Advisory Firm Success Story


The firm’s shorter term goal was to have the staff working at the highest skill level possible and automate work to increase capacity, communications, and data flow into management reports. Their ultimate goal was to attract advisory firms to join their 3 location/ 37 employee firm and take advantage of their back office operations and investment team; effective systems and additional employee capacity were very important to their future success.



MyVirtualCOO (MVCOO) took the time to observe and learn about the business operations in order to provide a customized set of recommendations and costs on processes, technology, staff and team roles, and virtual staff, known as the Game Plan. Based on the tools and processes the client choose, we implemented the solutions and trained employees to ensure that the systems were integrated, working properly and that processes were constantly being implemented and improved.


Researched and Recommended: Software: CRM, Document Management, Email Hosting, Dictation, Online Questionnaire, Appointment Scheduler, Asset Aggregator, Portfolio Accounting, Portfolio Rebalancing, Investment Research, Mobile Apps, Proxy Voting, Financial Planning, Video/Audio Conferencing, PDF, Accounting, Form Filling, Email Archive/Search, Report Compilation, Social Media Aggregator, Email Blast System, Website CMS. Hardware: reduction from 5 servers to 2, dual monitors, desktop scanners. Outsourcers: Investment Reporting/Billing/Reconciler, Website Design/Maintenance.


Implemented, Integrated and Trained: Software: Goldmine/Outlook to Salesforce CRM, server to Document Management, Dictation, Portfolio Accounting, Online questionnaire, Mobile Apps, Email Hosting/Archive, Financial Planning, Mobile Apps, Form Filling, Email Blast System. Time saving integrations: CRM/ Document Management, CRM/Dictation, CRM/AUM Feed, Email-to-CRM Task, Outlook/Email Search, CRM/Form Filling, Portfolio Accounting, CRM/Email Blast. Hardware: Staff: IT Onsite Hire Outsourcers: Investment Reporting/Billing/Reconciler.



Due to attrition, staff costs decreased by $175,000 as new efficiencies, automation, and outsourcing did not produce need to replace the staff and uncovered additional capacity. Eliminated $30,000+ annual cost of maintaining and upgrading 3 servers, installed software programs and storing documents and emails. Provided advisors with mobile access to main communications system so they could be out of the office networking and meeting clients and quickly communicate work to staff from mobile devices. Established their first ever accurate list of client households for bulk communications, client monitoring and reports. Created dashboard of reports on Client No Activity, AUM growth, sales pipeline, marketing metrics and more. Revenue increased due to comprehensive billing of all investments (managed or overseen). Increased adherence to compliance with full backup of all documents at an offsite, secure bunker, new easy-to-follow document filing protocol and full view of all emails and correspondence within each client’s record in the CRM and a searchable master database. Staff’s capacity increased by over 50% due to continual best practices training, dual monitors, faster computer processing speeds, automation of manual data entry work, data collection and communications, fully organized and searchable document systems and more.



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