Overloaded staff, stalled growth, and ongoing tech setbacks left this firm searching for a way to scale operations without burning out. The partners needed a strategy that would free up capacity, improve efficiency, and keep service quality high while setting the stage for future growth.
PROBLEM TO SOLVE:
- Unable to expand the client base
- Unable to attract new hires at all levels
- Frequent technology setbacks
- Staff overloaded
- 2 Partners not interested in managing the staff
- No time to improve processes to reduce workload for staff and clients
- No ability to scale the business without burning out while maintaining quality service
SOLUTIONS RECOMMENDED & IMPLEMENTED by COO
- CRM: Redtail enhanced through massive cleanup and reorganization of contacts
- DOC MGMT: Migrated from server to Net Documents and integrated with Redtail
- DICTATION: Implemented Mobile Assistant and integrated with Redtail
- PORT MGMT: Integrated AUM feed into Redtail to produce management reports
- TRAINING: Trained Operations Manager on COO duties and business management and planning, built training program for new hires
- EMAIL: Upgraded email system and integrated with Redtail
- EMAIL DRIP: Implemented Redtail Broadcast Email
- FORMS: Implement Laser Apps Groups and integrated with Redtail
- HARDWARE: Installed dual monitors and desktop scanners
- STAFF: converted intern into new hire and attracted 2nd hire for associate role
- OUTSOURCED: Moved Portfolio Center duties to BOSS and IT hardware duties to True North Networks
- PROCESSES: Redesigned Sales Pipeline, Prospect to Client, New Client On Boarding, Annual Client Servicing (meetings, holiday, birthday, newsletter, reporting), Annual, Financial Plan Prep, Marketing within CRM for active use and continuous improvements
SUCCESS!
Within just five months, the firm had begun to scale operations without burning out. Here are the key achievements from that rapid transformation:
- AUM had grown by $31 million
- Reduced IT expenses by $20,000+ due to elimination of local server system
- Increased productivity by 50%+
- Executed client communications plan to increase awareness of services
- On boarded clients 4 times quicker
- Increased client profitability
- Attracted 2 new hires
- Increased valuation enough to change M&A discussion from acquisition to merger talks with large East Coast RIA firm
