When inconsistent service delivery and stalled growth began to impact profitability, this firm realized it was time to document business processes and create a consistent client experience. Without clear procedures, they struggled to follow best practices. This led to different client types serviced ineffectively. They missed opportunities, created inefficiencies, and hit a revenue ceiling—until they took a structured approach to change.
PROBLEMS TO SOLVE:
- Stunted revenue growth
- They failed to document business processes and ensure staff followed them as specified.
- Failed to address the fact that two different types of clients existed and each should be serviced differently to provide appropriate quality service while maintaining profitability
SOLUTIONS RECOMMENDED & IMPLEMENTED by COO
- DOCUMENT MANAGEMENT: established client segmentation and servicing that included a cloud based document sharing system with client accessibility
- PROCESS: created and documented business processes for client onboarding process that maximized technology integrations with staff to reduce the workload and quickly on board clients
- STAFF: function roles assessed to identify type of person for next hire
- WEBSITE: hired new website vendor
- CLIENT PORTAL: white labeled eMoney and providing clients 24/7 access to their financials
SUCCESS!
- AUM growth of $91 million in less than 2.5 years
- Client growth of 3 new client relationships (shed past clients and attracted new, larger AUM clients)
- 285 accounts added
- Attracted two experienced advisors
