Automated Client Presentations: Off the Printer and Out the Door

Client Situation

One of the top financial institutions in the United States, a First Rate client, came to First Rate’s Professional Services team with special reporting needs. Its retirement services group, responsible for the client reporting for 1,000 retirement plans, needed to overhaul its reporting process for consistency and greater simplicity.  

Client Challenges

Similar to many wealth management advisors, the retirement group employed a manual process for preparing quarterly presentations for fund returns, plan strategy, and allocation information. Prior to engaging the First Rate Professional Services team, the relationship managers within the retirement services organization each had their own method and schedule for creating reports and presentations for their retirement fund clients. These were manually developed with spreadsheet templates. The group realized their report creation process was difficult to manage, time consuming, and error prone – with the volume of portfolios they managed increasing to more than 1,000 accounts, with total asset values in excess of nearly $10 billion.  

What the Client Wanted

Since the financial institution was already a current user of First Rate Performance, the client wanted to implement the software solution for the retirement services group, then create a reporting process that would be efficient and meet the group’s specific needs.  

What First Rate Provided

First Rate developed the best combination of reports that would be efficient, informational, consistent, and supportable across a large account base. First Rate worked with the retirement services group to gather all of the historical account holdings, previously calculated rates of return, and benchmark and investment style information. Next, the First Rate team consolidated all of the data into new custom tables they built, and added the data to the First Rate Performance database. In addition, First Rate developed a customized solution to interface external security-level characteristics data from MicroPal® to enhance the presentations available to the retirement services group. The First Rate team also assisted the client to design dynamic presentations that portray plan diversification, historical allocation changes and fund returns.  

The Impact

Now these retirement services professionals can easily create a client-specific high quality presentation in as few as three clicks, within a matter of minutes, from their intranet. These report packages have a title page, summarized cash flows, fund performance, historical allocation, plus plan diversification and fund fact sheets using current and historical information.