Managing operations effectively is often the difference between a business that struggles under inefficiencies and one that runs smoothly with clear priorities. In this case, the firm faced challenges that hindered growth, strained resources, and limited its ability to maintain consistent service quality across multiple offices. A strategic approach to operations created the foundation for a turnaround.
PROBLEM TO SOLVE:
- Staff not working at the highest skill level and overloaded with work
- Lack of time to attract and on board new clients
- Unable to attract new advisors and open new locations
- Dilution of 3 office, regional brand due to lack of standard operating processes
- Unable to monitor quality of client servicing
SOLUTIONS RECOMMENDED & IMPLEMENTED
SOFTWARE:
- CRM: migrated from Goldmine/Outlook to Salesforce CRM
- DOC MGMT: migrated from server to Net Documents DMS and integrated with Salesforce
- DICTATION: added Mobile Assistant and integrated with Salesforce
- PORT MGMT: implemented Orion and integrated Salesforce
- QUESTIONNAIRE: added Precise FP into data gathering process
- EMAIL: moved to Office 365 with Smarsh archive
- FINANCIAL PLANNING: improved use of Money Guide Pro and integrated with Salesforce
- EMAIL DRIP: setup Mailchimp and integrated with Salesforce
- FORMS: integrated Laser Apps with Salesforce
HARDWARE:
- installed dual monitors
- installed desktop TWAIN scanners to integrate with Net Documents eliminated 3 servers
STAFF:
- MARKETING: moved to Advisor Websites for design, coding, and ongoing support
- IT: hired onsite IT person
- INVESTMENT: moved portfolio back office reconciliation & reporting to Orion
SUCCESS!
WITHIN THE YEAR:
- Decreased Staff costs by $175,000 due to attrition and no need to fill positions
- Gained $30,000+ annual cost from elimination of servers
- Increased revenue due to comprehensive billing of all investments
- Improved compliance with full backup of all documents at an offsite, secure bunker and activity log of client servicing
- Increased staff’s capacity by over 50% due to implemented software, hardware, and integrations
- Able to track and maintain quality standards through improved managing operations processes
