PowerApps for Prominent Wealth Management Company

10 July 2023

The Client

The Client is a Leading financial services firm specializing in family wealth management.

The Need

The Client’s existing paper-driven and manual processes had become cumbersome and inefficient for updating, tracking, and reporting on wealth management plans. The complexity of paperwork made it challenging to accommodate changes and hindered effective collaboration, especially with remote teams. To address these challenges, the client sought a digital solution that would simplify the process and enable seamless collaboration among wealth managers.

Challenge

The client faced several challenges due to its reliance on paper-driven and manual processes. Updating, tracking, and reporting on information became increasingly tedious and time-consuming. The complicated paperwork involved made it even more challenging to accommodate and track changes efficiently. Recognizing the need for a more streamlined and user-friendly solution, the client expressed a desire for a simplified digital platform accessible via the web. The goal was to provide all the company’s wealth managers with an easy-to-use tool that would enhance their workflow and improve overall efficiency. Additionally, the wealth managers encountered difficulties collaborating effectively on financial plans, particularly when working remotely. This further highlighted the necessity for a comprehensive digital solution that would facilitate seamless collaboration and enable teams to work together more efficiently, regardless of their physical locations.

Solution

To meet Client’s requirements, a dedicated team developed a PowerApps-driven Wealth Management Planning App. This web-based application provided an intuitive and user-friendly interface for wealth managers to streamline their tasks and activities.

Comprehensive Family Tracking: The app allowed wealth managers to create and manage individual family profiles, including tracking family members, their goals, and selecting appropriate plans.

Task Scheduling and Monitoring: Wealth managers could schedule and assign tasks within the app, making it easier to track progress on individual plans and goals. The solution provided real-time visibility into task statuses, facilitating efficient coordination among team members.

Simplified Plan and Goal Definition: The digital platform simplified the process of defining and updating goals and plans, eliminating the need for complex paperwork. This streamlined approach saved time and reduced administrative overhead.

On-Demand Reporting: The app enabled wealth managers to generate on-the-fly reports in .docx format. These reports could be easily edited as required and shared with clients, providing a personalized touch to the wealth management process.

Benefits

The Client’s adoption of the PowerApps-driven Wealth Management Planning App resulted in numerous benefits, including:

Enhanced Tracking and Visibility: The digitization of the process significantly improved tracking and monitoring capabilities for all users within the client . Wealth managers could easily access and update task statuses, ensuring better transparency and accountability.

Simplified Processes and Reduced Paperwork: The app eliminated the complexities associated with manual paperwork, reducing the administrative burden, and streamlining wealth management planning. This simplification enhanced productivity and allowed wealth managers to focus more on strategic client interactions.

Improved Task Management: The incorporation of email-based reminders and task notifications improved task tracking and ensured timely completion of activities. This feature eliminated delays and enhanced overall task management efficiency.

Efficient Collaboration and Coordination: The app’s framework facilitated seamless collaboration among wealth managers, enabling them to assign and reassign tasks effortlessly. This enhanced coordination within the organization, leading to improved productivity and client service.

Technology Used

• Power Apps
• Power Automate
• SharePoint

By adopting the PowerApps-driven Wealth Management Planning App, The Client successfully transitioned from a manual, paper-driven process to a streamlined, digital solution. This transformation improved efficiency, simplified processes, and enhanced collaboration among wealth managers. Client’s commitment to embracing digital innovation ultimately led to improved client service and greater operational effectiveness in family wealth management planning and reporting.

Are you ready to revolutionize your wealth management process like our client did? Let Star knowledge empower your company with cutting-edge digital solutions. Contact us today to schedule a PowerApps consultation and take the first step towards a digitally transformed future.