Outdated technology was slowing down a multi-billion dollar RIA aggregator’s rapid growth. The firm enables financial advisors across the United States to operate their own practices and benefit from the upside of independent ownership, providing technology, operational support and other services that they need to grow.
Unfortunately, the firm’s technology was not keeping pace with the demands of a growing organization that needed to onboard and transition advisors to its platform seamlessly and quickly. The firm’s set up limited the providers and applications it was able to offer advisors, which was a deterrent. What’s more, the firm was hamstrung by a long-term contract with its existing technology provider, which complicated its ability to provide a robust platform that was secure and in compliance with regulatory standards.
Our team took the time to understand the firm’s business model, growth plan and existing technology before determining that migrating to a hybrid cloud environment would provide the flexibility and security that the growing firm needed, without any long-term service contracts.
A hybrid cloud environment allows firms to work securely via individual machines or a virtual desktop. Users provide their credentials to access Microsoft Office 365 applications and data, their virtual desktop and local devices. It can be rolled out in minutes to all users and is a cost-effective way for firms to ensure business continuity.
For this client, the entire process consisted of three phases prior to migrating to the new environment:
Phase One: ………. Network assessment and drafting solution
Phase Two: ………. Remote environment build, including data replication and testing
Phase Three: …… Final testing and validation
In addition, Visory gave the firm a flexible technology backbone, so it can add any number of fintech tools to its secure platform. Finally, the Visory team worked to get the firm its own Microsoft Office 365 license to help it better manage its technology and operations.
This aggregator has onboarded more than 30 different firms in less than two years since beginning its relationship with Visory – and its network continues to grow. The technology onboarding and conversion process for those new to the firm is now completed in a third of the time that advisors would experience with others.