Thought Leadership / Commentary / Wealth Management Firms Find Success in Scaling Their Business
Posted by Mirador
A major operational challenge consistently facing advisors who are scaling their business is some form of resource challenge – having the right person (or people) with the necessary expertise in the right position to deliver the specialized services that clients come to expect. Advising on wealth planning strategies across complex family structures and sophisticated investment vehicles requires a high level of expertise and should be the primary focus of the firm.
Specialized services are just that- specialized. How do you recruit and hire for these roles? How do you train a specialist? How do you help your specialists maintain up-to-date knowledge in an ever-changing market? The answer: you don’t. Outsourcing specialized roles delivers on client service expectations, improves overall business performance, reduces risks to firm operations, and creates the leverage that growing firms need to scale their business.
| Specialized services offered on an outsourced basis from Mirador: | ||
| Performance Reporting | Off-Line Data Management | Private Investment Support |
| Needs Assessment System Selection Implementation/Conversion Historical Data Backfill Ongoing System Operation | Source Data Retrieval Required Information Extraction Labeling and Ingestion Data Validation Data Storage/Reporting | Private Investment Closings Capital Call Management Private Investment Actions K-1 Document Management Fund Liaising |
If any of the following statements sound like your firm,
contact Mirador to learn how they can help.
“We have a great internal team, but we need deep expertise to ensure we’re staying competitive.”
Client service best practices have been around for thousands of years. But modern wealth management technology, that helps support today’s wealth management service expectations and delivery, is continually evolving. How does you stay ahead of these changes and maintain a high level of expertise? Glad you asked. Subject matter experts from Mirador are technologists who also understand the unique needs of wealth management advisors. They not only stay ahead of the macro developments in wealth tech to help guide clients with tech stack configurations but also maintain operational proficiency to deliver a customized and ongoing tech-enabled service.
“We simply need more people to get things done.”
If your firm has the right subject matter expertise and management skills to execute a client reporting and middle office support program, but simply lacks the staff to execute the plan, fear not. As an extension of your team, Mirador staff understand the nuances of high-touch client service and are trained on all the tools and technology required to carry out your plan. Let their team handle the day-to-day tasks so you can focus on the bigger picture – building client and firm value.
“Temporary help can never get to know our business to the level we need.”
With Mirador, your help is never temporary. You will have a dedicated team assigned to your business who will act as an extension of your internal team. Mirador does not have call queues nor external casing systems. We provide educated, dedicated analysts who will get to know the priorities, nuances, and cadence of your business as well as that of your clients. Where you need expertise, they’ll deliver that. Where you need executors, they will provide them. This all comes with no internal recruiting, hiring, onboarding, or training. Just add Mirador.
“We are struggling to scale our business profitably,
as with growth comes added headcount and overhead.”
Adding headcount to support client-facing services in a growing firm is not a bad thing. The wealth management advisory business is about just that- advising. However, middle office services can easily balloon with a rapidly growing client base. Without the right resource model, this can lead to bottlenecks in workflow and eroded client service. Mirador’s middle office operations teams are scalable, providing clients with the expertise they need, without the headcount and overhead costs associated with staffing up internally.
“We recently lost a valuable member of our team who ran our reporting system,
leaving us in a precarious position.”
Business risk usually occurs in one of four ways: strategic risk, compliance risk, operational risk, and reputational risk. In the world of UHNW wealth management, specialized offerings for clients can create a valuable point of differentiation but can also expose the firm to operational risk. With specialized offerings, such as consolidated performance reporting, comes the need for specialized skills- software doesn’t run itself! However, by staffing up internally, the firm can be exposed to “key person” operational risk, the kind of risk that can paralyze a firm. Recruiting, hiring, and training a new employee can take valuable time and resources and does not eliminate the ongoing risk. With Mirador, you will have built-in redundancy with a dedicated team of experts assigned to your business and acting as an extension of your staff.
How Can We Help?
For more information and to schedule a consultation, please contact info@mirador.com.
