(A report from the Vienna Fondskongress 2020)
I spent two days last week at FONDS Professionell Kongress 2020, the largest wealth management event in the Austrian space. We were invited by our friends and dear customer Privatconsult Vermögensverwaltung GmbH with whom we are bringing a unique wealth management solution for the Austrian market.
The fair as such is quite different from any other fair I have visited. First and foremost, the activity and interest for the presenting companies’ offerings was a lot bigger one is used to at similar exhibitions. It is also built on the concept that all stands are equal in size (it is indeed quite comforting to present at an exhibition on the same prerequisites as Goldman Sachs ;-).
"It is indeed quite comforting to present at an exhibition on the same prerequisites as Goldman Sachs."
There are other factors also, which counts towards the feeling of a complete success:
The place of our stand, right at the middle of the entrance, where all the visitors passed
The huge interest of the new concept that us and Privatconsult brings to the Austrian market
and last but not least, the very friendly and outgoing team of Privatconsult who attracted a lot of attention from the visitors
Throughout the intensive Wednesday and Thursday, we had a lot of visits to the stand and the Privatconsult employees such as Elena, Reinhold, Armin and Marco did their best in entertaining both existing advisors and new potential cooperation partners. Privatconsult, CEO, Peter Gross was everywhere and nowhere during the exhibition, covering all possible areas like a floating butterfly. The number of contacts that he acquainted during the two days probably are close to the total number of other acquaintances by all other visitors combined ;-)
At the second day our stand was visited by the Privatconsult co-founder Dr. Drennig who also presented Privatconsult own education block in one of the conference rooms. The education blocks might also be one of the success factors of the Fondskongress, actually. In order to keep the wealth management license, advisors have to educate themselves to a certain extent each year and the free-of-charge education blocks counts to this education need. This probably increases the number of visitors by quite a significant factor.
"When released to the advisors, this solution decreases the number of pages in the client documentation by up to 90%."
During the exhibition, for the first time, we presented a 100% digital solution for MiFID II compliant financial advisory. This has been developed by Privatconsult Business Developer, Wolfgang Lechner utilizing the features of the module Sharpfin Advisory. When released to the advisors, this solution decreases the number of pages in the client documentation by up to 90%. This saves both time for the advisor and at the same time makes the material more understandable and digestible for the client. Many competitors have, since MiFID II, taken a “better-safe-then-sorry” approach when it comes to client documentation which has led to situations where you sometimes have to fill out more than 60 pages of paper as a client advisor. Needless to say, this both confuses the clients as well as making the job of the client advisors unnecessary tiresome and tidy.
In addition to the benefits above:
advisory firms achieve an enhanced level of quality in the advisory documentation since there are less possibilities to document wrongly
compliancy is assured by default since the forms have been pre-approved and tested
Privatconsult can utilize the search functions of Sharpfin to quickly find previous client documentations
In a few week’s time, we will add electronic signatures to the advisory flows, making the sales process even more efficient for the advisors.
All in all, I had a great couple of days in Austria and with this fair it really feels that Sharpfin has started our international expansion of our truly global software solution for wealth managers and advisors. At Sharpfin we reach out with a big thank you to Privatconsult Vermögensverwaltung GmbH are so much looking forward to next year already!