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Platform & Vendor Management for Financial Services Firms
Achieve streamlined platform operations by consolidating vendors, optimizing licences, managing risk, and reducing costs across your technology ecosystem.
- Vendor sprawl with overlapping tools and rising costs
- Platform integration gaps and data silos
- Lack of vendor risk oversight and compliance verification
- Widespread licence waste and overpayment
Vendor Management Services
Complete Platform & Vendor Optimization Solutions
Xplan & IRESS Management
Comprehensive management of adviser platform implementations including configuration, credential management, feature optimization, and vendor coordination.
Class Super & BGL Support
Management and optimization of Class, SuperPlatform, BGL, and other specialist platforms critical to back-office operations and compliance.
Vendor Risk Assessment
Formal risk evaluation of vendors covering security practices, business continuity, regulatory compliance, and financial stability.
Platform Integration
Technical integration of multiple platforms reducing data silos, eliminating manual data entry, and automating compliance reporting.
Licence Optimisation
Continuous analysis of licence usage, elimination of unused seats, negotiation of volume discounts, and right-sizing of subscription costs.
Vendor Relationship Management
Structured vendor oversight including performance management, issue escalation, contract negotiation, and strategic vendor reviews.
Vendor Optimization Process
From Sprawl to Strategic Operations
Our systematic approach reduces costs, improves platform performance, and establishes governance over your technology ecosystem. For AI and generative AI vendors specifically, see our 2026 white paper, The AI-Ready Professional Services Firm, which includes the 12-question vendor due diligence questionnaire and a CPS 230 contract schedule template.
1
Audit
Complete inventory of all vendors, platforms, licences, spending, and integration dependencies across your firm’s technology stack.
2
Rationalise
Analysis of overlapping vendors, consolidation opportunities, licence optimization, and vendor elimination recommendations.
3
Integrate
Technical integration of retained platforms, elimination of manual workarounds, and optimization of data flows across systems.
4
Govern
Establishment of vendor governance framework, performance metrics, risk oversight, and continuous optimization processes.
We Serve
Vendor Management for All Financial Services Practices
Multi-Platform Practices
Firms running multiple adviser platforms (Xplan, IRESS) requiring coordination and optimization across disparate systems.
Growing Firms
Expanding practices acquiring vendors reactively and needing strategic consolidation and rationalization of technology stack.
Licensee Groups
Licensee networks requiring centralized vendor management, leverage for volume discounts, and consistent platform implementations.
Frequently Asked Questions
How much can we realistically save from vendor optimization?
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Most practices save 20-40% on platform and vendor costs. Common savings areas: eliminating duplicate platforms (save $500-$2000/month per duplicate), optimizing Xplan/IRESS licences (save 15-25% through right-sizing), consolidating small vendors into single platforms (reduce costs and complexity), and negotiating volume discounts (save 10-20% on retained vendors). We provide detailed cost modeling during audit showing realistic savings specific to your vendor stack and negotiation opportunities.
Can we really integrate Xplan and IRESS with other systems?
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Yes. Both platforms have APIs and integration capabilities. We can integrate Xplan/IRESS with: accounting systems, CRM platforms, document management, reporting tools, and back-office operations systems. Integration reduces manual data entry, improves data accuracy, and provides comprehensive reporting across systems. We work with Altius (Xplan provider) and other vendors to ensure supported integrations. Some integrations require custom development; others use pre-built connectors.
Should we consolidate to a single platform or maintain multiple systems?
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Most practices benefit from a “best-of-breed” approach: one core adviser platform (Xplan or IRESS) with specialized tools for specific functions. Single platforms offer simplicity but may lack features; multiple systems offer flexibility but increase complexity. We recommend: one primary adviser platform, integrated document management, unified email/collaboration, and specialized tools only where they genuinely provide unique value. Our audit identifies the optimal combination for your specific workflows and compliance requirements.
How do we assess vendor security and compliance?
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We conduct formal vendor risk assessments covering: security certifications (SOC 2, ISO 27001), data protection practices, business continuity capabilities, regulatory compliance, financial stability, and incident history. We request security questionnaires and conduct reviews with vendor security teams. For critical vendors (Xplan, IRESS), we conduct deeper technical assessments. Results inform vendor retention decisions and guide security control expectations. Documentation supports regulatory compliance obligations.
What’s involved in vendor contract negotiation?
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We help negotiate: volume discounts based on usage data, multi-year discounts for commitment, removal of automatic renewal clauses, improved SLA terms, flexible licence models matching actual usage, and risk mitigation clauses. We also review contracts for compliance obligations, data protection terms, and exit clauses. Leverage negotiation typically occurs during contract renewal. Having usage data, competitive options, and clear walk-away points strengthens your negotiating position.
How often should vendor performance be reviewed?
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We recommend: quarterly internal reviews of vendor performance against SLAs, outages, and support quality; annual formal vendor reviews including performance scorecard, risk assessment, and contract negotiation planning; biennial strategic vendor reviews assessing technology roadmap, feature development, and competitive positioning. Governance framework should clearly define how performance issues are escalated, tracked, and resolved. Regular reviews ensure vendors remain aligned with firm objectives and address problems early.
Ready to Streamline Your Vendor Operations?
Take Control of Your Technology Stack
Stop paying for overlapping vendors, eliminate integration headaches, and establish governance over your platform operations. Our comprehensive vendor audit shows exactly where you can save money and improve efficiency.
Talk to Tom Buckley
About streamlining your platform operations and reducing vendor risk.