Community

Onboarding with Addepar: The First 30 Days

Stefan Daniels

Product Manager

Published on

If you’re looking to migrate historical data from a legacy system to a modern platform, the process can be daunting. It doesn’t have to be. 

You could benefit from our proven, template-based onboarding process called the Addepar Implementation Methodology (AIM). AIM is designed to efficiently move your static legacy and real-time data to Addepar for seamless analysis and reporting.

For large firms with tens of thousands or millions of accounts, the process of discovery, testing, data loading and performance validation might consume many months. But for small to mid-sized practices, the more modest scale, complexity and scope make 30 days a realistic timeframe for onboarding. Here’s a checklist of what to expect during those first 30 days.

Stage 1 (Days 1-2): Building the team

Once your agreement is signed, we’ll introduce you to your Addepar onboarding team. This might include a project manager, data analyst, solution specialist and account manager. For small to mid-sized clients, it’s not uncommon to work with just one or two dedicated Addepar experts who are capable of wearing different hats. In turn, we’ll ask you to commit one or two people to the project for its duration.

Stage 2 (Days 3-7): Discovery, testing and preparation

Once the team is assembled, the next priority is preparing for data loading. This starts with discovery—determining where your data is stored, what data will be converted and which entities are required.

Next, your accounts must be loaded into the system. This is an exacting process that might involve assistance from your custodians, in addition to your own internal efforts. While you’re compiling the account list, we’ll start setting up the data feeds and performing data analysis in preparation for the actual extraction.

Stage 3 (Days 8-15): Extracting your data

At this point, we’re ready to extract, transform and load (ETL) the data. We can put it into whatever formats you require with the help of our preset templates. After data testing and tooling are set up, business as usual will be briefly interrupted while the migration occurs.

At Addepar, we typically work with three types of historical data:

  • Summary Data—Returns and market values with a predetermined structure that you input directly into Addepar, with no further calculations needed
  • Values and Flows—A differentiator for the Addepar platform, this data summarizes the performance of investor portfolios over time—with our calculations keeping it continuously updated and accurate
  • Transaction and Pricing Data—These dynamic cash flows, values and returns are continually refreshed, using changes in asset pricing and transactions as they take place

Your data migration will also include ownership and householding information—details about business and legal entities and their positions in various portfolios.

Stage 4 (Days 16-30): Offering consultation and training

Once your ETL milestone has been attained, we’ll shift to more of a firm-specific consultative role. Our experts work closely with you and your advisors to validate performance. We ensure that no accounts are missing, data is flowing as expected and reports address your needs. Configurations can be adjusted and custom reports can be designed for enhanced insight and business value. Plus, edge cases can be identified and resolved, if desired. 

We’ll also guide you through the change-management process as your advisors and clients get used to the new solution. This can include web-based training—especially cost-efficient and effective in today’s remote environment; our dynamic help center—with free online tutorials, videos and more; and Addepar Academy to provide needed learning not only during your initial 30 days, but also at any time and for anyone who needs it going forward.

Stage 5 (Day 31+): Continuous implementation

While the first 30 days are the most critical for the onboarding process, the reality is that the majority of firms are never done implementing their technology solution such as Addepar. That’s because new clients are added or other practices are acquired—with accounts and assets to migrate to the platform. Addepar also delivers platform updates on a monthly cadence. These updates include new features, user experience changes, platform stability updates, security improvements, and general bug fixes. Client feedback drives our product development and we are constantly adding new features. 

Addepar partners with you to deliver the robust support and ongoing training needed to ensure continuous implementation of your solution, as your requirements and opportunities change. The result is a sophisticated, state-of-the-art portfolio-reporting platform that you and your firm can count on—now and in the years to come.