Frequently Asked Questions

Bookmarks:

What is Fact?
What does FACT do?
Who is FACT designed for?
Who designed FACT?
Why did Pentagon design FACT?
What won't FACT do?
I want a fully integrated system that does everything
What are the terms?
How much does FACT cost?
What about installation & support?
Who provides support?
What are the hardware and system requirements?
What about backing up?
What about training?
What about data input / data migration?
What are the main features?
What are the benefits?
What if I want to stop using FACT?
Can I re-start using FACT?
What happens at the end of the free trial period?

What is FACT?

• Fee & commission tracking software designed, built & supported by IFA's for IFA's [top]

What does FACT do?

• Think of it like this...... If you have any money coming in of going out of your practice, then FACT can track it - to the penny.

Any money coming in = Fees, Retainers, Indemnity & Non-Indemnity Commissions, Renewals, Trail, Increments, Indexation, etc, etc. You name it, FACT can track it - Any amount from 1p upwards!

Any money going out = Network deductions, Firm/IFA splits, Introducer Payaways, Clawback, etc!

FACT then produces all the reports you really need. [top]

Who is FACT designed for?

• Sole principals of directly authorised firms.
• Principals of small & medium sized directly authorised firms.
• Sole principals operating via a Network.
• Principals of small & medium sized firms operating via a Network.
• Small Networks. [top]

Who designed FACT?

• Pentagon Financial (A directly authorised firm with 9 RI's) & Yo6 Computing. [top]

Why did Pentagon design FACT?

• We got fed up!
• We have used several back office systems over the years but none of them handle commissions in the way that we want so we designed our own.
• Rather than continually adapting Pentagon to suit the back office software we built a system that adapts to us (The IFA’s). [top]

What won't FACT do?

• Back office stuff, policy valuations, document handling, fact finds, fancy charts, etc - we leave all that to the back office providers.
• FACT simply tracks money (quickly, precisely & independently) and then produces reports (Invoices, Statements, KPI’s, etc). [top]

I want a fully integrated system that does everything?

• So do we - please let us know when you find one (that really works)!
• We keep commissions at pentagon completely independent of our back office system – that way we always know it’s secure, it’s much quicker to process, it’s accurate and the data is easily exportable (should we ever need to ditch our current back-office software for something else). [top]

What are the terms?

• Very simple!
• No minimum contract – If you like FACT then continue to pay the monthly fee and the license will roll forward each month (we email you a license key each month).
• If you don’t like FACT, cancel the standing order and the license will expire at the end of the month (You will still be able to access your data but you won’t be able to add any more client information). [top]

How much does FACT cost?

• £57 pm license fee – Single user.
• £67 pm license fee – Network version (Up to 5 concurrent users).
• Basic data import = £100 to £200 (One off fee).
• We are currently not VAT registered. The above prices will be VAT inclusive when we need to register. [top]

What about installation & support?

• Self Installation is incredibly easy (free telephone support available).
• User support (included in monthly license).
• FACT Software - Technical support (included in monthly license).
• Upgrades (included in monthly license). [top]

Who provides support?

• User support – Pentagon. We designed FACT and run all our commissions on it, we use the system on a daily basis and know FACT inside out, so if we can’t help you, no one can.
• Technical support – Steve at YO6. Steve wrote the software and will be able to help with any FACT software technical issues.

NB FACT is a self-contained program, which (unlike many other systems) does not interact with or require external software to operate (all you need is a printer attached to your pc). Therefore, technical problems with FACT itself are very rare. [top]

What are the hardware and system requirements?

• IBM or compatible PC running Windows XP Home or Professional.
• 512 MB RAM (1024 MB recommended).
• Sound card and speakers or headphones.
• 128 MB or more of free hard disk space.
• CDROM or DVD-ROM drive.
• 1 GB USB drive for backing up the data files (2 GB or more recommended).
• Graphics card and colour monitor capable of supporting at least 1024 X 768 screen resolution (1280 X 1024 recommended).
• Broadband Internet connection to download updates and receive license keys, etc.
• Microsoft Access 2000 or later for reading exported data (optional).
• Inkjet or Laser printer for printing reports (colour recommended).
• Up-to-date virus and spy-ware scanning/removal software (Trend Micro Internet Security and No Adware recommended). [top]

What about backing up?

FACT has a built-in facility, which prompts you to back-up your data every time you exit the software. We strongly recommend that you backup your data frequently. We cannot be held responsible or liable for loss of data.

Assuming your data has been backed-up correctly, the re-installation of FACT and re-loading of your data (in the event of a computer failure), is very simple. [top]

What about training?

• Free training videos are included with FACT (via this website and on the installation disc) – all you have to do is sit back and watch.

NB As long as you (or your commission person) know the basics of how IFA’s are remunerated (i.e. the difference between indemnified and non-indemnified commission, etc) then FACT is very intuitive and quick to learn. [top]

What about data input / data migration?

• The best way to learn FACT is by inputting client data and policy details – that way you also get to check that your current commission data is correct.
• For a small fee (£100 to £200), we can assist with data migration. We provide a formatted excel spreadsheet for you to export your client data into. Send this to us and we will import the data into FACT for you – this is limited to basic client information (Name, Address, Telephone, Email, etc; it does not include policy information). [top]

What are the main features?

• Commission & Fee Tracking.
• Calculate payaways to IFA’s (Employed or Self employed).
• Calculate payaways to Introducers.
• Calculate Network / Compliance deductions (Offtake).
• KPI’s – individual IFA’s and Practice.
• Reports.
• Invoicing for IFA’s & Introducers.
• Policy searches.
• Easy reconciliation.
• Exportable data. [top]

What are the benefits?

• Money saved   By wasting less time.
                          By finding money that you are owed.
                          By automatically tracking the trivial amounts you                         normally don’t bother with.
• Employee contentment (Who wouldn’t like an easier life)!
• Making sure your Network is not “skimming”!
• Accuracy.
• Simple to use.
• Easy to learn.
• No tie-in / No notice.
• Future proof.
• Affordable. [top]

What if I want to stop using FACT?

• Cancel your Standing Order – the FACT license will expire automatically at the end of the month. You will still be able to log in and view or export your data (you just won’t be able to add in any more clients & policies). [top]

Can I re-start using FACT?

• Yes, at any time - just complete a new Standing Order and we will re-issue a new monthly license (As above, your data will still be in FACT and you will now be able to add in more clients & policies). [top]

What happens at the end of the free trial period?

There’s no obligation, it’s up to you.

If you don’t want to continue using FACT, just “un-install” the program.

If you do want to continue using FACT, complete & return the Standing Order form which, is available from our downloads page and we will email you a new license key (Any data already entered into FACT will remain). [top]