GUEST ARTICLE: Checklist For Success When Looking For An Outsourced Provider

Private Client Resources, 20 December 2013


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

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.

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