Improving staff output for your RIA operations is key to the firm’s success.
You’ve hired good candidates. Check.
You have a comprehensive retention policy to provide the best chance of holding on to those valued middle- and back-office staffers. Check.
You know that increased employee output means the reconciliation and performance reports get done faster and are error-free, and the staff is engaged and willing to learn and complete new tasks beneficial to the firm.
But how do you know the people you employ are doing a good job in reality? Are the employees doing work that complements their interests and skill sets?
To Increase Staff Output, RIAs Need to Satisfy Two Main Aspects:
1. Operations staff must be
employed usefully – so they are not only busy, but also productive.
One way is to deploy employee monitoring software, notes technology provider Hubstaff. This enables companies to track staffers’ computer-related usage and activities, allowing you to measure productivity, attendance and hours worked to ensure employees are engaged with workplace-related tasks.
Modern technology means firms can monitor almost all employee activity and communication, including the following:
- Internet and app usage
- Keystroke logging
- Computer screen recording
- Phone use
However, this is not just some Big Brother control over how staff spend their time. It can also reveal which applications they use frequently and find most helpful, what tasks employees struggle with, when they work best and so on. As a result, you can collaborate on optimizing their productivity.
2. The more important element is to monitor and manage the output of your operations team’s work.
Having staff dedicated to their jobs is great, but are they also performing those tasks well?
This means, for instance:
- Monitoring trade affirmations and correcting
discrepancies directly with the prime brokers
- Tracking the level of transaction, position, valuation and cash reconciliation fails and their causes across all counter-parties.
- Ensuring portfolio accounting data is accurate and up-to-date.
- Checking performance measurement figures meet internal or GIPS standards and ensuring reports are delivered in the desired format and on a timely basis.
- Calculating management and incentive fees correctly.
- Researching corporate actions and calculating the allocation of basis.
Improving Investment Management Operations Is Key
The two solutions above will determine the level and quality of support an RIA’s key front-office staff receive.
In addition, advisories should consider how high their cost base is and how smoothly the firm runs. Finally, meeting compliance requirements and properly servicing clients will contribute to a better operational process.
Your firm’s future success depends on getting these factors right.
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