 Ferrell Wealth Management’s six employees manage $220 million for 180 clients. FWM utilizes an ensemble approach to managing tax-efficient portfolios and providing clients comprehensive financial plans. While each team member advises clients on an area of specialization, each must also be familiar with the overall financial picture of every client. FWM’s team approach requires intensive coordination and technology that supports its collaborative processes.
The Challenge
FWM competes with large institutions: private banks, trust companies, and Wall Street consultants. While personal service is a competitive strength, FWM requires technology on par with large institutions. Reporting on investment performance has been particularly challenging for FWM; printing, collating, and mailing performance reports was taking up about 35 hours of staff time every quarter. FWM’s competitors, meanwhile, provided clients the convenience of 24/7 online access to performance reports.
The Solution
While researching online reporting solutions in late 2008, FWM was referred to Advisor Products by its custodian, Charles Schwab Institutional. In January 2009, FWM’s new website hosted by Advisor Products went live with Online Reporting for PortfolioCenter®, and AdvisorVault, a secure client vault system. FWM staff viewed training videos and spoke over the phone with an Advisor Products technician to learn how to use the system. In February 2009, FWM began batch uploading client transaction data daily for each of its clients. During the spring of 2009, FWM asked clients in letters and phone calls to upgrade from paper statements to online access. By July 2009, 160 of FWM's 180 clients were given access to 2Q09 performance reports online.
 Improved Efficiency
Shena Stewart, a senior financial advisor at FWM, estimates that client reporting used to take 35 hours of staff time each quarter but now takes just five hours. Advisor Products Online Reporting saves FWM about 30-hours of staff time each quarter. In addition, FWM saves about $3 in postage and paper per client. In total, FWM is saving about $6,000 annually, far more than the $3,600 a year it pays Advisor Products for the service—plus it is getting a marketing website with content and a client vault system, and FWM has improved its service to clients.
Advisors Products online client reporting solutions work with most portfolio reporting systems and enable advisors to provide integrated personal portals to clients. For more information, contact us at (877) 274-5755 or email sales@advisorproducts.com.
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