As the economic and business impact of the COVID-19 situation mounts, financial advisory firms are finding ways to reimagine a “business-as-usual environment.” We are continuing our Office Hours webinar series, where Addepar experts provide financial advisors with key communication tools and best practices that they can use to connect with their clients during this uncertain time.
This week, we were joined by Jeff Schoff, Head of Addepar Operations at Tiedemann Advisors, who shared how his firm has been leveraging technology. Here are some of the key takeaways from the session.
Utilize Firm-Wide Analysis Features
A firm-wide analysis view gives advisors visibility into the total exposure and performance of their firm’s investments. With a bird’s eye perspective, executive teams can understand how advisors, strategies and regions are performing, and make high-level recommendations as necessary.
“[Firmwide views] allowed us to leverage our information in Addepar to provide the board with meaningful analysis such as trailing AUM, billable assets over time, revenue lost and outflows from terminating or terminated clients, AUM by advisor, and much more.” - Jeff Schoff, Tiedemann Advisors
Take Advantage of Team Functionality
In today’s remote environment, teams are scattered across cities and time zones. This leads to a host of potential logistical hurdles and communication gaps. Fortunately, with the abundance of technology at your fingertips, you can effectively recreate your team’s real-life work structure. Take advantage of Team and Role Functionalities. Advisors, CSAs and Operations team users who can collaborate virtually are able to eliminate timely meetings.
“By using the Addepar roles function, we are able to simply assign a new user a role instead of individually permissioning each module. This has saved us a significant amount of time and countless headaches over the former workflow.” - Jeff Schoff, Tiedemann Advisors
Check Out Your Tech Provider’s Help Site
Nothing quite beats the convenience of rolling over to a teammate’s desk to ask a question or troubleshooting an issue together in the office. While it may be difficult for technology to emulate the more human aspects of those experiences, don’t underestimate the value of a Help Site. Virtual courses, training videos and FAQs are a good 24/7 resource to learn new skills and features. Without a teammate by your side at any time, this often-forgotten resource is extremely valuable.
As you continue to navigate this ever-changing landscape, please know that we’re here as a resource for you. Please let us know what you’d like to learn more about. You can get in touch with us at email@example.com or on Twitter and LinkedIn.
Register here to join us on Friday, April 17 for Office Hours on Managing Risk & Liquidity in a Market Downturn.