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Modernizing Operations and Increasing Scalability


How LibertyFi Helped Carnegie Wealth Management Transform Its Service Offering

 

Carnegie Wealth Management is an independent, employee-owned and operated investment management firm with $150 million in assets under management.

After acquiring Carnegie Wealth, CEO Scott Sheffer was determined to offer his clients the best possible experience. This commitment to service led Sheffer to select the Envestnet unified advice platform as the technology around which he would optimize the firm.

To implement his vision, Sheffer realized he needed help tailoring Envestnet’s sophisticated technology to his practice’s specific needs.

In 2017, Sheffer contacted the team at LibertyFi for help.


Improving the Client Experience with Repeatable Processes

To build a more resilient business positioned for success, LibertyFi worked closely with Sheffer to define the firm’s workflows and to configure the Envestnet platform to:

  • Improve portfolio performance
     LibertyFi smoothly transitioned all clients into new model portfolios to improve investment performance. Clients now understand what they own and why they own it.
  • Generate revenue efficiently
     LibertyFi helped define and organize the firm’s business processes so Carnegie Wealth can operate with a small, nimble team.
  • Thrive in a difficult environment
     With almost all of Carnegie Wealth’s services supported by cloud-based software, the firm has a resilient business continuity plan.
  • Offer clients additional value
     LibertyFi’s technical support simplifies the adoption of integrated utilities and new workflows, which allows the firm to offer clients additional services.

Results

As a result of partnering with LibertyFi, Carnegie Wealth achieved these results:

Next Steps

To grow revenue and expand its client base, Carnegie Wealth is exploring acquisition opportunities with advisors looking to retire or sunset non-core businesses. Sheffer also sees opportunities to offer the services he’s built with LibertyFi to additional investors.

“LibertyFi is helping me grow our business,” says Sheffer. “We’re convinced that we have a better mousetrap because LibertyFi helps us maximize our return on our tech investment."

Conclusion

With help from LibertyFi, Carnegie Wealth defined its core business processes and implemented the Envestnet platform to support them.

“LibertyFi is essential to our success,” says Sheffer. “We have been able to innovate with confidence knowing that we have LibertyFi’s technical support and ‘know-how.’”

Read the full case study here.