Strategy
GUEST ARTICLE: Checklist For Success When Looking For An Outsourced Provider
Private Client Resources gives a "checklist for success" when it comes to pursuing an outsourced solution.
Private Client Resources provides data aggregation and reporting services to RIAs, family offices and banks. Here, the firm gives a "checklist for success" when it comes to pursuing an outsourced solution.
Last year, Family Wealth Report spoke to Rob Fiore, president
and chief executive of PCR, about how the firm believes that the
time-consuming and complex nature of financial reporting is
likely
to trigger a "major exodus" in family offices outsourcing this
duty - a
move that would free up time and boost efficiency across the
industry (see here).
You’ve heard the promises: scalability, cost reduction and
the ability to provide higher quality private wealth reporting to
your clients.
As compelling as all this sounds, you may still be reluctant to
pursue an
outsourced solution due to the stories of implementation
nightmares you’ve
heard or may have even experienced yourself.
But, implementation issues can be avoided. The key is to
partner with a reporting specialist aligned with your goals and
whose execution
process is designed to minimize any disruption experienced by
your firm.
Checklist for success
Without clearly defined goals and an agreement between you
and your solution provider on what will constitute success for
your firm, you
run the risk of “succeeding” at implementing the wrong service
for your needs.
To help ensure you are on the right track, here is a checklist of
best
practices for achieving implementation success.
1. Ask yourself: “What am I specifically trying to
accomplish?”
This is perhaps the most basic, and yet singularly the most
important, best practice to adhere to. Once this question is
answered, ask your
solution provider if they can deliver what you need, such as:
- Achieve best-in-class private wealth reporting;
- Free up time currently spent entering statements and
uploading data;
- Obtain unparalleled insight into clients’ portfolios; and
- Focus more time on clients, prospects, and managing other
business
challenges and opportunities.
