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Optimizing Client Service and Data Management for a Financial Advisory Firm

Focus Areas

Data Management System

Digital Transformation

Automation

Business Problem

A financial advisory was facing challenges in managing client information. The company didn’t have a centralized system to organize and follow client interactions, service requests, and portfolios, and advisors had to spend quite a lot of time manually tracking this client data. This negatively affected productivity and client satisfaction.

Key challenges:

Fragmented Client Data:The firm used multiple unintegrated systems to track client interactions, manage portfolio data, and service requests. Thus, advisors did not have access to comprehensive and updated information.
Inefficient Client Service: The firm’s clients received delayed service delivery and personalized advice because advisors would often have to trace a client’s information through multiple platforms.
Limited Client Insights: The absence of a centralized data management system prevented the firm from delivering highly personalized services. Advisors had limited insights into the kind of services their clients needed and the financial advice that would suit them best.
Reduced Advisor Productivity: Manually managing data took up a substantial amount of the advisor’s time, and reduced their ability to focus on building stronger relationships with clients or providing tailored strategic financial advice.

The Approach

After gaining a thorough understanding of the firm’s existing data management process and identifying areas for improvement, Curate Consultants designed and implemented a centralized data management system and process improvements to improve productivity, reduce manual work, and optimize workflows. The integrated system could now provide a better overview of the client to the advisor.

Key components of the solution:

Discovery and Requirements Gathering: Through workshops, interviews, and process mapping carried out while working closely with the internal operations, IT, and advisory teams, Curate gained a thorough understanding of the current data management processes and identified the following key areas for improvement:
- Track client interactions, portfolios, and service requests through a centralized data management system.
- Provide real-time access to comprehensive client data for advisors.
- Reduce manual data entry and improve productivity by optimizing processes.
- Ensure integration with existing platforms used for client relationship management (CRM) and portfolio accounting.
Implementing a Centralized Data Management System : Curate’s solution integrated client interactions, portfolio data, and service requests into a single platform. This streamlined data access gave advisors visibility into client’s financial data and improved their ability to provide timely and personalized financial services.
- Centralization and Data Integration: The firm’s operational CRM, portfolio management systems, and client service tools were all integrated into one data management platform.
- Real-Time Insights: The platform gave advisors live access to client information such as financial portfolios, interaction history, and service requests. Automated alerts were set up to notify advisors of key events (such as portfolio changes or upcoming client reviews) and ensure that they received timely and relevant advice.
- Service Request Tracking: A module was developed within the platform to track client requests from account updates to portfolio adjustments. This provided clear visibility into the status of each request.
Process Optimization and Automation: Curate implemented process improvements, working closely with the firm, to improve productivity and optimize workflows.
- Automation of Data Entry: Automation tools were introduced to reduce the manual entry of client data. For example, client interactions and portfolio updates were automatically logged within the system, reducing the time advisors spent entering data.
- Uniform Data Management: To ensure consistent data management across the company and minimize errors, Curate established standardized workflows.
- Productivity Tools: Common tasks such as scheduling client meetings, generating financial reports, and client review preparation were simplified through productivity tools. This allowed advisors to improve their productivity and focus on client engagement.
Stakeholder Engagement and Change Management: To successfully implement the new data management system Curate worked closely with the firm’s internal teams and external vendors throughout the project.
- Internal Teams: Curate worked closely with the firm’s internal IT, advisory, and operations teams to ensure the new system met their specific needs. Regular feedback sessions were also held to answer concerns and refine the solution.
- Vendors: Curate coordinated with the firm’s existing vendors to ensure seamless data flow between systems and minimized disruption to daily operations while integrating the centralized data management system with the CRM and portfolio management system.
- Change Management and Training: Training sessions were provided to the firm’s advisory and operations team on using the new system, and workshops were conducted to ensure the smooth adoption of the new tools and processes.

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Business Outcomes

Enhanced Operational Performance

The centralized system allowed advisors to spend less time searching for client information and make quicker, more informed decisions, improving operational efficiency by 40%.

Higher Productivity

The automation tools and process optimizations increased advisor productivity by 35%, allowing them to handle more clients and deliver better services.

Sample KPIs

Here’s a quick summary of the kinds of KPI’s and goals teams were working towards**:

Metric	Before	After	Improvement
Advisor productivity (clients/day)	6 clients/day	9 clients/day	35% improvement
Time spent accessing client data	15 minutes/client	5 minutes/client	75% reduction
Service request response time	48 hours	12 hours	75% reduction
Client satisfaction score	7/10	9/10	2-point improvement
Data entry errors	10 errors/month	1 errors/month	90% reduction

**Disclaimer: The set of KPI’s are for illustration only and do not reference any specific client data or actual results – they have been modified and anonymized to protect confidentiality and avoid disclosing client data.

Customer Value

Improved Client Service

The automation of data entry and service request tracking ensured quick and accurate responses from the firm to its clients.

Higher Client Satisfaction

The firm saw a substantial improvement in its client satisfaction scores. Clients valued the increased attention and tailored advice being given to their financial needs.

Sample Skills of Resources

Data Engineers: Expertise in data integration, automation, and centralized data management systems.
Process Improvement specialists skilled in simplifying workflows, optimizing processes, and improving operational efficiency.
Customer Relationship Management experts proficient in integrating CRM systems with data management platforms to improve client service workflows.
Information Technology: Knowledge of integrating enterprise level data systems with existing platforms.
Project Managers with expertise in managing cross-functional teams, ensuring timely delivery of technology projects, and aligning stakeholders.
Change Management professionals qualified in training internal teams, managing the transition to new systems, and ensuring the successful adoption of new processes.

List of Tools and Technologies

Data Management Platforms: Microsoft Dynamics 365, and Salesforce for client data tracking and interaction management.
Automation Tools: Microsoft Power Automate, and UiPath for automating data entry and service request tracking.
Data Integration: SQL Server Integration Services, REST APIs for integrating CRM and portfolio management systems.
Reporting Tools: Power BI, and Tableau for generating real-time client insights and portfolio reports.
Collaboration & Project Management: Jira, Confluence, and Microsoft Teams for task coordination and team communication.

Conclusion

Curate revolutionized the financial advisory firm’s approach to managing client interactions, portfolios, and service requests through process optimization and the implementation of a centralized data management system. Streamlined operations allowed the firm to provide timely and highly personalized financial advice, enhancing client service and trust.

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