CASE STUDY

Streamlining Financial Plans: How Outsourcing Drove Revenue and Cut Costs

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 SpecialistsS for treamlined 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.

Results/Benefits

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.

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