A $280 million discretionary AUM Florida firm came to us with 5 support staff and 2 advisor owners. They had hit a wall on business development due to lack of capacity, tech and operational setbacks, and a more remote location that didn’t provide experienced candidates to hire. They custodied at TD Ameritrade, Fidelity, Jefferson National, and Schwab.
We reviewed their staff roles, use of tech, and how they operated. We confirmed they had a great culture, wonderful energy among the staff and in the community, and the willingness to change and improve.
1. benefits of moving the server off premise
2. time and leased space saved by going paperless with Net Documents
3. free, time saving integration among 365 email, Portfolio Center AUM data, Net Documents, and Redtail CRM
4. sense of order and control they would feel when CRM workflows were created and used
5. using workflows to guide and train hires with no industry experience
In less than 9 months, they worked with us to implement, integrate, and adopt Redtail CRM, Net Documents, hosted QuickBooks, new IT provider, Laser App, Money Guide Pro, and more. We built and trained them to use customized workflows to on board new clients and servicing.
As their workload decreased, they used their time to attract and on board $31 million of new AUM. They attracted and trained two interns, which graduated into para planner and investment associate roles within 1 year. And the new workflows kept them on track and operating efficiently with no loss of quality client servicing.
We learned later that our engagement brought clarity and energy to the owners. They realized their passion was business development and mentoring staff, NOT managing the business operations. They opened their doors to larger RIA firms that were looking to acquire others. In the end, our client was able to orchestrate a merger at a higher valuation due to their improved scalability and client base.
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