Challenge
Wealth management firms can grow either organically by adding clients, or through acquisition of new advisors/firms. Growth while running the operations and executing strategic leadership can take away from keeping your client’s needs first. Formidable was looking for a way to grow while being agile enough to overhaul their organizational structure, business processes, and strategic direction, while building a strong brand that can evolve based on a stable but flexible technology platform they did not have to worry about. Altabos began working with Formidable in 2016 to establish a growth platform and allow them to deliver on their mission of providing “sophisticated investment and financial growth strategies custom built for their clients.” Initially this included rebranding, completely replacing nearly all technology platforms, migration to the cloud, and creating a clear business process for growth.
Solution
Business Strategy, Marketing, Branding, Technology and CyberSecurity leadership, including a full suite of brand design, web design, internal systems management and integration of custodian services for the wealth management firm.
Results
Rapid onboarding (in under 24 hours) of 5 new advisors to the team with full access to email, phone systems, business cards, and agreements/paperwork. Average 95% conversion of clients to Formidable accounts from previous firms 100% migration to the cloud Successful SEC Examination in 2018/19 with no technology, branding, or cybersecurity findings Multiple innovation projects including Robo Advising, Automated Client Billing, Video Collaboration/Client Meeting Platform, and Portfolio Management and Allocation System Implementation of over 6 solutions for CRM, Financials, Risk Analysis, Planning, and Client Portal technologies
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