As client relationships become more diverse, investment management firms are embracing smarter ways to manage workflow. Among the more important shifts we’ve seen in the investment management marketplace is the growing emphasis on workflow solutions that enable firms to access important client information and communicate with their clients more efficiently. Investment management workflow systems are no longer the impediments they once were.

Far too often, information about key processes and client relationships resides in the mind of one or two people. The business challenges increase, especially for firms that are growing, as balls get dropped, the servicing of clients suffers, and onboarding new staff is a tedious and timely task. A large percentage of firms lack the tools or processes needed to retain good talent and help their next generation advisors succeed.

Many investment management firms continue to execute the most basic procedures manually, mostly relying on their own memory as the foundation. For investment management firms seeking to increase their firms’ value and ensure a consistent service experience for each client, a workflow application should be implemented.

Workflows create the culture that transforms advisory practices into worthwhile businesses by:

  1. Converting repeatable processes into templates
  2. Identifying successes and gaps in workflow
  3. Optimizing processes, procedures and service operations to create greater efficiencies

Business processes create a high degree of consistency and accountability in terms of ensuring we do what say we’re going to do. Creating transparency for the client is essential because anyone can track the status of a process or a workflow as it shapes through a particular cycle by simply looking at the record. From the customer point of view, even though they don’t necessarily know it, our workflows provide a discipline and can be invaluable.

You may have to refine a process before it is baked into the system, but the true stakeholders of a process are the ones that do the heavy lifting and are designed through trial and error. Today, teams feel a sense of accountability and ownership for these processes that have been established. Taking those repetitive processes and creating a template that can be executed by the click of a button; assigning tasks to the proper departments and team members is now a reality with Scalus.