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The Big Client Sweep
By Donna Mitchell
July 14, 2011
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Wealth management and advisory firms and supporting enterprises like compliance consultancies are on the prowl for business development experts.
But when those professionals come aboard and start bringing new clients into the fold, don’t let them down with processes that fall short. Most principals might believe that they do this sufficiently.
That may be so, but a couple of recent developments suggest that there is room for improvement at wealth management and financial planning firms.
Private Client Resources, based in Wilton, Conn., launched Palette Platform, an open-architecture system that blends a host of useful wealth management systems. A couple of their executives stopped by our offices and showed off the system’s features, which are plenty. This blogger doesn’t mean to provide a review of the Palette Platform system, but there are a few intriguing elements that are worth noting.
The system was designed to be very flexible, considering that Private Client Resources counts the six largest private banks among its patrons, Robert Fiore, president and chief executive officer said during the meeting. The client list also includes nine significant RIA firms, whose assets under management range from $7 billion down to $100 million. Taken together, the advisory firms serve investors with an average about $10 million in net worth, so their financial lives are complex.
Private Client Services specializes in standardizing information, developing end-to-end technology, and an end client service component.
“There is a customized approach to each client,” Fiore said during the meeting. “How we implement them in each business is unique.”
The Palette Platform system looks like it packs a punch. It includes high-quality aggregated data, premium reporting and billing. Fiore says Private Client Group included a CRM component by partnering with specialist Salesforce.com. Agreements with other CRM providers, like Junxure and Redtail, are under consideration.
Every screen organizes loads of client information into an environment that looks clean and organized. Take the information under the Collaboration page. There, an advisor can see how much of the client’s assets the firm manages and how much are supervised away from the firm. There are also updates on letters of authorization for client accounts, among other slices of information. The advisor can even retrieve news feeds relevant to the investor’s interests.
The Palette Platform is just one option for advisors to explore before figuring out which system will best support their business development staff members.
Last week, Aite Group issues a report, “Wealth Management Onboarding: Expanding Beyond Account Opening,” which drew on interviews with executives from 99 wealth management headquarter offices says that few firms characterize from Boston-based research firm Aite Group suggests that firms have room for improvement in automating the client signup process. Dave Lindorff did a report on those findings last week.
Part of Aite Group’s report found that advisors underestimate the importance of smoothly integrated data management systems. After seeing what PCR’s new Palette Platform can do, it seems like advisors have more opportunities to tighten up the support system for new business that comes in through the front door.
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