Harrington Legacy Advisors: 40% Revenue Boost Per Advisor

Harrington Legacy Advisors: 40% Revenue Boost Per Advisor

Executive Summary

Harrington Legacy Advisors faced the challenge of increasing revenue per advisor without overburdening their team or compromising client service. Golden Door Asset implemented a comprehensive workflow automation system by integrating their existing tech stack and provided targeted training to optimize its use. This resulted in a significant 40% increase in revenue per advisor within the first year, demonstrating the power of streamlined operations and enhanced client engagement.

The Challenge

Harrington Legacy Advisors, a well-established RIA managing over $500 million in assets, found themselves at a plateau. While they had a loyal client base and a strong reputation, revenue growth had stagnated. The core issue stemmed from inefficient, manual workflows that consumed significant advisor time on non-revenue generating tasks.

Specifically, advisors spent an average of 12 hours per week on administrative duties such as data entry, compliance paperwork, and appointment scheduling. This translated to roughly $30,000 in lost revenue-generating opportunities per advisor, assuming a conservative billing rate of $250 per hour and 120 billable hours lost annually.

Furthermore, their client onboarding process was cumbersome. It took an average of 3 weeks to fully onboard a new client, involving multiple touchpoints and manual data transfers between different systems. This created friction for new clients and hindered the firm's ability to quickly capitalize on new business opportunities. A recent client satisfaction survey revealed that 15% of new clients found the onboarding process “somewhat difficult.”

They were using Salesforce Financial Services Cloud, PreciseFP for financial planning data gathering, and Redtail CRM for client relationship management, but these tools were operating in silos. Information was not flowing seamlessly between systems, forcing advisors to manually re-enter data, increasing the risk of errors and wasting valuable time. This lack of integration also made it difficult to generate comprehensive reports and gain insights into client behavior, hindering their ability to tailor financial advice and identify new cross-selling opportunities.

The leadership team recognized that to achieve their growth objectives – a 15% increase in AUM within the next two years – they needed to address these inefficiencies and empower their advisors to focus on what they do best: building relationships and providing personalized financial advice. Failure to modernize their workflows would mean continuing to leave money on the table and potentially losing ground to more agile competitors.

The Approach

Golden Door Asset took a multi-faceted approach, focusing on technology integration, workflow automation, and advisor training. Our strategy centered around maximizing the value of Harrington Legacy Advisors' existing technology investments rather than recommending entirely new solutions.

First, we conducted a thorough assessment of their current workflows, identifying key pain points and areas for improvement. This involved shadowing advisors, interviewing support staff, and analyzing their existing technology infrastructure. We mapped out each step of the client onboarding process, compliance workflows, and client review process to pinpoint bottlenecks and redundancies.

Based on this analysis, we developed a customized workflow automation plan that focused on seamlessly integrating Salesforce Financial Services Cloud, PreciseFP, and Redtail CRM. The strategic decision framework revolved around optimizing existing resources while minimizing disruption to daily operations.

Our approach included:

• Data Integration: Implementing a robust data integration strategy using Zapier to automate data transfer between the three core systems. This eliminated the need for manual data entry and ensured that client information was always accurate and up-to-date.
• Workflow Automation: Automating key processes such as client onboarding, appointment scheduling, and compliance reporting. This freed up advisors to focus on client-facing activities and revenue generation.
• Personalized Training: Providing personalized training to each advisor on how to effectively leverage the integrated system and optimized workflows. This ensured that advisors were comfortable with the new processes and could maximize their efficiency. The training focused on practical application, using real-world scenarios and hands-on exercises.
• Client Communication Streamlining: Implemented automated email sequences for client communication, triggered by specific events in the workflow (e.g., new client welcome, appointment reminders, quarterly performance updates). This ensured consistent and timely communication, enhancing the client experience.

We prioritized quick wins to demonstrate the value of the new system and build momentum. For example, we automated the process of generating client performance reports, which previously took advisors several hours each month. This immediately freed up their time and allowed them to focus on more strategic activities.

Technical Implementation

The technical implementation involved a combination of software integration, custom workflow development, and user training.

• Integration of Salesforce Financial Services Cloud, PreciseFP, and Redtail CRM via Zapier: This was the cornerstone of the project. Zapier was configured to automate data transfer between the three systems, ensuring data consistency and eliminating manual data entry. For example, when a new client profile was created in PreciseFP, Zapier automatically created a corresponding contact record in Redtail CRM and updated the client’s information in Salesforce Financial Services Cloud.

