Category: Operations and Technology
24 posts categorized as "Operations and Technology"
A Different Kind of #GivingTuesday Campaign
November 12, 2019
For the second year, PFI Advisors will be participating in the annual #GivingTuesday campaign in a very meaningful way. Like we did last year, any RIA that donates $10,000 or more to the Children’s Hospital Los Angeles donation page of Layla Paige Sonnen will receive a free Operational Diagnostic*. This engagement includes a full analysis…
High Tech vs. High Touch: What Are Clients Really Asking For?
October 18, 2019
Technology isn’t developed to replace human interaction, but rather to enhance it. At the Envestnet conference this past May, the late Jud Bergman was asked about his thoughts around technology’s place in our industry. He astutely concluded, “It’s counter-intuitive that [by building a digital connection with the client] great technology can contribute to a stronger human…
The Fear of Change, Part 2: The Emotions of New Technology
October 1, 2019
The Fear of Change: A 3-Part Series for RIAs As the RIA industry matures, consolidates, grows, and evolves, many of our clients contemplate M&A transactions, changing their technologies or workflows, or they may strive to break away from their current employer to build their own RIA. We focus our attention on building and improving the…
RIAs Are Struggling with Too Much Technology, Not Too Little
August 28, 2019
The objection we hear most often from prospective clients (delivered in a sarcastic tone) is, “I don’t want to hire an operations and technology consultant. Not only do I have to pay your fee, but you are going to tell me I can’t continue to do business unless I spend an additional $200,000 on new…
Integratable ≠ Integrated
August 21, 2019
In our work with new and established RIAs looking to build and/or improve their technology stack, we encounter many frustrated advisors who lament, “We were told that the benefit of being an RIA was that all of our technology systems would be integratable with one another – while that may be the case for other…
Where to Start When Developing Workflows
July 23, 2019
In our work with large RIAs looking to increase their scale and efficiency, we often begin with a review of their various systems, people, and processes. We walk through a comprehensive list of their executives, advisors, and employees to better understand the broader team’s roles and responsibilities. We then begin to dive deeper to gather…
Don’t Charge for Reporting On Outside Assets
July 16, 2019
Advisors looking to grow their business must constantly grapple with client acquisition costs. As advisors struggle to differentiate themselves and the services they offer, many have concluded that providing a higher touch to existing clients and working to gain a larger percentage of their investable assets is a more profitable way to grow, rather than…
Breakaways Should Treat Their Reporting Provider Like a Relationship: Don’t Rush Things!
May 29, 2019
As part of our work with breakaway advisory teams, we help coordinate the various RIA systems needed for advisors moving to Independence. We work with the selected technology providers to design an integrated workflow of all systems that cater to the team’s particular clients and services provided. Once their custodian has been selected, the first…
Book Review: The Financial Advisor M&A Guidebook
April 24, 2019
PFI Advisors has written a lot around the operational side of M&A, and how important it is for firms to think through not only deal structure and valuation, but the planning process around integrating the two firms into one cohesive company once the deal closes. As Chris Voss, former FBI hostage negotiator states in his…
Why is an Ops & Tech Consultant Writing About Client Segmentation?
April 16, 2019
Anders Jones of Facet Wealth recently wrote that as RIAs approach the elusive $1 billion AUM milestone, they need to be increasingly cognizant of their profit margins and resources needed to service their clients. The goal of any RIA is to provide high-touch service to an ever-expanding client base. RIA owners will achieve this goal…
