Building an advisor productivity engine from a fragmented back office

Overview

How we helped one of the world’s largest wealth managers build an advisor productivity machine

Behind every great wealth management customer experience, every seamless exchange in which advisors have all the information they need to deliver personalized guidance, every trade that processes and reconciles without a second thought, and every corporate action event that gets paid on time, there are hundreds of detailed operational workflows that need to be managed behind the scenes to make it all possible.

By working with Broadridge Business Process Outsourcing (BPO), one of the world’s largest wealth management broker-dealers was able to:

• Bring in the talent and the technology necessary to make all those disparate pieces come together in one ultra-efficient back-office ensemble
• Reverse decades of administrative waste and employee attrition along the way

Challenge

Breaking out of the operational doom loop through scalable transformation and resilient process

As one of the world’s largest wealth management broker-dealers, supporting a network of more than 15,000 advisors nationwide and managing in excess of $1 trillion in assets, our client was struggling to keep up with the operational demands that come along with delivering white-glove investment advisory service to its clients.

In need of a partner that could seamlessly integrate to provide operational excellence and resilience and a digitally-enabled approach to streamlining processes. The client faced challenges in:

• Maintaining adequate staffing levels with the right level of domain expertise
• Scaling support to meet increased client demand and advisor service requirements
• A litany of operational processes ripe for digital transformation

Solution

The Broadridge BPO difference: transforming operations with expertise, technology and trust

When it came time to address this pattern once and for all, the client knew they needed more than a staffing solution. They needed a team with deep industry experience in financial services workflows, and the technology, proven processes, and talent necessary to transform their wealth management operations. They turned to Broadridge BPO based on a multitude of factors including our:

• Proven track record of optimizing operations and delivering resilient, best-in-class client service
• Embedded financial services technology DNA and cutting-edge digital solutions that can be deployed to reengineer and automate legacy workflows
• Long-standing, trusted partnership across wealth and capital markets

Benefits

Welcome to the machine: built for performance, driven by process, scaled for transformation

The result was a complete transformation of our client’s wealth management operations function, one that combined seasoned talent and technology-driven process reengineering to create the ultimate advisor productivity machine. Working behind the scenes to support everything from account management tasks to complex corporate actions processing, our team of wealth management operations professionals was able to hit the ground running on day one. More importantly, our systematic approach to developing operational best practices, automating outdated, clunky workflows, and streamlining communications between front- and back-office, has enabled us to create a cycle of continuous improvement.

Most importantly, our client was able to achieve a heightened level of efficiency and stability in their wealth management operations function. We’ve been able to support our client in achieving a:

• 2-3x increase in weekly volume of asset transfers and mutual fund and retirement account administration requests
• 1.5x increase in corporate actions processing rates
• 100% acceptance rate and zero failures

Along the way, we’ve consistently achieved the highest possible satisfaction scores on all new advisor and client inquiries.