When planning for growth, RIAs need to consider their talent strategy. As the firm grows, leaders might be inclined to hire additional operations staff to meet increased service needs. But there are better approaches.
Rather than adding headcount, RIAs can scale their practice by using technology and embracing outsourcing. This combination allows RIAs to scale their service offering and increase their client base while controlling costs and avoiding additional operations staff. You can offer a greater number of clients the consistent, meaningful experiences they expect by automating workflows, increasing advisor productivity, and standardizing operations.
4 Opportunities for Transformation
To position your firm for success, you should consider these four transformational opportunities:
- Shift the focus to the client by outsourcing the management and configuration of wealth technology to a team of middle-office consultants.
- Streamline and automate operations with technology to increase efficiency and improve the advisor-client experience.
- Continue refining workflows and configurations as advisors gain familiarity and expertise with the technology.
- Outsource to strategic partners who can help with a range of non-differentiating services, allowing advisors to focus drive value by attracting prospects and serving clients.
When you work with LibertyFi, we become an extension of your team, from initial conversion to on-going support and training. During the early phases of our engagement, our goal is for you to focus on transitioning your clients. We handle all the heavy lifting of the platform until your book of business has transitioned. We have worked with dozens of RIAs to deliver a seamless conversion process that includes:
- Custodian integration
- Investment mapping
- Transition of client accounts
- Platform configuration to meet your firm’s specific needs
- Ongoing support to build advisor familiarity and confidence in the use of the platform
- Wealth platform training in the Client Portal, model management, reports, and more
We then take you through an in-depth training program of the different components of the platform, Client Portal, account onboarding, reporting, model management, research, and more.
As we learn more about your business, we’re available to tweak the platform configuration to better serve the needs of your firm. Because we’re committed to your success, we’ll continue our partnership by acting as your outsourced middle office and continue to train and support you on the platform.
Benefit from our Strategic Partners
Beyond LibertyFi supporting your tech operations, our clients also benefit from our strong relationships with trusted strategic partners. These partners focus on the non-differentiating areas of your practice so you can concentrate on serving your clients. Our partners can assist with:
- Custodial services from consultants at The RIA Works who can generate the custodial paperwork you need to establish accounts and transition clients. The RIA Works send you packages that you can forward to clients or review with them in person.
- Investment management from OCIO experts at WealthShield who can provide your clients with personalized investment strategies at scale.
- Compliance expertise from AdvisorAssist who can review business processes to ensure they promote regulatory compliance. These partners can also help with an SEC audit.
- Business expertise from Wealth Advisor Growth Network (WAGN) who have over 45 years of combined experience building and running RIAs.
- Insurance services from AiK2 to cost-effectively ensure and protect your most valuable asset, your firm.
- Marketing services from Graham Media Partners, a hands-on marketing agency with deep experience in the financial services industry.
The Envestnet wealth management platform, supported by our technology consultants and team of strategic partners, can help you cost-effectively scale your firm. Start achieving your business goals by providing advisors and clients with more consistent, streamlined experiences.
To learn how our expertise in running RIAs with technology can help you drive growth, contact Alli Jordan at LibertyFi: libertyfi.com/contact.