Prime is one of Australia’s premier wealth firms. Their investment philosophy together with the integrated nature of their services are a key aspect of their ongoing success.
They recognise that to lead in the modern advice industry you need the best technology and the best technologists.
Whilst M&A activity in recent years had created great value it also posed a challenge. How do they automate and standardise the current process to enable scale well into the future?
Enter PortfolioCloud!
Getting data in the right shape when dealing with disparate systems is a fundamental problem for many adviser firms. Especially those relying on a long-standing back office system. It was no different for Prime.
We worked closely with their key software partners to build a collaborative approach to solving problems. We knew that we would need to understand their data schemas and back-office software tools to make it work.
Angelina’s team now have a way to synchronise the data across systems, ensure they can see where there are data inconsistencies (in their own back-office systems) and proactively action them before they interrupt a process downstream. All that leads to better data quality and a better quality process as a result.
Prime had grown up providing bespoke advice to match their client’ bespoke needs. But they recognised that this brought with it a challenge. How do they improve efficiency as their book grows? More importantly, how do they ensure the client experience is still top notch as the number of clients increases?
They turned to technology to help them standardise the documents, automate the population of those documents and allow the technology to orchestrate the workflow between the advisers and their admin staff and the client.
No more word documents, no more mail merge, no more email, no more chasing clients for approval.
Prime produces over a thousand ROA documents each year. With their current manual process it takes, on average, 1 hour for each document. This includes the time it takes to collate the date, prepare the document templates, merge the data, approve the documents and then send to the clients. They then chase their clients each week for approvals.
Using PortfolioCloud we have managed to reduce the effort down to less than 2 minutes per client per advice. Documents are sent via SMS and email and we receive approvals within minutes.
Over the course of the year that’s a saving of $n. Which frees their adviser teams up to focus on what matters, their clients. It’s simple – PortfolioCloud is the force multiplier which allows them to scale their business!
Let’s not forget the client experience. Clients love the fact that their advice appears as an SMS on their smartphone and they love the fact that they can click a simple button to approve (or decline) the advice which is then magically executed in the back-office.
The clients are all part of the workflow – and arguably the most important part.
