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CapTrust Financial Advisors
Download the Case StudyFinancial Advisory Firm Uses xRM to Speed New Services to Market
CAPTRUST Financial Advisors is carving out a growing niche as a specialized investment advisory firm for companies and affluent individuals. CAPTRUST needed to differentiate itself through unique client tools and services, and support rapid changes to applications. CAPTRUST tapped Microsoft® Gold Certified Partner Customer Effective to implement Microsoft Dynamics® CRM and then use the solution's xRM platform to build more than 20 business applications. These relational line-of-business applications enable more efficient processes, help recruit financial advisors, and provide differentiated services to clients. For example, CAPTRUST used the platform to create an online fiduciary management tool for retirement plan sponsors—the first of its kind in the industry. The company was also able to build a portal for financial advisors twice as fast than with any another development strategy.
Situation
When CAPTRUST Financial Advisors laid out a strategic 10-year growth plan in 2003, the company understood that it needed a flexible and agile application development approach that would support its aggressive plans. “We sought out a technology solution that would make our processes more efficient and consistent across all client touch points and let us make rapid changes,” explains Garrett Klas, Application Development Manager at CAPTRUST.
CAPTRUST Financial Advisors is carving out a growing niche as a specialized investment advisory firm for companies and affluent individuals. CAPTRUST needed to differentiate itself through unique client tools and services, and support rapid changes to applications. CAPTRUST tapped Microsoft® Gold Certified Partner Customer Effective to implement Microsoft Dynamics® CRM and then use the solution's xRM platform to build more than 20 business applications. These relational line-of-business applications enable more efficient processes, help recruit financial advisors, and provide differentiated services to clients. For example, CAPTRUST used the platform to create an online fiduciary management tool for retirement plan sponsors—the first of its kind in the industry. The company was also able to build a portal for financial advisors twice as fast than with any another development strategy.
Situation
When CAPTRUST Financial Advisors laid out a strategic 10-year growth plan in 2003, the company understood that it needed a flexible and agile application development approach that would support its aggressive plans. “We sought out a technology solution that would make our processes more efficient and consistent across all client touch points and let us make rapid changes,” explains Garrett Klas, Application Development Manager at CAPTRUST.
Specifically, CAPTRUST wanted a solution that would enable its development team to respond to new business demands and develop industry-leading tools for both its advisors and clients. “As a firm, we work each and every day to make complex issues simple for our clients,” says Patricia Picquet, Managing Director for Marketing at CAPTRUST. “Moreover, we are always looking to attract the industry‟s best financial advisors with solutions to help them service clients better and accelerate growth.”
Solution
CAPTRUST examined a number of options for a cohesive technology platform, including packaged software solutions and its own custom system built in-house or with the help of outside consultants. In the end, CAPTRUST chose Microsoft Dynamics® CRM and its xRM platform because of its technical flexibility. The platform also lets the company maintain tight control over sensitive business data.
“xRM features an excellent software development kit to help development teams quickly and efficiently create new business applications while taking advantage of core technology components,” says Klas.
Portfolio management and billing systems. A sales team management system. Contact and vendor management systems. A quarterly report generator for clients. A call-tracking system with reporting. Investment research and revenue-projection tools. Workflows for trading and cash disbursement, marketing, and quality control.
CAPTRUST also created an online fiduciary management tool called CAPTRUST Direct, exclusively for the company‟s retirement plan sponsor clients. This tool enables CAPTRUST clients to easily document their compliance efforts with The Employee Retirement Income Security Act (ERISA). “If you are a fiduciary to a company retirement plan—a pension plan or 401(k)—ERISA regulation may impose personal liability on you for the management of the plan,” explains Klas. “This directly affects our corporate retirement plan clients. To make this easier for them, our fiduciary management tool uses Activity Management in xRM to document all communication for the account. Our Financial Advisors can simply click a button to log calls and e-mail messages in the system.”
For the firm‟s Financial Advisors, CAPTRUST built an xRM Web application that presents information and functionality in a way that best fits how each Advisor works. The application integrates proprietary data feeds from CAPTRUST service providers to provide an aggregate view of trading and pricing information. Says Klas, “The xRM application platform layer does not require us to follow or request data in a particular format, which makes it very easy for us to roll up information from many different systems and present it in a fully transparent way to internal stakeholders and clients.”
Benefits
With xRM, CAPTRUST has the technology foundation to support the expansion of its business, both in terms of scale and new opportunities. “Now, we realize value from our IT efforts sooner,” says Klas. “xRM is flexible and lets us get new ideas to market quickly.”
More Efficient IT Operations
By building on top of core technology in xRM, CAPTRUST can create new business applications more efficiently. “We were able to build our Advisors Portal twice as fast than if we had chosen another technology strategy,” says Klas. “With xRM, we can make rapid changes that support business goals and ultimately improve our ability to service our clients.”
