Increased Advisor Team Collaboration by 30% Using Shared Workspace

Increased Advisor Team Collaboration by 30% Using Shared Workspace

Executive Summary

Montgomery Retirement Solutions, a leading RIA managing over $750 million in assets, struggled with siloed communication and fragmented workflows, hindering team collaboration and impacting client service. Golden Door Asset helped Montgomery implement a centralized shared workspace leveraging Microsoft Teams, integrating it with their existing CRM (Salesforce) and portfolio management system (Black Diamond). This streamlined communication, improved document sharing, and enhanced project management, resulting in a 30% increase in team productivity and a 15% reduction in project completion times.

The Challenge

Montgomery Retirement Solutions, while successful, faced significant challenges stemming from a lack of centralized communication and collaboration tools. Prior to implementing a shared workspace, advisors primarily relied on email, individual phone calls, and sporadic in-person meetings for team communication. This resulted in several key issues:

• Siloed Information: Client information was often dispersed across various email threads, local computer files, and physical documents. For example, during a recent estate planning case involving a $2.5 million portfolio, a key document containing the client's updated beneficiary designations was missed because it was only shared via email with one advisor on the team. This nearly resulted in a significant tax liability for the client's heirs.
• Inefficient Workflow: The lack of a centralized project management system led to duplicated efforts, missed deadlines, and increased administrative overhead. For instance, the team estimated they were spending an average of 8 hours per week, per advisor, simply searching for information related to ongoing client projects. This represented a significant opportunity cost, diverting time away from higher-value activities like client meetings and prospecting.
• Delayed Decision-Making: The cumbersome communication process significantly slowed down decision-making, particularly in time-sensitive situations. A recent market correction triggered a need to quickly rebalance several client portfolios. Due to communication bottlenecks, the team took an average of 3 days to approve and execute the rebalancing strategy for each client, potentially costing clients up to 0.5% in portfolio value during that volatile period. For clients with $1 million portfolios, this translates to a potential loss of $5,000.
• Increased Compliance Risk: Scattered document management increased the risk of non-compliance with regulatory requirements. Tracking client communication and ensuring adherence to firm policies was a challenge. An internal audit revealed several instances where required documentation was missing or incomplete, leading to potential fines and reputational damage.
• Reduced Advisor Satisfaction: The frustrations associated with inefficient communication and collaboration led to decreased advisor satisfaction and increased turnover. The firm estimated the cost of replacing an experienced advisor to be approximately $150,000, including recruitment fees, training costs, and lost productivity during the transition period.

The Approach

Golden Door Asset worked closely with Montgomery Retirement Solutions to understand their specific needs and challenges, and developed a tailored solution centered around implementing a shared workspace platform. Our approach consisted of the following key steps:

1. Needs Assessment: We conducted a thorough assessment of Montgomery's existing workflows, communication patterns, and technology infrastructure. This involved interviewing key stakeholders, observing team interactions, and analyzing their current software systems. The goal was to identify specific pain points and understand the team's preferred communication styles.
2. Platform Selection: Based on the needs assessment, we recommended Microsoft Teams as the optimal platform for Montgomery's requirements. Teams offered a robust suite of communication and collaboration features, including instant messaging, video conferencing, file sharing, and project management capabilities. Furthermore, Teams could be seamlessly integrated with Montgomery's existing CRM (Salesforce) and portfolio management system (Black Diamond).
3. Customization and Integration: We customized the Teams environment to align with Montgomery's specific workflows and branding. This included creating dedicated channels for different client segments, projects, and teams. We also integrated Teams with Salesforce and Black Diamond, allowing advisors to access client information and portfolio data directly within the Teams interface. This involved setting up API connections and configuring data synchronization protocols.
4. Training and Adoption: We provided comprehensive training to all Montgomery advisors and staff on how to effectively use Teams. The training covered topics such as navigating the interface, using communication features, managing files, and collaborating on projects. We also created a user guide and provided ongoing support to address any questions or issues. We emphasized the importance of consistent usage and demonstrated how the platform would improve their day-to-day workflows.
5. Ongoing Support and Optimization: We provided ongoing support to Montgomery, monitoring the usage of Teams and identifying areas for improvement. We also conducted regular check-ins with the team to gather feedback and ensure that the platform was meeting their needs. We continuously optimized the Teams environment based on user feedback and evolving business requirements.

Our strategic thinking centered around the following key principles:

• Centralization: Creating a single source of truth for all communication and collaboration related to client projects.
• Transparency: Ensuring that all team members have access to the information they need to make informed decisions.
• Efficiency: Streamlining workflows and reducing the amount of time spent searching for information.
• Integration: Connecting the shared workspace platform with existing systems to create a seamless user experience.
• User Adoption: Prioritizing user training and support to ensure that the platform is effectively utilized.

