Meridian Wealth Partners: 40% Faster Client Onboarding

Meridian Wealth Partners: 40% Faster Client Onboarding

Executive Summary

Meridian Wealth Partners, a growing RIA firm, struggled with a time-consuming and inefficient client onboarding process, impacting both staff productivity and client experience. By implementing a fully automated onboarding workflow powered by Golden Door Asset's recommended integrations and optimized processes, Meridian Wealth Partners reduced client onboarding time by 40%, leading to a 15% increase in new client acquisition and improved client satisfaction scores. This transformation demonstrates the power of strategic automation in boosting RIA efficiency and growth.

The Challenge

Meridian Wealth Partners, managing over $350 million in assets for high-net-worth individuals and families in the Pacific Northwest, faced significant operational challenges due to its manual and disjointed client onboarding process. Sarah Chen, the firm's COO, recognized that the traditional methods were no longer scalable and were hindering their growth potential.

The old process involved a series of manual tasks, including:

• Paper-based forms: Clients were required to complete lengthy paper-based forms, often leading to errors and missing information. On average, 15% of forms were returned incomplete or required clarification, adding an extra 2-3 days to the process per client.
• Manual data entry: The Meridian team spent countless hours manually entering client data into their CRM (Wealthbox), risk profiling tool (Riskalyze), and document management system. This process was not only time-consuming but also prone to human error, leading to inconsistencies across systems. Sarah estimated that each new client onboarding required approximately 10 hours of manual data entry.
• Physical document signing and storage: Clients had to physically sign and return documents, adding delays and creating storage challenges. Tracking document status and ensuring compliance was a cumbersome task.
• Lack of integration: The lack of integration between their CRM, risk profiling tool, and document management system resulted in fragmented workflows and duplicated efforts. Information silos prevented a holistic view of the client and increased the risk of errors.

These inefficiencies not only frustrated clients but also consumed valuable time for Meridian's advisors and support staff. Sarah estimated that the firm was losing approximately $25,000 per month in potential revenue due to the time spent on manual onboarding tasks instead of focusing on client relationships and business development. Furthermore, the delays in onboarding negatively impacted the client experience, potentially leading to client attrition. The industry average onboarding time is approximately 14 days, but Meridian was routinely taking 21 days or more, putting them at a significant disadvantage. A recent client survey revealed that 60% of new clients rated the onboarding process as "average" or "below average," highlighting the urgent need for improvement.

The Approach

Sarah Chen, with the support of the Golden Door Asset team, adopted a strategic approach focused on automation and integration to streamline the client onboarding process. The key steps included:

1. Process Mapping and Analysis: The first step involved a comprehensive analysis of the existing onboarding process, identifying bottlenecks, redundancies, and areas for improvement. The Golden Door Asset team worked closely with Meridian's staff to map out the entire workflow, from initial contact to account funding.
2. Technology Selection: Based on the process analysis, Sarah and Golden Door Asset identified the need for a robust technology stack that could automate key tasks and integrate seamlessly. They selected Wealthbox CRM as the central hub for client data, Riskalyze for risk profiling, and DocuSign for electronic signatures. They considered alternatives like Salesforce Financial Services Cloud and eMoney Advisor, but ultimately decided Wealthbox offered the best combination of affordability and ease of use.
3. Workflow Design: The Golden Door Asset team designed a fully automated onboarding workflow within Wealthbox, leveraging its task management and automation capabilities. The workflow included automated task assignments, data validation rules, and trigger-based notifications.
4. Integration Strategy: A critical element of the solution was integrating Wealthbox with Riskalyze and DocuSign using Zapier. This integration allowed for seamless data flow between systems, eliminating manual data entry and reducing the risk of errors. For example, upon creating a new contact in Wealthbox, the integration automatically created a corresponding profile in Riskalyze and pre-populated the client's information in DocuSign onboarding documents.
5. Training and Implementation: The Golden Door Asset team provided comprehensive training to Meridian's staff on the new onboarding process and the use of the integrated technology stack. They also assisted with data migration and system configuration to ensure a smooth transition. This included developing internal training materials specifically tailored to Meridian's processes and workflows.

The strategic thinking behind this approach was to leverage technology to automate repetitive tasks, reduce manual effort, and improve data accuracy. By integrating key systems and streamlining workflows, Meridian aimed to create a more efficient and client-centric onboarding experience. The decision-making framework involved prioritizing automation opportunities based on their potential impact on efficiency and client satisfaction. For instance, automating the risk tolerance questionnaire using Riskalyze integration was prioritized due to its potential to significantly reduce the time spent manually assessing client risk profiles.