  • Specifically: A multi-step Zap was created to trigger when a new profile was completed in PreciseFP. This trigger then initiated actions in Redtail CRM (creating a new contact) and Salesforce (creating a new Lead). Field mappings were carefully configured to ensure accurate data transfer.

• Workflow Automation Development: Custom workflows were developed within Salesforce Financial Services Cloud to automate key processes. For instance, a client onboarding workflow was created that automatically assigned tasks to different team members (e.g., compliance review, investment account setup) and tracked the progress of each task. Triggers were set up based on completion of certain tasks to automatically send email notifications to the client and the advisor.

• Automated Compliance Reporting: We configured Redtail CRM to automatically generate compliance reports based on pre-defined criteria. This streamlined the compliance process and reduced the risk of errors. The system was set up to automatically flag potential compliance issues based on client data and transaction history.

• PreciseFP Data Integration: We customized PreciseFP templates to capture the specific data required by Harrington Legacy Advisors. This ensured that the firm was collecting all the necessary information to provide comprehensive financial advice. We also integrated PreciseFP with their document management system, allowing them to automatically store client documents in a secure and organized manner.

• Client Portal Configuration: Enabled and customized the Salesforce Financial Services Cloud client portal to provide clients with secure access to their account information, performance reports, and financial plans. This improved client communication and transparency.

• Training: A comprehensive training program was developed to teach advisors how to use the new system and optimized workflows. The training covered topics such as data entry, report generation, and workflow automation. The training program was delivered through a combination of online modules and in-person workshops.

Calculations Involved:

• Time Savings: Calculated the average time savings per advisor by tracking the amount of time spent on key tasks before and after the implementation of the new system.
• Revenue Impact: Projected the revenue impact of the time savings by multiplying the average time savings per advisor by the advisor's billing rate.
• ROI: Calculated the return on investment of the project by dividing the projected revenue impact by the cost of the implementation.

Results & ROI

The implementation of the new workflow automation system yielded significant results for Harrington Legacy Advisors:

• 40% Increase in Revenue Per Advisor: This was the most significant outcome. Advisors were able to spend more time on client acquisition and deeper relationship building, directly contributing to increased revenue. Revenue per advisor increased from an average of $300,000 to $420,000 within the first year.
• 60% Reduction in Client Onboarding Time: The automated onboarding process reduced the average time to onboard a new client from 3 weeks to just over 1 week. This improved the client experience and allowed Harrington Legacy Advisors to quickly capitalize on new business opportunities.
• 75% Reduction in Administrative Tasks: The automation of administrative tasks freed up advisors to focus on client-facing activities. The average time spent on administrative tasks decreased from 12 hours per week to just 3 hours per week.
• Improved Client Satisfaction: The streamlined client experience and enhanced communication resulted in improved client satisfaction. Client satisfaction scores increased by 15% based on post-implementation surveys. The percentage of new clients who found the onboarding process “difficult” decreased from 15% to under 3%.
• Return on Investment (ROI): The project generated a significant return on investment. The total cost of the implementation was $50,000. The projected revenue impact was $120,000 per advisor, resulting in an ROI of 240% in the first year alone.
• AUM Growth: Harrington Legacy Advisors achieved their goal of a 15% increase in AUM within two years.

Key Takeaways

For other advisors looking to improve their practice management, consider these key takeaways:

1. Integrate Your Technology Stack: Don't let your technology tools operate in silos. Integrate them to streamline workflows and automate data transfer.
2. Automate Repetitive Tasks: Identify and automate repetitive tasks to free up advisor time for client-facing activities.
3. Invest in Advisor Training: Provide personalized training to ensure that advisors are comfortable with the new system and optimized workflows.
4. Prioritize Quick Wins: Focus on quick wins to demonstrate the value of the new system and build momentum.
5. Measure and Track Results: Track key metrics such as revenue per advisor, client onboarding time, and client satisfaction to measure the success of your practice management initiatives.

About Golden Door Asset

Golden Door Asset builds AI-powered intelligence tools for RIAs. Our platform helps advisors identify high-potential clients and personalize financial recommendations. Visit our tools to see how we can help your practice.