Hub Financial today announced they have successfully completed the project to extend their usage of WealthServ to include processing of their segregated fund and mutual fund business, providing them a Unified Wealth Management platform.
In 2012, Hub Financial decided to extend their use of the WealthServ platform to provide a Unified Wealth Management platform for all products. The migration and roll-out of WealthServ was phased over a number of months to ensure that Hub Financial was not exposed to unreasonable business risk. WealthServ now provides Hub Financial with a single system to manage life insurance, segregated fund and mutual fund product lines.
Terri DiFlorio, Hub Financial President, expressed her satisfaction at how smoothly the process had unfolded, “My previous experience of system migrations has definitely left scars, but I can truly say that BlueSun made it very straightforward. They were very conscious of the potential risk to our business and made sure that a carefully thought-out approach was taken. In addition, they are experts in systems and data migration; they really know what they are doing”.
The migration was planned so that a period of parallel processing took place, proving that BlueSun had not only converted the data from Univeris correctly, but that WealthServ could meet the requirements of Hub Financial.
“Systems and data migration is a very different skillset to writing software” explained Simon Tomlinson, CEO of BlueSun, “which is why switching software packages can be very challenging. Software companies don’t always have the experience or skills to execute a systems migration successfully. However, we have a long background of migrating enterprise-level organisations, so have the processes and expertise to make the change relatively seamless from a systems point of view. Of course you also need to consider the organisational impact of change, but we can provide assistance on that front too if required.”
Following the parallel processing period, the system was made available to all of Hub Financial’s 3000+ advisors and is now being used on a day-to-day basis. Advisors access the system through RepVision, the WealthServ module that is specifically designed for wealth advisors.
“We have had great feedback from our advisors” commented Diana McKay, SVP Business Services at Hub Financial, “one typical comment we received was ‘You guys really got it right this time. Way to go Hub’. The advisors love how RepVision provides consolidated client information to them in a clear and easy-to-use format. It has also been important that BlueSun are willing to listen to us and our advisors – we already have enhancements under development which BlueSun carry out as part of their ‘evergreen’ approach to improving their software. The switch has been a great success for us.”
WealthServ, a BlueSun product is, a leading business solution for insurance and investment agencies in North America. WealthServ provides integrated back and CRM technology across life insurance and investment products for MGAs and MFDs. WealthServ is the most connected back-office system with automated data links to Canadian carriers for pending and in-force life insurance feeds, FundServ for mutual funds and the major Paramedical companies for exam status and results. The WealthServ Unified Wealth Management platform delivers everything required for serious wealth management distributors to process all lines of business with one system.
About Hub Financial
HUB Financial Inc. is a subsidiary of HUB International Limited, an international insurance brokerage that provides a broad range of property, casualty, life and health, employee benefits, investment and risk management products and services through offices located in Canada and the United States. HUB Financial Inc. is a Managing General Agency (“MGA”) for over 3,000 independent life insurance agents and General Agents in Canada. As an MGA, HUB provides efficient access for Independent Life Insurance Agents to Canada’s many life insurance companies.