Abacus system offers client asset training

Simulated application environment gets staff up to speed and saves money

Abacus, the UK’s largest independent wealth management business, is using an elearning system to improve staff productivity and satisfy corporate compliance regulations.

The Jersey-based company, which manages £23bn of customer assets, is using bespoke client handling software (CHS) to speed the introduction of new staff to business-critical software.

The elearning system, which generates annual savings of about £400,000, is also helping Abacus to meet elements of its corporate regulatory obligations.

‘Quite a number of our people are regulated,’ said Mervyn Le Masurier, Abacus group training manager. ‘It is our job to certify them as “fit and proper” for the work we do under Jersey law.’

Abacus previously used traditional classroom-based training methods, but invested in simulated CHS from elearning supplier Skillwise to streamline its training delivery.

‘New and existing staff can track their progress as part of regular personal development planning, and gain greater competency on this key system more quickly,’ said Le Masurier.

As well as productivity gains, Abacus has saved 225 working days by getting staff up to speed on the CHS more quickly, and six days of its IT department’s time which had previously been spent maintaining simulation data for training on the live system.