Technical Implementation

The technical implementation involved several key components:

• Wealthbox CRM: Configured Wealthbox as the central hub for client data and process management. Custom fields were created to capture relevant client information, and automated workflows were designed to manage the onboarding process.
• Riskalyze Integration: Integrated Wealthbox with Riskalyze using Zapier to automatically create risk profiles for new clients. The integration was configured to pre-populate Riskalyze with client data from Wealthbox, eliminating manual data entry and ensuring consistency.
• DocuSign Integration: Integrated Wealthbox with DocuSign to automate the document signing process. Custom templates were created for various onboarding documents, and the integration was configured to automatically send documents to clients for electronic signature. Once signed, the documents were automatically stored in Wealthbox. A trigger was also set up within Wealthbox to mark the "Document Signed" field as "True" once DocuSign reported the documents as completed.
• Zapier Automation: Leveraged Zapier to connect Wealthbox, Riskalyze, and DocuSign. Custom Zaps were created to automate data transfer, trigger workflows, and send notifications. One key Zap involved automatically updating the "Client Status" field in Wealthbox based on the completion of various onboarding tasks.
• Custom Workflow Development: A custom workflow was developed in Wealthbox to automate task assignments and data validation. The workflow included pre-defined tasks for each stage of the onboarding process, such as "Send Welcome Email," "Schedule Initial Consultation," and "Verify Account Funding." Data validation rules were implemented to ensure that all required client information was collected before proceeding to the next stage. For example, the workflow prevented the onboarding process from moving forward if the client's Social Security Number or Date of Birth were missing in Wealthbox.
• Security Considerations: All integrations were implemented with security in mind, ensuring that client data was protected at all times. Data encryption was enabled for all data transfers, and access controls were implemented to restrict access to sensitive information. The firm also complied with all relevant data privacy regulations, such as GDPR and CCPA.

The integration of these tools allowed for a seamless and automated onboarding process. For example, when a new client was added to Wealthbox, the system automatically triggered the creation of a Riskalyze profile, sent the necessary documents for electronic signature via DocuSign, and assigned tasks to the appropriate team members. This eliminated the need for manual data entry, reduced the risk of errors, and significantly accelerated the onboarding process.

Results & ROI

The implementation of the automated onboarding workflow yielded significant results for Meridian Wealth Partners:

• Reduced Onboarding Time: Client onboarding time decreased by 40%, from an average of 21 days to just 12 days. This improvement freed up valuable time for Meridian's advisors and support staff.
• Increased New Client Acquisition: New client acquisition increased by 15% within the first six months of implementation. This growth was attributed to the improved efficiency and the ability to focus on client relationships and business development.
• Improved Client Satisfaction: Client satisfaction scores increased significantly, with 90% of new clients rating the onboarding process as "excellent" or "above average" in post-onboarding surveys.
• Reduced Errors: The number of errors in client data decreased by 60% due to the automated data entry and validation processes.
• Time Savings: Sarah's team saved an estimated 8 hours per client, allowing them to focus on higher-value activities such as financial planning and client communication. This translated to a cost savings of approximately $12,000 per month.
• Increased AUM: The improved efficiency and client satisfaction contributed to an increase in assets under management (AUM) of $20 million within the first year.
• Cost Reduction: The reduction in manual effort resulted in a 20% decrease in administrative costs associated with client onboarding.

The return on investment (ROI) for the project was significant. The initial investment in the technology stack and implementation services was recouped within the first three months due to the increased efficiency and new client acquisition. The long-term benefits of the automated onboarding process include increased revenue, reduced costs, improved client satisfaction, and a more scalable business model.

Key Takeaways

Here are some actionable insights for other RIAs considering automating their client onboarding process:

1. Start with a thorough process analysis: Understand your current onboarding process, identify bottlenecks, and prioritize automation opportunities based on their potential impact.
2. Choose the right technology stack: Select a technology stack that meets your specific needs and integrates seamlessly. Consider factors such as ease of use, scalability, and security.
3. Focus on integration: Integrate your CRM, risk profiling tool, and document management system to eliminate manual data entry and ensure data consistency.
4. Invest in training: Provide comprehensive training to your staff on the new onboarding process and the use of the integrated technology stack.
5. Monitor and optimize: Continuously monitor the performance of your automated onboarding process and make adjustments as needed to improve efficiency and client satisfaction.

About Golden Door Asset

Golden Door Asset builds AI-powered intelligence tools for RIAs. Our platform helps advisors automate repetitive tasks and gain deeper insights into their clients. Visit our tools to see how we can help your practice.