For advisors going independent, producing monthly or quarterly performance reports is unfamiliar ground. Without a documenting the process and choosing a technology platform to implement a system, performance reporting can be overwhelming. Advisors4Advisors recently produced a webinar to help new advisors making the transition.
Two seasoned executives from Orion Advisor Services were our guest presenters for the session. Orion is a portfolio reporting services that is used by about 200 independent advisory firms. The firm got its start in 1999. Originally the system was built by CLS Investments, which manages about $3 billion in assets, to produce client performance reports and then it was offered as a product that could be used by other RIAs.
Bill Wostoupal, the head of business development, and Randy Lambert, who runs operations at Orion, did a great job of explaining the performance reporting process RIAs must go through without making it sound like a commercial for Orion.
They also came up with a template process and worksheet that new RIAs can use to develop reporting procedures internally. The template process and worksheet is useful to RIAs no matter what portfolio reporting system you use.
The process Orion provides is a template that you can adapt to your needs, and the worksheet makes it easy for you to document the process and embed it in your CRM system. If you embed your firm’s performance reporting process in your CRM system and assign staff to each step in the workflow, then your firm will be more efficient. Staff will be held accountable and reporting tasks will not be dropped or handled improperly.
You can down download the Performance Reporting Workflow Worksheet for free using A4A Rewards, and you can view a replay of the session here.