The wealth management market place is at an inflexion point, driven by increased regulatory and compliance requirements since the crisis, increasingly sophisticated and demanding clients and a rapidly evolving technology environment. In this new paradigm and in the midst of ever increasing competitive pressure, institutions, private banks or wealth managers that wish to remain or become trusted advisors for commercial and retail clients, will need to adapt rapidly, even in the context of their current constraining technology and custodians at various levels of readiness. And they will need to stay adaptable and nimble as accelerating change becomes the order of the day. You better have a good time to market story with deep visibility.
Far from being a competitive advantage, this firm’s end to end Performance Reporting system (from data sourcing, aggregation, performance calculations, updating systems of record to providing insightful reporting) had become a significant dis-satisfier for its Financial Advisor community and its clients. The hundreds of Financial Advisors, in an attempt to maintain service levels and meet customer needs, were spending disproportionate amounts of time trying to cover for system and process gaps, as opposed to directing their efforts to value-added analysis and engaging with the customer. They were not able to effectively meet service levels either. The challenges included:
Source document variability
Lack of standards
Complexity of Internal / External systems
Lack of transparency and visibility
All of these challenges were overcome and weaved into solution that leveraged pattern seeking processes that delivered a holistic end to end view of each client and an aggregation of total asset base regardless of where it is held. This organization delivered on-demand visibility of client portfolios without the overbearing level of support from the firm the Financial Advisors.
Starting with an out-of-the-box client portal and configuring the system for the specifics of the firm’s Performance Reporting policy and integration with internal and external systems, an enterprise-scale solution was operational in under three months. This laid the foundation of a world class end to end Performance Reporting system, integrated with and not limited by, their current applications suite, eventually driving down reporting cycle time from 45 days to same-day reporting and a 10x improvement in service levels, while significantly exceeding project economics.
The combination of agile BPM and Semantics provided a solid combination for this kind of problem
The above success story has been summarized and made anonymous to get the essence of the success documented quickly. The source of this success story is a technology provider named RAGE Frameworks