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A leading IFA in Australia Case Study

Case Study

A Leading IFA in Australia

The Background

The client, a leading IFA in Australia managing funds of over AUD 500 million faced several challenges in the areas of IT infrastructure, workflow processes, job roles and turnarounds on SoA’s. Valenta BPO conducted an external onsite audit for 2 full days to assess the status and offered a comprehensive Process Consulting Solution to address these issues.

Case Study | The Background
Case Study | The Challenge

The Challenge

Several key issues were discovered beginning with weak IT infrastructure, a visible aspect. This was compounded by the lack of workflow processes and defined job roles and responsibilities. Importantly, the SOA’s were turned around by both in-house and outsourced paraplanners, all of which had a visible impact on the quality of deliverables.

The Solution

Valenta conducted an external on-site audit for two days, interacting with the concerned teams and reviewing the systems and processes in place. The client was then presented with a detailed gap analysis report which identified the pain points and the reason for each.

Then the Process Consulting team designed new workflow processes, defined job roles and responsibilities and assigned goals to each department in the firm. An outsourced staffing model was recommended and certain tasks were allotted to back office operations. The resources associated with this were realigned and newer responsibilities were assigned to them. All these changes led to better process efficiency, overall productivity, and profitability.

Case Study | The Results

The Results

Post implementation, the organisation saw an improvement across all functions.

Valenta’s Dedicated Outsourced Staffing Model saved the client AUD 150,000 annually. The client had deployed 6 resources for Admin and Paraplanning tasks and these were replaced with similar resources in Valenta’s back offices in India, significantly reducing costs.

There was no downsizing in the entire restructuring. 3 resources were moved to the Client Relationship team to manage client onboarding and relationship.  The other 3 were transitioned to the Technical support Team to assist Advisers and the Offshore Team.

As for SOA’s, the turnaround reduced drastically from 10 days to SOA’s turned around in the same business day.