Docupace
  • PreciseFP
  • RIA Productivity Suite
  • Docupace Platform
    • Docupace Platform

      A comprehensive, customizable solution for digitizing your wealth management operation and increasing efficiency, productivity, and profit.

      Platform Overview
      jPass Login
      • Advisor Transitions

        Digital workflows make it possible to transition incoming advisors’ books of business in as little as 30 days.

      • Client Onboarding

        New account opening and maintenance is simple with automatic data synchronization and compliance checks.

      • Compensation Management

        Build financial reports with comprehensive summaries that can be created with unlimited hierarchies.

      • Compliance TRACKR

        Enable digital delivery to ensure clients receive RegBI (Form CRS), Form ADV and DOL Rule disclosures.

      • Document Management

        Store records with a secure, cloud-based document management solution and always be prepared for an audit.

      • PreciseFP

        Powerful automation, workflow, and operations management tools that enable seamless client engagement.

      • RIA Productivity Suite

        Out of the box capabilities and integrations that meet the flexibility needs & simple-delivery requirements of the RIA market.

      • Surveillance and Compliance

        Our Surveillance and Compliance solutions are the antidote to your challenges, pre- and post-trade.

  • About
    • About Us

      Docupace is a technology company built for the wealth management industry. We’ve been on a mission to eliminate paperwork since 2002.
      Who We Are

      • Partner Integrations

        The Docupace Platform integrates with leading CRMs, esignature solutions, custodians, clearing houses, and more.

      • Careers

        Want to work for an exciting, fast-growing company with excellent benefits? View our openings and apply.

      • Back Office Heroes Day

        Learn more about National Back Office Heroes Day presented by Docupace.

      • Security & Compliance

        Learn more about the initiatives that protect the Docupace Platform from cyber and regulatory risks.

      • Contact Us

        Get started with the Docupace Platform or reach out to our sales, client support, or compliance support specialists.

  • Resources
    • Resources

      Access product and solutions guides, whitepapers, success stories, datasheet, webinars, and more.

      Resource Index

      • Blog

        Stay up to date on the latest industry news and read insights from wealth management technology experts.

      • News & Events

        The latest Docupace headlines, plus information about upcoming conferences and webinars.

      • Datasheets

        Get detailed information about Docupace products, services, and partners

      • Webinars

        Discover on-demand webinars to learn about our products, services, and industry trends.

      • eLearning & Documentation

        Guides and videos to help you accomplish tasks in the Docupace system, plus release notes and glossary.

      • Whitepapers

        In-depth insights and research about the biggest topics in wealth management technology.

  • Contact Us

How to Make Operational Excellence a Hallmark of Your Firm

By Ryan George · Mar 13, 2023
Mar 13, 2023 · News and Insights

How to Make Operational Excellence a Hallmark of Your Firm

Ryan George, Chief Marketing Officer | Docupace

Operational excellence seems like a lofty goal for many firms, but putting it into practice is not only possible — it’s necessary to reach growth opportunities and provide a top-tier client experience.

Achieving operational excellence isn’t the responsibility of one leader or advisor. It requires a culture shift to transform the firm and embrace growth and improvement.

Why Operational Excellence Matters

Operational excellence means firms and advisors are taking advantage of all the available tools to work efficiently, often with two principles in mind:

  1. Leveraging data, using AI and other technology to make transactions and operations as intuitive as possible
  2. Touching as few transactions as possible and designing straightforward systems

It’s not just about operations, there are countless benefits to operational excellence for every aspect of the business. It provides a better experience for clients, more efficient processes for employees and advisors and higher margins and lower risks for shareholders.

Research from the Harvard Business Review found that operational excellence leads to 25% faster annual growth rates and 75% higher productivity, as well as attracting more talented employees and fostering better employee well-being.

Operational excellence also drives scale, improves margins, and frees time for advisors to spend more time with clients. That leads to a better client experience and more referrals and growth opportunities.

There’s a reason Aaron Berthold, VP of Operations at Ameritas Investment Company, said in a Docupace Webinar Roundtable: “If you don’t have a culture of operational excellence, you won’t achieve what you need to on a day-to-day basis.”

Achieving operational excellence requires effort from everyone in the firm. It isn’t a one-time action or box you can check, but a widespread culture throughout the firm to continually improve, evolve, and reduce friction.

Set a Vision and Lead by Example

Creating any culture takes time and effort, especially from firm leaders. Change doesn’t happen overnight. It starts with a clear vision of what the culture can become. That vision needs to include every aspect of the firm and the role each employee and advisor can play in reaching the goal. A back office employee might not interact directly with clients, but they have an incredible impact on streamlining processes and working toward operational excellence.

Researchers from PwC put it this way: “Developing a strategy that aligns people, processes, and assets will make sure you have a clear understanding of your organization’s goals and the confidence to get there fast, creating an accelerated path to turning your company’s operational vision into a reality.”

What does a culture of operational excellence look like? The answer will vary in each firm but often includes a culture built on continuous learning and improvement. When firms work toward operational excellence, they embrace new technology, encourage employees to speak up about bottlenecks, and dedicate everyone to providing a strong client experience.

No matter the size, Tom Gooley, Chief Operating Officer at Cetera Financial Group, says every firm needs to continually discuss and promote an operational excellence culture. Leaders should set an example and live the culture. As other advisors and employees see the example of embracing operational excellence, they’ll follow the same path.

Maintaining and Strengthening the Operational Culture

Setting a vision and sharing the culture doesn’t automatically lead to lasting change. Embracing a culture of operational excellence means being open to feedback and improvements.

Many firms systemize their feedback by gathering advisors and employees regularly or creating a task force to meet periodically and candidly discuss what is and isn’t working. These groups and feedback sessions can provide valuable insights into areas for improvement and opportunities for growth.

Strengthening a culture of operational excellence requires transparency and communicating with the firm about changes and initiatives, especially around new technology and regulatory changes. As advisors and back-office employees see the impact of their work on streamlining operations and growing the firm, they will become more engaged in reaching operational excellence.

Operational excellence is crucial to any successful firm. And it requires a culture of continual improvement and learning. These changes take time and can lead to incredible growth opportunities.

To learn more about how Docupace can help your firm reach operational excellence, click here for a free demo.

Want to read more
from our thought leaders?

Explore our Blog
About the Author

Ryan George is the Chief Marketing Officer at Docupace. He is responsible for the company’s brand awareness, early-stage sales pipeline, content strategies, customer and industry insights, internal and external communications, design, and events. George actively engages in leadership roles in both the financial services and marketing communications communities. He a member of the Forbes Communications Council, an invitation-only, fee-based organization of senior-level communications and public relations executives, the CMO Council and the CMO Club.

Share This Article
The Platform
  • Platform Overview
Solutions
  • Advisor Transitions
  • Client Onboarding
  • Compensation Management
  • Compliance TRACKR
  • Document Management
  • PreciseFP
  • RIA Productivity Suite
  • Surveillance and Compliance
Resources
  • Blog
  • News & Events
  • Glossary
  • eLearning & Documentation
Company
  • About
  • Contact
  • Careers
  • Back Office Hero Day
  • Security
  • Partner Integrations
  • Legal
RECEIVE NEWSLETTER UPDATES

© Docupace Technologies 2023

  • Privacy Policy
  • Docupace's LinkedIn
  • Docupace's Twitter
  • Docupace's Facebook
  • Docupace's Youtube
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT