This $337 million AUM RIA firm was at a major crossroad. They had 4 owners retiring and 4 younger staff becoming owners with none having past business management experience. Their lease was renewing, documents were in file drawers and on the server, their CRM was being used as a rolodex, the Portfolio Management software was antiquated, they lacked defined workflows and process, and the owners wanted a method to managing business initiatives and decisions. They also needed more effective processes to servicing clients while attracting new clients and staff. Important decisions needed to be made quickly. The good news was the entire firm staff was on board and putting in the necessary work to embrace change.
We assessed all their current tech, methods of operating, online presence, and staff. We presented a master plan of recommendations, costs, and timeline in a format they could reuse for future initiatives. And we visually educated them on the benefits of the recommendations that were implemented with method s they could use to pre-sell staff on future ideas. Here are a few of the many recommendations that were implemented:
- IT: Increased security around data with implementation of implementation of a new, comprehensive IT Firm
- CLIENT SERVICE: Improved client servicing with online location for clients to collaborate with their advisor, access their financial data, DIY financial planning goals, and store/retrieve documents and performance reports 24/7. (eMoney/Orion)
- WORKLOAD: Reduced the investment reporting, management and billing work by maximizing the use of their new portfolio management system (Orion) and transitioning to on-quarter billing.
- REMOTE WORK: Reduced paper and storage costs and allowed staff ability to work remotely with new Document System. (Drop Box Business)
- STAFF RECALIBRATION: Increase efficiency and eliminated redundancies by reorganizing staff roles and responsibilities, empowering less experienced staff members, and training “up” the owners on executive-level skills. (Function Chart)
- PROCESS DESIGN: Reduced the workload and provided clarity to responsibilities with creation of written workflows. (Redtail and Zapier)
- OFFICE EXPENSE REDUCTION: Moved to new, smaller square footage space with more open offices.
The ROE results included:
- Client service requests dropping through use of technology
- Retained all clients while transitioning out 4 senior advisors
- Reduction in office space costs
- Higher profitability
- Role and responsibility clarity with career tracks established
- Time available to focus on marketing and new client acquisition initiatives
- Attracted experienced junior advisor
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