Open Access

OPPORTUNITY / CHALLENGE

Why does your firm need back office services? Did you use to handle these needs in-house?

We used to clear some of our back office needs from a broker dealer. Now, we have our own broker dealer and have separated the other functions.

What types of work can your internal staff avoid by utilizing a back office service?

Our few staff members avoid data entry and reconciliation work.

What challenge were you trying to address with the service provider?

Our objective was to have precise processes with data security, and a seamless effect on our business.

SOLUTION

What was the scope of the service provider's involvement?

They provide data entry and client report compilation services, including data manipulation and reporting.

Could you describe the service provider's pricing structure and how they billed you?

We pay a monthly fee with the possibility for one-time add-on projects or upgrades.

How did you come to work with this service provider?

My colleague got a referral.

How would you assess the service provider's ability to turn around quality work quickly, their client service, and communication.

They are excellent.

How much time and money does this service provider save you each month?

It's hard to quantify beyond piece of mind, but, with the old clearing house, we were not the focus. I would say hour and hours, and thousands of dollars.

RESULTS & FEEDBACK

What takeaways and measures of success can you share about working with this service provider?

They were ready to go from the beginning, and had great preparation that was tailored to us. They are pretty stealthy and invisible, which is a pro and also a con.

What are the service provider's strengths?

They know how to be well-prepared.

What areas can the service provider improve?

They could provide proactive customer service, not just during the sale.

How long has your company been working with this service provider?

It has been 6 months since we began working with them.

How much money do you spend annually with this service provider?

The yearly cost ranges from $10,000 to $49,999.