Solution Stories Overview

“With First Rate’s help, we can now generate reports with just a few mouse clicks, and prospective clients can see sample reports prior to deciding to invest. I estimate this had led to a 10% higher close rate.” – Investment Officer, Wealth Management Firm

Wealth Management Firm Reports Major Progress with Standard, Firm-wide Reporting Package

Client Situation

Different branches of this growing wealth management firm produced different report packages—so company-wide, there was very little consistency in client report content and layout. Generating report packages for all the firm’s clients was very time consuming. And with the number of their clients growing from 100 to 300 over the past five years, this was a practice the firm could no longer support.  

Client Challenges

Tracking the different report packages unique to each division was cumbersome for the firm’s employees, and resulted in an inconsistent client experience. And with no sample template to show a prospective client, doubts were created in the prospect’s mind as to the firm’s capabilities in reporting performance. Additionally, generating report packages for all the firm’s clients took up to 30 days after quarter-end, while most of their competitors are able to provide reports shortly after the quarter closes. Consequently, the firm was less competitive than it could be.  

Reason for Challenges

Using spreadsheets and other third-party tools, reports were produced and packaged manually. And because the firm lacked a standard report package, each one had to be developed specifically for any individual client.  

What the Client Wanted
  • A consistent, repeatable reporting process that could be used by all managers throughout the firm.
  • A scalable performance reporting solution that would support their projected growth to 500 clients — without the need to increase personnel.
  • The ability to have all quarter-end reports mailed by the 20th of the month.
What First Rate Provided
  • A scalable performance solution that allows the firm to service existing clients as well as new ones.
  • The ability to select from a pre-selected report package and generate reports for clients quickly and easily.
  • A customized, select group of reports to service the needs of clients who require analytics not available in the standard package.
The Impact
  • The Investment Officer now spends 25% less time preparing client reports, thereby allowing him to allocate more time to business development.
  • Consistent quarterly reports are delivered to the firm’s 300 clients by the 15th of the month after quarter-end — improving the clients’ experience and overall client satisfaction.
  • Reports are consistent across multiple clients, and while some special reports are still produced, these are kept to a minimum.
  • The scalable solution is so effective that staff increases were not necessary to support the ever-growing client roster
  • Prospective clients can now see sample reports prior to deciding to invest, leading to an estimated 10% higher close rate.