Consultant-client digital environment for an advisory company

Industry:

Fintech & banking

Location:

Australia

Duration:

Since 2019

Consultant-client digital environment for an advisory company

About the client

Our client is an Australian firm that advises on investments, retirement and wealth management, estate management, income and cashflow strategies, insurance and lending, and portfolio construction. The company has 300 advisors serving more than 10,000 clients out of 27 offices around several states including Victoria, New South Wales, Queensland, Western Australia, the Australian Capital Territory, South Australia, and Tasmania.

Challenge

With a large client base and an extended team of financial advisors, our client recognized the need to create a fully digital environment to automate data collection and financial service delivery. The new digital environment would be an integrated space where two platforms (a customer relationship management system and a client portal) communicate and where advisors can manage their activities and content.

At first, the client’s team started development in-house. But as the amount of work increased, they decided to look for external experts. For the CRM and the client portal, they tasked Globaldev with designing a full-stack/full-cycle software development team that would gather requirements for the digital environment directly from business users and build a series of modules to be used by advisors from different departments as well as their clients.

Solutions

We created a custom digital environment that includes a CRM system and a client portal allowing our client’s firm to automate the process of collecting, arranging, and managing client data in a single place, optimize sales and marketing processes, evaluate sales performance, get detailed insights into client behavior, and offer financial consulting services based on the level of risk an individual is willing to accept.

The client’s team consists of around 300 advisors in various departments. With such a large number of employees, we had to create multiple user roles and permissions. To do so, we organized employees into groups, with every employee being in at least one group. Access levels are defined for groups. Additionally, we included a super user role that has wide-reaching powers and permission to do anything in the system.

Based on the range of financial consulting services offered by the company and respective divisions, we developed diverse sets of tools to cover each division’s needs.

Globaldev engineering team

We’ve built a dedicated engineering team of 20+ specialists for continuous development, maintenance, and support.

Project managers

Backend developers

Frontend developers

UI/UX experts

Business analysts

Mobile developers

QA engineers

Expertise brought by Globaldev team

Data-driven CRM for smart business decision-making

Back in 2019, we started off with integrating four core CRM modules that utilize data and influence workflows to help the client’s managers improve their work efficiency and save time on routine tasks.

Client management

Through the client management module, advisors can store all client data in one place. Using multiple filters, they can search for clients, add new clients to the list, and see up-to-date client records as required.

Finance & payroll management

The finance and payroll management module helps the company automate payroll functions. Through this module, advisors can quickly access the company’s financial policy templates to correctly follow all financial procedures from beginning to end.

Document management

The document management module automates and standardizes the company’s document flow. The module allows advisors to search for, filter, upload, download, and edit documents. It also speeds up the report generating process. Via this module, advisors generate key performance reports, marketing reports, templates for partners, sponsorship documents, and more.

Task management

The task management module enhances the company’s productivity by helping managers effectively track various stages of the customer and partner lifecycle. Alongside task planning and tracking, advisors can generate reports on prospective and current clients, see current statuses, and plan meetings.

Client portal as a one-stop solution to automate data collection

A year after we started working on the solution for consultants, we assembled a dynamic development team to launch production of the client portal. Now, the portal encompasses modules that can cover the needs of all of the company’s consulting divisions.

Risk profile

A risk profile offers a set of questions to help advisors identify the level of risk an individual is prepared and able to accept. To determine this, consultants used to spend weeks handling printed questionnaires. Today, the entire process is automated: upon completion, the system automatically calculates a score indicating the investment type a client may be most comfortable with. What used to take two weeks now takes seconds.

Reports

To develop, manage, track, and analyze the performance of investment strategies, the company’s advisors are constantly running reports. With three clicks, an advisor can initiate data processing and generate reports. A fully automated report generation process allows advisors to concentrate on strategies rather than paperwork.

Fact finding

The fact finding module helps the business automate data collection by allowing clients to go through questions divided into six blocks: personal details, financial information, insurance, assets, pension, and goals. Every module is a layer of forms and fields where an individual can specify personal information and make changes. In case any data requested for a complete report is missing, an advisor can send a reminder through the CRM.

AI for meeting transcriptions

We have integrated an AI-powered feature to accurately transcribe business meetings. This cutting-edge tool ensures that the resulting documents adhere to specific formatting rules and content structures, and are customizable based on user preferences. This empowers the firm’s advisors to access crucial data promptly, facilitating more informed decision-making and client servicing.

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