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RIA Operators
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6 contributions to RIA Operators
Nov '23 in
Accountability
Greetings Ops! I have been having a lengthy conversation with our President about creating a culture of accountability. While things are not bad, there have been some issues that are frustrating in their simplicity. (About half the team is new here with less than 1 year's experience and we have had some new advisors make some simple errors.) She wants to create greater accountability and consequences for certain actions and mistakes, and we are coming from different approaches in the conversation. I am more of a counselor coach, and she would like progressive discipline. How do you handle employee accountability at your firms?
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New comment Dec '23
2 likes • Nov '23
Nothing helpful to contribute, but feeling the pain, specifically within our trading department. Struggling to thread the needle with coming down too hard, not micromanaging too much, but still cutting down on simple mistakes. Looking forward to seeing more responses.
0 likes • Nov '23
@Kevin Stephison Yes. I was recently shocked to see how some people treat their Outlook inboxes, resulting in missed E-mails. Or misreading a CRM task. Real basic stuff. We're going to emphasize it in year-end reviews, but I can't believe I even have to say something like "stay on top of your E-mail".
Oct '23 in
Is VRGL in your Tech Stack?
Does anyone use VRGL currently, or are you exploring it? Looks like an intriguing tool for Client Acquisition and Proposal Management, with easy-to-read client-facing analytics. Wealth Management Technology | VRGL (vrglwealth.com)
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New comment Nov '23
0 likes • Nov '23
@Venkata Vedam The Y-Charts proposal tool is awesome. We are in the process of integrating that with the VRGL statement extraction tool.
0 likes • Nov '23
YCharts? Not that I'm aware of. If they do, our team must not use it.
Nov '23 in
Client Service/Operations Training
We are in the middle of onboarding someone who has close to zero experience in financial services for a client service administrator job. They have picked up the systems, culture and other internal topics well, but still makes occasional mix-ups mostly due to lack of experience. One example was getting mixed up by a beneficiary on an account vs. beneficial ownership of a corporate account. Has anyone found solid, PDF resources, guides, industry vocabulary, checklists, etc that would help a person in this situation? We've attempted to create a few on our own but would benefit from outside resources that could be kept at a desk or pinned to a bulletin board for quick reference.
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New comment 4d ago
0 likes • Nov '23
They are about 6 months in and covering our smallest book, while backing up/shadowing some larger books. They sit next to an experienced CSA and ask a lot of questions, and mostly good questions. My concern after 6 months is the conceptual grasp, and of course the experienced CSA still spending so much time on helping when she has her own book to focus on.
Oct '23 in
Trades
Greetings brain hive. As I have been working through our policies and procedures at my office, I have had some questions come up and thought I would reach out to you guys for feedback. We are currently confirming all trades manually and enter all our trades manually. I am just curious how some of your offices handle this part of the process. In addition, in the rare event of a trade error(s) what are your company policies for handling the error. Ours is a bit all over the place, so I am looking for best practices before tweaking the policy. Thank you in advance for your feedback.
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New comment Nov '23
2 likes • Nov '23
All of our equity, ETF and mutual fund orders/redemptions are submitted electronically though a multi-custodian Order Management System called FixFlyer, which we have access to via our portfolio accounting/reporting software, Tamarac. They are all reconciled the next day through a process available in Tamarac where our recorded Orders are matched against the executions in the data feeds of our various custodians. We also buy and sell individual fixed income securities and that is all executed and confirmed manually.
Aug '23 in
Do you track client revenue in the CRM?
I'm wondering if this is something that advisors would want, or if they'd prefer to keep that information in their billing/portfolio management tool.
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New comment Aug '23
1 like • Aug '23
Tamarac actually has some great Firm Revenue and Advisor Payout Distribution functionality. I just hand over an Excel file straight from there to our Controller the 15th of each quarter. Our leadership uses the output in some practice management analysis as well, but we do not send the data to the CRM.
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Active 37d ago
Joined Mar 6, 2023
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