SecureTheFile (STF) is a digital tool aimed at helping individuals securely organise, store and share important information and documents. The solution is predominately focused on later/end of life planning and emergencies such as fire and theft.

Through an arrangement of original content and guides, tools, STF provide a personalised guidance engine and a digital vault, that assists people in organising important details about their lives and affairs in one secure, reachable place.

The tool allows clients to delegate ‘Nominees’, such as their solicitor or accountant, family members or executors of their Will. The information is controlled by the client and they decide who this information is shared with and how much information is shared. Access can be granted or revoked at any time and specific written instructions can be included.

STF is only available through professional advisers such as Financial Planners, Accountants and Solicitors. Financial services professionals tend to use the invitation only based system to help their clients securely create, store and share their most important information. The system could be used in conjunction with a secure communication platforms, email and client portals as well as expanding the scope of service.

Strengths

• Companies are able to “co-brand” with SecureTheFile helping to retain house style
• Every document uploaded to SecureTheFile (STF) is encrypted and stored on servers maintained by Microsoft Azure and SecureTheFile (STF) partake in regular third-party audits aimed at ensuring they retain industry-leading standards
• The STF nominee feature involves clients’ loved ones and trusted advisers in their estate, offering an opportunity to build relationships across generations.
• Clients are able to delegate ‘Nominees’, such as their solicitor or accountant, family members or executors of their Will. The information is controlled by the client and they decide as to who this information is shared with and control the extent of access users get (clients are able to share either their entire libraries or just individual folders).
• STF contains several niche functions including “Reach Across Generations” which allows firms to know the important people in their client’s life and helps to potentially ensure a smooth transfer of wealth, assets and knowledge after a death
• Intergenerational planning – The tools allows advisers to Gain Referrals – as the nominee feature makes a client’s digital vault valuable for both the adviser and the client, gives visibility into a clients’ financial adviser, accountant and solicitor
• The digital tool also helps advisers to create a natural introduction to their client’s family, facilitating intergenerational relationships and retention of assets when a client passes away.
• Through a combination of original content and guides, interactive tools, a personalised guidance engine and an intuitively organised digital vault, STF assists people in organising all the important details about their lives and affairs in one secure, accessible place
• STF provide UK guidance, resources, planning suggestions, checklists and more to help clients and their financial planning/education
• Users can upload and store as many documents as they desire
• STF provide live customer support via live chat, email support and phone calls
• The vault will also help users identify gaps in a client’s planning, ensuring they are fully prepared for the future and what life may bring.

Scope for improvement

• Although, users can determine who has access to files, the tool could potentially be quite intrusive as clients may not want professional service providers contacting the nominated family members or friends
• If advisers do not renew their licence(s), client’s SecureTheFile account will be shut down and they will not be able to access their files
• Additionally, any Nominees they have added will no longer be able to view any of the information
• If firms choose to renew their licence(s) at any time, they will immediately give full access to their client’s SecureTheFile – and so will their Nominees but they will have to pay any missed licence fees to regain access
• Users can only store information in six categories (Personal, Financial Advice, Personal Finances, Solicitor, accountant, Property and Vehicles). The solution could provide the ability for the user to add their own categories.
• Lack of integration with adviser practice management systems could be an obstacle for adviser take up
• Unable to download information on platform as a PDF or in bulk (currently in development)
• {ability to contact} the nominated family members or friends’.
• Advisers (or otherwise) have no insight into Nominees without prior consent.