Outsourcing Key Operational Roles to a TAMP
STREAMLINED DAILY OPERATIONS
This RIA partnership was growing fast, adding a handful of advisors in a short time. But key staff was getting bogged down with trading and operations, so they couldn't focus on prospecting. The RIA decided to engage GeoWealth instead of hiring in-house staff to run the day-to-day workflows.
CLIENT PROFILE
An RIA Partnership with over $500 million in AUM was growing rapidly, but their operations structure was struggling to keep up with that growth.
The core team left an IBD to form this RIA practice, then they brought on a handful of new advisors. The team was expanding fast so they needed more structure and tools.
THE COMPARISON
Where the old TAMP fell short and how GeoWealth added value
Diving into the constaints of this client's legacy TAMP against GeoWealth's solutions.
Pain Points
Their Legacy TAMP
Distraction
The senior team was spending too much time on operations, particularly trading.
Hiring
They attempted to hire operations employees to help shoulder the load, but they had a difficult time finding experienced candidates to handle the level of responsibility in the mid-size market they operate in.
Sales
By devoting so much time on operational issues, the firm was misusing their most talented producers. The opportunity cost of missed sales-based activities was significant.
Compliance
Due to their focus being pulled elsewhere, the partners of the firm were overlooking other important aspects of their firm’s wellbeing, particularly compliance.
GeoWealth's Solutions
How This Client Was Able to Achieve Cost Savings
Model Implementation
GeoWealth is able to take over the trading and rebalancing of all of the RIA’s model portfolios.
Outsourced Support
Instead of increasing their headcount, this client was able to lean on GeoWealth's staff, which reduces the stress of training and retaining employees.
Billing & Reporting
Additionally, GeoWealth operates as an extension of the firm’s back office by taking a hands-on approach to running billing and quarterly performance reporting for them.
Compliance Help
During onboarding, GeoWealth helps identify a compliance gap at the firm and makes an introduction to a compliance consultant who ultimately solves it.
The Outcome
This firm was able to move on from constantly addressing operational issues and seeking new hires. The best producers of the firm are now solely devoted to developing new client relationships, which optimizes their value and accelerates the overall growth of the firm.
The firm ultimately saves money by outsourcing trading, billing, and reporting to GeoWealth. This means they don’t need to attract, hire, and retain 2 or 3 internal employees to handle these tasks.
Another added benefit? The firm missed a potentially damaging compliance landmine due to GeoWealth’s consultative approach and our ability to engage partner entities on the RIA’s behalf.
This case study is provided for illustrative purposes only and is meant to provide an example of GeoWealth’s process and methodology. There can be no assurance that GeoWealth will be able to achieve similar results in comparable situations. No portion of this case study is to be interpreted as a testimonial or endorsement of GeoWealth’s investment advisory services. No compensation was paid.
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