PLANADVISER - September/October 2017 - 32

Another main part of the onboarding service effort
revolves around performing a " fiduciary forensic audit... [to]
bring the plan into the high standard we require as a co-fiduciary, "
DiPiero says. During this process, the Newport team
works closely with the new client-in person and remotely-
to uncover, rectify and document any existing plan-related
issues that should be resolved early on. Completing this
thorough analysis serves not only to protect the interests of
the committee but also to set the foundation for a successful,
lasting relationship.
And while establishing a strong rapport with the sponsor
and committee, and improving plan design, are vital, so
is participant education, the firm believes. This is why it
develops a tailored education policy statement (EPS) for each
new plan sponsor. " Increasing participation begins with a
robust educational and communication initiative to explain
to participants the importance of saving for retirement and
to reiterate to employees the value of the benefit offered by
their employer, " DiPiero says. " Using our tailored EPS as a
road map, we first identify the participant and demographic
groups not contributing or participating in the plan. ... We
then work with the plan provider to target those employees
directly, using language and methods specific to each individual
or group. "
The next step is to increase deferrals and start truly
defining and pursuing work force retirement readiness.
The firm " scours the demographics and offers solutions
specific to the groups that are either falling short in deferral
amounts or are projected to be unable to replace enough
income in retirement, " DiPiero says.
Good Plan Data
The client onboarding road map presented by DiPiero is
similar to those used at other firms. Hence, the firm's
success comes less from the uniqueness of its process and
more from a commitment to a careful selection of which
client relationships to pursue, when, as well as a lasting focus
on thoroughness, discipline and premium client service.
According to Natalie Wyatt, vice president for business
development at Innovest Systems in Lexington, Kentucky,
advisers are unable to do any of their client onboarding
work successfully without highly detailed and accurate plan
data. In fact, the question of the quality of plan data must be
addressed from the outset of any potential client relationship,
and it remains a challenge to be managed throughout
the relationship's lifespan.
Wyatt's firm provides technology services to trust, wealth
management and retirement planning professionals-i.e.,
services focused on this very issue. She says the information
gap can be particularly acute when a plan sponsor has
never worked with a specialist adviser or consultant before.
In such circumstances, the sponsor may be uncertain about
where important plan information might be stored and how
it should be processed and leveraged.
Vertically Integrated Advising
I
n the simplest terms, the solutions
supplied by providers of third-party
risk and process management solutions
such as ProcessUnity, a risk
management software solutions firm,
will allow an advisory practice to identify
and analyze the product-specific
service pledges made by each adviser
or client service representative, over
time, to each new client. This gives
a clear line of visibility from the toplevel
firm metrics down to individual
client service agreements and portfolios,
allowing for much more efficient
and rationalized planning of the client
service effort, by both dollar cost and
man-hours.
Benefits include cutting down on
unnecessary duplication of effort and
getting the right staff to focus on the
right work at the right time, both for
new clients coming on board and for
existing clients.
" The key is to develop controls
for what the advisory business can
successfully deliver, manage, support
and sustain over time, " the firm
suggests, in its white paper " Achieving
Service Delivery Excellence in an Out
of Control World. " " In the past, this has
been difficult to achieve as information
was not available in a centralized
manner, but, rather, resided in multiple
spreadsheets, across multiple siloed
departments-or, in many cases, was
not documented at all. Providers are
assessing their current state while
establishing new governance procedures,
disciplines and tools to ensure
that future services are developed and
delivered profitably. Providers see this
new model [supplying] their customers
with enhanced access to ongoing innovation
and increased satisfaction while
gaining critical insights at each step to
help accelerate decisions and action. "
ProcessUnity is far from the only
firm working in this area. Orion Advisor
Services, which bills itself as a portfolio
accounting service provider for
advisers, recently announced its integration
with Quik!, a supplier of form
automation services. The combined
Orion/Quik! solution aims to " provide
a seamless client onboarding experience, "
having similar goals and features
to those described previously.
The partnership converts electronic
or paper-based files into a web
browser that makes them fillable,
interactive, secure and signable, the
firms claim. Advisers are provided with
access to client data directly through
the application program interface and
can instantly populate custodial and
custom forms,
including a firm's own
investment advisory agreements.
Jeff Kliewer, Orion's manager of
integration partnerships, in Omaha,
Nebraska, notes, " Once the form is
completed, advisers have the ability to
download it as an editable PDF to print,
or to share via DocuSign for an e-signature,
efficiently completing the new
account process. " -JM
32 | planadviser.com september-october 2017
http://www.planadviser.com
PLANADVISER - September/October 2017

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