Client Overview
- Operating for over two decades in New York, this financial planning firm helps clients with self-directed IRA and loan strategies to effectively build, protect, and manage their wealth.
- The firm’s director aimed to grow the client base to increase revenue but struggled to achieve this due to the highly technical needs of the firm’s clients and limited in-house support.
Client Challenges
- Overwhelmed by Administrative Tasks: With only one full-time advisor, the firm quickly became overwhelmed by the highly technical demands of its clients.
- Lack of Focus on Growth: The director had to take on administrative tasks, including organizing documents and conducting research, which diverted attention from growing the business.
- Declining Quality of Work: The focus on administrative work led to mistakes in the financial plans already in the pipeline, as the firm struggled to meet vetting standards.
- Rising Vetting Costs: Errors in financial planning resulted in increasing vetting costs and risked eroding client trust.
befree's Solution
- Identifying the Root Cause of Errors: befree’s team was able to quickly identify that the poor work quality was due to the vetting team not receiving documents on time, caused by the firm's limited resources.
- Deploying Certified Specialists for Streamlined Vetting: Utilizing a team of specialists certified in US financial regulations, befree ensured that financial plans, along with all necessary supporting documents, were submitted promptly to clear the vetting process.
- Enhancing Advisor Support with Research Assistance: Additionally, befree assisted the firm’s advisor with research tasks, enabling more efficient and accurate plan vetting and reducing rework and turnaround time for the financial plans.
- Seamless Transition to a New Broker-Dealer: The firm also decided to switch its broker-dealer due to rising advisor license fees and engaged befree to assist in transitioning documents to meet the new broker-dealer requirements.
Successful Client Base Growth
The firm achieved its goal of expanding its client base, leading to increased revenue.
Error-Free Financial Plans
By eliminating errors, the firm avoided vetting charges and maintained client trust.
Cost Savings
The firm saved on hiring local administrative staff by leveraging two full-time resources dedicated to financial plans and administrative tasks for over three years.
Increased Revenue
The improved efficiency and focus on client growth resulted in a significant boost in revenue.