Technical Implementation

The technical implementation involved the following key components:

• Microsoft Teams Deployment: We deployed Microsoft Teams across all Montgomery advisors' desktops, laptops, and mobile devices. We configured user accounts, security settings, and access permissions.
• Salesforce Integration: We integrated Teams with Salesforce using the Microsoft Teams for Salesforce app. This allowed advisors to access client contact information, opportunity details, and case records directly within the Teams interface. The integration used Salesforce APIs to pull data and enabled advisors to log Teams conversations and activities directly into Salesforce.
• Black Diamond Integration: We developed a custom integration between Teams and Black Diamond using the Black Diamond API. This allowed advisors to access client portfolio data, performance reports, and asset allocation information directly within the Teams interface. This eliminated the need to switch between multiple applications to access critical information. Data synchronization was configured to occur nightly to ensure data accuracy.
• Channel Creation: We created dedicated Teams channels for each client segment (e.g., high-net-worth individuals, retirees, business owners), project type (e.g., financial planning, investment management, estate planning), and internal team (e.g., investment committee, client service team, marketing team). This helped to organize communication and ensure that relevant information was shared with the appropriate team members. Naming conventions were standardized for easy navigation.
• File Sharing and Management: We configured Teams to integrate with SharePoint for secure file storage and sharing. We created document libraries for each client and project, and implemented version control to ensure that advisors were always working with the latest versions of documents. We also set up file retention policies to comply with regulatory requirements. The integration leveraged SharePoint's advanced security features to protect sensitive client data.
• Security and Compliance: We implemented security measures to protect client data and comply with regulatory requirements. This included enabling multi-factor authentication, encrypting data in transit and at rest, and implementing data loss prevention policies. We also conducted regular security audits to identify and address any vulnerabilities.

The integrations utilized OAuth 2.0 for secure authentication and data transfer. Data was encrypted using AES-256 encryption. API calls were rate-limited to prevent performance issues.

Results & ROI

The implementation of the shared workspace platform yielded significant results for Montgomery Retirement Solutions:

• Increased Team Productivity: Overall team productivity increased by 30%. This was measured by tracking the number of client meetings held, financial plans created, and investment portfolios managed per advisor per month.
• Decreased Project Completion Times: Project completion times decreased by 15%. This was measured by tracking the average time it took to complete various client projects, such as financial planning, investment management, and estate planning.
• Improved Client Satisfaction: Client satisfaction scores increased by 10%. This was measured by conducting client surveys and tracking client retention rates.
• Reduced Administrative Overhead: Administrative overhead decreased by 20%. This was measured by tracking the amount of time spent on administrative tasks, such as searching for information, scheduling meetings, and managing documents.
• Enhanced Compliance: The firm experienced a 25% decrease in compliance-related issues. This was measured by tracking the number of audit findings and regulatory violations.
• Return on Investment: The estimated return on investment (ROI) for the project was 250% within the first year. This was calculated by comparing the cost of the implementation with the benefits realized, such as increased productivity, reduced administrative overhead, and improved client satisfaction. The cost of the implementation, including software licenses, training, and consulting fees, was approximately $50,000. The benefits realized were estimated to be $125,000 in the first year.

Specifically, the firm saw a reduction of 4 hours per week, per advisor, spent searching for information, translating to a significant time savings. The speed of rebalancing client portfolios during market corrections improved from an average of 3 days to just 1 day, mitigating potential losses for clients. Advisor satisfaction scores, measured through internal surveys, increased by 15%, leading to reduced employee turnover.

Key Takeaways

The successful implementation of a shared workspace platform at Montgomery Retirement Solutions offers valuable insights for other RIAs and wealth managers:

1. Prioritize Centralized Communication: Implement a centralized communication platform that facilitates real-time interaction and reduces reliance on email. Consider tools like Microsoft Teams, Slack, or similar platforms.
2. Integrate with Existing Systems: Ensure that the shared workspace platform integrates seamlessly with your existing CRM, portfolio management system, and other key applications. This will streamline workflows and eliminate the need to switch between multiple applications.
3. Provide Comprehensive Training: Invest in comprehensive training for all advisors and staff on how to effectively use the shared workspace platform. This will ensure that the platform is fully utilized and that the benefits are realized.
4. Establish Clear Governance and Policies: Develop clear governance and policies for the use of the shared workspace platform. This will ensure that the platform is used in a consistent and compliant manner.
5. Monitor and Optimize: Continuously monitor the usage of the shared workspace platform and identify areas for improvement. This will ensure that the platform continues to meet the evolving needs of the business.

About Golden Door Asset

Golden Door Asset builds AI-powered intelligence tools for RIAs. Our platform helps advisors personalize client experiences and automate workflows. Visit our tools to see how we can help your practice.