Business isn’t growing
Profit margins are in the single digits
Clients want, but don’t have, transparent access to information
Staff aren’t productive
Tech is antiquated
Marketing is non-existent
Manual entry work in Excel is abundant along with one-off reporting
No formalized processes, sales tracking, reporting, tasking
No staff mentoring or active business improvement management
$2.1 billion AUA
4 senior owners and 2 owners-in-waiting
Clients are HNW families and institutions (schools, pensions, banks)
Investment management and oversight services provided
We assessed the business revenue model and pricing, client segments, memorized processes, marketing, staff skills/wishes/capacity, and tech. We presented a master plan of recommendations, costs, implementation timelines, champions, and benefits of each recommendation. We then “sold” the benefits and possible impact of the recommendations to receive approval to implement a few ideas below:
- IT: Upgraded from hosted Exchange to 365. Migrated hosted Advent to outsourcer’s server. Installed web cams with intent to use with long-distance client calls. Eliminated local server costs.
- CLIENT SERVICE: Added wealth management service for HNW clientele that included financial planning (Right Capital), self-scheduling call and meeting system (Calendly) for couples to schedule time with their advisor 24/7, and client portal (CSSI’s Portal) to access investment and document information.
- WORKLOAD: Eliminated 75% of Excel manual entry work through optimized use of Salesforce tasking, reports, sales opportunities, process tasking and accountability, client meeting tracking, task tracking. Engaged CSSI to upgrade Advent Axys to latest version, design and implement Replang/SSRS customized investment report generation, and manage back office work, and implement the client and advisor online portal
- STAFF EMPOWERMENT AND RECALIBRATION: Freed up capacity, clarified roles and responsibilities, and empowered staff to train “up” to new skill levels through role charting, the use of processes and outsourcers, connecting staff with appropriate industry content and join peer groups.
- PROCESS AND ACCOUNTABILITY: Created hyper-efficient CRM-embedded processes to standardize the workflows and bulk assign work that could be monitored more efficiently.
- MARKETING: Developed LinkedIn profiles for all staff and linked them an updated LinkedIn Company page to capture online searches. Updated email signature with bio picture and call scheduler link. (in lieu of redoing the antiquated website).
SUCCESS WITHIN 9 MONTHS:
- Client service requests dropping through use of technology
- Productivity and capacity increased 75%
- To-be-owner actively mentoring staff to improve skills and culture
- Off boarding 3 senior owners/advisors with no need to hire more advisors
- Advisor requests dropping due to online portal to access investment information
- Attraction of $3 million AUM HNW client with more in the pipeline
- Staff gained clarity on roles and responsibilities and felt empowered
- To-be-owner actively, efficiently monitoring sales and client service efforts
- Online presence is searchable and professional
As always, we are here to help.
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