIENTS – Data source for everything is ‘XPlan’ 

  • Total clients
  • Total Risk only clients
  • Total investment only clients
  • Total clients – other
  • Total new clients

ACCESS TO DATA SOURCES

You have have full access to all data sources via APIs.  The only system that does not have an API is Accordance Systems.  They are willing to build an API based on your specific requirements because we have a good relationship with the vendor.  The time you will need to spend to provide requirements to Accordance Systems should be factored into your bid.

TECHNOLOGY STACK

We are looking for a cloud-based solution and open to all technologies.  We would like to build this initial system using existing dashboarding tools and we are willing to pay reasonable licence fees for tools that may speed-up the developement.  We strongly prefer technologies that can scale since our eventual goal is to productize this solution and sell to others. There will be additional phases to this project to add more features and functionality.

PROPOSAL

Please provide specific milestones and payment amounts for each and an approximately timeline.  Examples of other dashboarding work you have performed would be helpful.  If you intend to license a cloud-based solution, please provide the monthly cost.

Project Overview

  • Posted
    March 15, 2017
  • Planned Start
    June 10, 2017
  • Preferred Location
    From anywhere

Client Overview


EXPERTISE REQUIRED

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