Aug 16, 2019

A Financial Services Firm Leverages Tech & Reduces Time to Review, Buy, and Sell Products | Finance

The Scenario

A financial services firm provides outsourced investment solutions to high-net-worth clients, including private foundations, trusts, estates, and other taxable institutions. One of the solutions they provide includes designing tailored financial portfolios to suit the special needs of these types of clients.

Agents make their investment recommendations based on each client’s unique risk tolerance and goals, so agents need up-to-date information to make the best recommendations possible for these high-profile clients. Unfortunately, the financial services firm realized that the software system they had been using was far too rigid and was preventing agents from properly forecasting potential gains or risks associated with different opportunities.

Not only was the technology incapable of up-to-the-minute forecasting, but the system was not automated, and agents were spending large amounts of time calculating scenarios, often with somewhat outdated information. Such time-consuming actions were costly to the business and upsetting to clients who wanted more detailed reports.

Knowing that they needed a better tool to forecast and showcase accurate reports, this financial firm decided to partner with AltSource, a custom software development company in Portland.

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Financial

Custom software

Features & Benefits

After an in-depth discovery process, AltSource designed the technology roadmap that would help this financial firm save time and provide better customer service.

First, AltSource created a custom portfolio assessment tool that enabled financial professionals to gather data so that they could efficiently and sustainably advise their clients.

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By putting this solution into a cloud-based web application, AltSource helped the firm centralize its database, providing a simpler way for team members to gather and share the most accurate data from a single source.

A centralized database also allowed agents to input proposal investment changes and see projected results in real-time, giving their clients more accurate recommendations about investment options and strategies.

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Business Impact

Centralized Data

Information stored in the cloud empowered agents to get up-to-date forecasting data and provide better recommendations to clients.

Unified Reporting

Firm-wide reports now tracked asset allocation, variance, valuation, change projections, and more, giving the firm improved visibility of the business.

Automated Actions & Workflows

With a centralized database and improved reporting, automated actions and workflows could be implemented to save time and improve efficiency.

Better Use of Employee Skills

Employees no longer had to waste time with manual data entry and reporting, and could now use their time for higher-value tasks.

Improved Customer Service

Agents could now provide customers with the detailed holistic reports they craved, increasing customer satisfaction and retention.

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