Legacy System Impedes Expansion
Many Winthrop Wealth clients have been with the firm since its inception. In early 2010, Max and Lucas Winthrop launched an initiative to focus on the children and grandchildren of those early clients. It quickly became apparent that the firm’s legacy technology would limit how they could serve these multigenerational households. To deliver the high-touch client interactions these second and third generations demand, Winthrop advisors needed to spend less time on labor-intensive work like manually toggling between multiple systems and producing client portfolio performance reports.
“The one-advisor-does-everything model does not scale” recalls Chief Executive Officer Max Winthrop, “as advisors spent more and more time exporting and calculating financial data to prepare for client meetings.”
Winthrop Wealth needed an easy-to-use, fast, and reliable portfolio reporting system to ensure they deliver a seamless high-touch client experience with consistent data.
Getting there wouldn’t be easy. There were hurdles to producing custom reports, the ever-present potential for integration headaches, and the need for advisors to manually inspect reports to ensure clean custodial data reconciliation. “Trust is integral to Winthrop’s client relationships. We needed a partner that understood this, and would not only help establish confidence in data accuracy but also act as a single source of truth for our reporting and analysis,” recalls Banchick.