Category: Operations and Technology

26 posts categorized as "Operations and Technology"

Post-Merger Integration: “Yes” is Nothing Without “How”

January 13, 2020

In his book on negotiation, “Never Split the Difference,” former FBI hostage negotiator Chris Voss states that, “’Yes’ is nothing without ‘How.’”  Voss, who made a living brokering some of the most high-stakes negotiations, where lives were literally on the line, states, “Your job as a negotiator isn’t just to get to an agreement –…

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CCOs Help Drive Growth at RIAs (Really!)

December 19, 2019

PFI Advisors continues to tout the benefits of professional management for RIAs.  As Rich Gill of Wealth Partners Capital Group recently stated on the Mindy Diamond on Independence podcast, the first two non-client facing executive-level hires for RIAs are typically the COO and CCO.  According to Rich, the COO is brought in to “…make sure…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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