THORNTONS WEALTH CASE STUDY

Thorntons Wealth are a growing and progressive business, specialising in financial and wealth planning. They have offices in Dundee, Aberdeen and Edinburgh and provide managed investment strategies to help clients reach their financial aspirations. Nadine Reilly is the IT manager with Thorntons Wealth and has been with the company for over 20 years, moving through various roles. Nadine kindly agreed to speak to us about how Thorntons Wealth benefits from IFA Dataflow’s service.

The Challenge

Thorntons Wealth receives approximately 35 statements per month from legacy platforms that need to be manually uploaded. Some platforms, such as Nucleus, do not have a bulk feed ability. The statements’ financial value and transactions are high and recurring monthly.

The Solution

Thorntons Wealth have used IFA Dataflow for over ten years to upload legacy platform statements for commission and fee matching. The volume of statements per month is low, but the value of the recurring monthly income is high. The statements are uploaded to IFA Dataflow and are in Thorntons Wealth’s back office system the next day.

Greatest Benefit

Time-Saving Every Month For Over Ten Years

It saves about 25% of someone’s time to simply upload the statements to IFA Dataflow rather than manually transposing the
information onto a template. Thorntons Wealth have saved approximately one day a month of effort every month by using IFA Dataflow for over ten years.

Key Benefits

Time-Saving

The key benefit of using IFA Dataflow is time-saving. If Nadine and her team had to do the work manually, they would need to transpose the information from the statements onto their template manually, transfer all the columns manually, then go into the back office system, upload that statement, and let it run and match in the background. With IFA Dataflow, they upload a statement, everything is processed in the background, and it’s in the system the next day.

Zero Manual Data Entry Errors

Thorntons Wealth have used IFA Dataflow for over ten years, so they have never had to do manual data entry in that time. It has prevented any data entry errors that may have occurred if the statements had been manually entered.

Working with the IFA Dataflow Team

The IFA Dataflow team are friendly and helpful. They’re always swift to respond as well. When you’ve got an issue, they always respond right away.

Recommended to other firms

When Thorntons Wealth acquired Matheson Financial Consulting in 2021, they were manually transposing statements. Thorntons
Wealth recommended IFA Dataflow so that Matheson Financial Consulting could also benefit from IFA Dataflow’s time savings,
removal of manual data entry and zero errors. They were amazed at how IFA Dataflow could save them so much time and couldn’t believe that they hadn’t heard of IFA Dataflow before.