Due to the sensitive nature of handling financial information, IFAs are subject to heavy compliance by the Financial Conduct Authority. From the products you recommend to the tools you use to assess a client’s attitude to risk, you probably have a significant amount of documentation to work through in order to stay on the right side of the law.

One way that IFAs can simplify compliance matters and ensure that every member of the team can document processes and access the information they need is through cloud-based collaboration apps. Cloud apps can be much more effective than traditional tools stored on individual devices.


Cloud apps can make it easier to:

  • Delegate work to the right people
  • Set deadlines and prioritise workloads
  • Determine who’s accountable for certain tasks
  • Identify who the last person was to work on a particular project or client


Improve security

With the help of the right cloud computing tools, IFAs and clients who share information through secure cloud security tools can often benefit from more peace of mind that the data passed between them is private and secure.

In some cases, you can eliminate the need to send emails back and forth. You can also ensure that only those with the relevant permissions are able to access each file.

Look out for tools that regularly backup your data to secure servers in reliable data centres.


Seamlessly manage each project

If you have more than one IFA working with a particular client or project, things can get complicated. Ccing one another into emails is the most common method for ensuring everyone’s up-to-date with the latest developments, but even so, wires can be crossed, toes can be stepped on, and time can be wasted.

Access data from anywhere

Rather than sending documents and data from one person to another, everything can be kept in exactly the same place. You’ll know where to find the information you need and you won’t have to chase several people before getting the details you need.

If you or a member of your team needs to access certain information from home, a coffee shop or a hotel room, that’s possible too.

Some cloud computing tools even allow you to give your client access to shared digital spaces. This can come in particularly useful if you want your clients to be able to check the progress of a particular project or share information with you more securely than email.