The path to better client outcomes: People-centric, technology-driven
by 55ip
At 55ip, impactful client service is sometimes behind the scenes but always at the forefront of advisor success. We sat down with Ivis Varela, Integration Specialist at 55ip to hear how his team fits into the overall service function to efficiently onboard advisors and start them on their road to delivering better investment outcomes.
When people think of cutting-edge fin-tech and tax-tech, service isn’t something that’s front of mind. Should it be?
Ivis: Absolutely. It’s important that we remember that the goal of tax-smart investing isn’t technological sophistication in and of itself. The goal is better outcomes through better portfolios using that technological sophistication. We consider the service function critical to delivering these outcomes and the Integration Specialist function critical to making that happen quicker.
The 55ip Outcome Function
Where does that integration between technology and service start at 55ip? How does Integration Services align and partner with the broader Advisor Services team?
Ivis: At the very beginning of the advisor relationship. In fact, before the beginning.
The role of our Advisor Success Managers (ASMs) is to ensure the advisor is positioned for continued success. Integration Services is a dedicated function within Advisor Services and has a specific remit – to ensure the advisor is quickly and efficiently onboarded onto our platform and so set up for that success.
And while we’re focused on optimizing what is ultimately the technology-based transmittal of information between custodians, advisors, asset managers and 55ip, we know that people are essential to better portfolio outcomes and better business outcomes. As a contact, as a bridge and most importantly as a partner.
How do you approach this function, both strategically and tactically?
Ivis: Strategically, we maintain a common framework for service excellence across the entire firm.
First, optimize information flows. We make sure the integration between advisor and custodian, and custodian and 55ip is timely, smooth and accurate.
Each custodian is slightly different and some of the technical differences aren’t always evident to everyone impacted. The advisor-to-custodian connection happens outside our platform but inside our remit.
Second, enhance the advisor’s service experience. The user experience is key. Not just the experience of using the platform, but the holistic experience of partnering with 55ip. As a result we’re not just able to improve onboarding processes and timelines but also our clients’ satisfaction with them.
Do you have examples of how the team has enhanced the user’s experience?
Ivis: Enhancements can be as rudimentary and tactical as ensuring the usability of our intake forms are crystal clear for every use case as platforms, processes and use cases evolve. A short text label next to a single box on a form can cause confusion and error if it’s not clear. Attention to every detail really matters.
Strategically, more often we’re seeing advisor firms coming on board as their firms are consolidating and restructuring. Firms are simultaneously changing structure as they’re changing models and investment products as they’re striving for growth and scalability. We can’t assume change is linear and so our onboarding process and intake documentation needs to reflect today’s – and tomorrow’s business environment in real time, and not after the fact.
But there’s a tangential benefit to our specialist onboarding function though – because we’re laser-focused on integrating the advisory firm onto our platform, we’re able to free up the Advisor Service Manager (ASM) to focus on longer-term advisor needs. Together, we’re setting them up for success quickly and continually.
And third, continual measurement and enhancement. Analysis is in our DNA. Every step in our procedures is visible, tracked and evaluated. The timeline from greenlight to first trade is critical. Yes, we want advisors to start realizing benefits quickly, but how we achieve speed is also critical. The accuracy and usability of documentation and workflows are continually evaluated and those learnings applied.
Tell us about your background, Ivis. What drew you to this role?
Ivis: I was drawn to technology at an early age. I’m still enthralled by the blend of forward thinking, sophisticated technology and people. The notion that ongoing tax-smart investing is a game changing idea but also one that can be enhanced continually by everyone of our team. We’re all part of 55ip’s ongoing success and that’s a great feeling.
I grew up in Idaho, surrounded by farmers and farmland. I saw that while it takes patience and fortitude to make crops grow it also takes planning, hard work and a level of anticipation that comes only with experience. Farming and fin-tech are perhaps as dissimilar as two industries could be, but the success criteria are oddly similar.
Service and scale don’t always go hand in hand. 55ip continues to grow and in fact just crossed $40 billion in assets under supervision. How do you balance the need to provide effective service with your own firm’s growth?
Ivis: A great question. We know it can be a challenge for advisors because we help them improve that balance. The same process improvements, attention to detail and personal engagement that helps advisors get onboarded and start to realize benefits quicker also helps us scale – haste isn’t necessarily scalable, but we’ve found (and so have our clients) that speed through efficiency is.
What’s next Ivis? For the firm and for the Integration team?
Ivis: We’re justifiably proud of the sophistication of our technology. Every day we strive to be the industry standard for tax-smart investing and that commitment and focus aren’t changing. But technology is only as effective as its usability and accessibility. We’ll continue to automate where it makes sense to and be there in person every time it benefits our clients. We bring the people and the platform together. It’s what we love to do.
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