With growth stalled and operations stretched thin, this firm needed a way to organize projects and manage staff workload more effectively. Disorganization, limited capacity, and competing priorities made it difficult to attract new talent, expand services, or keep up with day-to-day demands.
PROBLEM TO SOLVE:
- Unable to attract advisors with books of business to join the firm
- Unable to attract operations staff to join the firm
- Unable to accommodate more advisors due to lack of space
- Difficulty increasing the wealth management business without increasing the size of the staff.
- No monitoring of projects and current staff workload
- Unable to market to new leads due to lack of time and website
- Overwhelmed and disorganized
SOLUTIONS RECOMMENDED & IMPLEMENTED by COO
- CRM: Redtail enhanced with eliminating 70% of inactive contacts and new segmentation
- DOC MGMT: Net Documents and integrated with Redtail
- DICTATION: CopyTalk and integrated with Redtail for rainmakers
- PORT MGMT: RocketIt services enhanced
- EMAIL: Redtail with Smarsh archive and integrated with Redtail
- FINANCIAL PLANNING: Money Guide Pro and integrated with Redtail
- EMAIL DRIP: Redtail Broadcast Email
- FORMS: Laser App Group and integrated with Redtail
- HARDWARE: phone headsets, dual monitors, desktop scanners
- WEBSITE: moved from under construction to published
- STAFF: attracted new planner candidates
- OUTSOURCED: Outsourced Bookkeeper, Virtual Assistant, IT Provider
- PROCESSES: Lead to Prospect, Prospect to Client, New Client On Boarding, Annual Client Servicing, Investment Reporting, Marketing
SUCCESS!
WITHIN THE YEAR:
- $20 million AUM growth
- Staff attrition of $80,000 with no need for replacement due to productivity increase
- Reduced cost of new office space lease cost due to drastic reduction of need for square footage & gained 3 more offices
- CRM navigation speed drastically increased, thus improving productivity
- Attracted seasoned younger advisor
- Quicker onboarding of new clients and new hires