Streamlined Business Processes
CAPTRUST estimates that it saved the equivalent of 24 full-time administrative employees each year by automating workflows through its applications built on xRM. Says Picquet, “xRM unifies what used to be very disconnected processes and tools and lets our people focus on the really important matters, like working with our clients to help achieve their retirement goals.”
Competitive Advantage with Unique Applications
CAPTRUST uses the platform to create powerful, unique applications that differentiate the company from its competitors. “Our portal for retirement plan sponsors is just one of the several real-world solutions we‟ve created because of our commitment to anticipating client needs,” says Picquet. “Other firms may offer co-fiduciary services, but we believe we are the first to offer an online fiduciary management tool that helps our clients follow, document, and audit their fiduciary processes, thus saving clients time and worry.”
And, because its advisory tools are so powerful and easy to use, CAPTRUST touts them to help recruit financial advisors that might want to join the firm. Says Picquet, “With xRM, we are able to build unique advisory tools that are very proprietary in functionality and in terms of look and feel.”
Faster, More Informed Decisions
To help its clients monitor their investment portfolios, CAPTRUST needs deep insight into market data and the ability to see how that impacts positions. In late 2008, the stock market turmoil that followed the collapse of Lehman Brothers tested CAPTRUST‟s new tools built on the xRM application platform layer. “That event was a „100 year flood‟ for our industry,” says Klas. “Because of the platform approach based on xRM, we were able to react much faster. By using the Advanced Reporting and Advance Find features, we quickly segmented our customers according to their exposure, performed due diligence on their positions, and prioritized our communications.” CAPTRUST‟s Financial Advisors could quickly assess the relative exposure their clients had to the deteriorating credit markets and then help those clients adjust their portfolios accordingly. “Our highly targeted communications and responsiveness to rapidly changing conditions helped mitigate the impact of the credit crisis on our clients‟ portfolios,” says Picquet.
CAPTRUST examined a number of options for a cohesive technology platform, including packaged software solutions and its own custom system built in-house or with the help of outside consultants. In the end, CAPTRUST chose Microsoft Dynamics® CRM and its xRM platform because of its technical flexibility. The platform also lets the company maintain tight control over sensitive business data.
“xRM features an excellent software development kit to help development teams quickly and efficiently create new business applications while taking advantage of core technology components,” says Klas.
Accelerated development of nearly two dozen custom applications
Since first deploying the solution, CAPTRUST has upgraded to the latest version of the software and integrated several internal systems and external data sources. CAPTRUST completes most of its development internally, but relies on Microsoft® Gold Certified Partner Customer Effective to provide advice and expert help when needed. To date, CAPTRUST has created 20 relational line-of-business applications and numerous automated workflows by using xRM and related technologies, such as Microsoft ASP.NET and the Microsoft .NET Framework. These applications and workflows include:Portfolio management and billing systems. A sales team management system. Contact and vendor management systems. A quarterly report generator for clients. A call-tracking system with reporting. Investment research and revenue-projection tools. Workflows for trading and cash disbursement, marketing, and quality control.
CAPTRUST also created an online fiduciary management tool called CAPTRUST Direct, exclusively for the company‟s retirement plan sponsor clients. This tool enables CAPTRUST clients to easily document their compliance efforts with The Employee Retirement Income Security Act (ERISA). “If you are a fiduciary to a company retirement plan—a pension plan or 401(k)—ERISA regulation may impose personal liability on you for the management of the plan,” explains Klas. “This directly affects our corporate retirement plan clients. To make this easier for them, our fiduciary management tool uses Activity Management in xRM to document all communication for the account. Our Financial Advisors can simply click a button to log calls and e-mail messages in the system.”
For the firm‟s Financial Advisors, CAPTRUST built an xRM Web application that presents information and functionality in a way that best fits how each Advisor works. The application integrates proprietary data feeds from CAPTRUST service providers to provide an aggregate view of trading and pricing information. Says Klas, “The xRM application platform layer does not require us to follow or request data in a particular format, which makes it very easy for us to roll up information from many different systems and present it in a fully transparent way to internal stakeholders and clients.”
Benefits
With xRM, CAPTRUST has the technology foundation to support the expansion of its business, both in terms of scale and new opportunities. “Now, we realize value from our IT efforts sooner,” says Klas. “xRM is flexible and lets us get new ideas to market quickly.”
More Efficient IT Operations
By building on top of core technology in xRM, CAPTRUST can create new business applications more efficiently. “We were able to build our Advisors Portal twice as fast than if we had chosen another technology strategy,” says Klas. “With xRM, we can make rapid changes that support business goals and ultimately improve our ability to service our clients.”
Streamlined Business Processes
CAPTRUST estimates that it saved the equivalent of 24 full-time administrative employees each year by automating workflows through its applications built on xRM. Says Picquet, “xRM unifies what used to be very disconnected processes and tools and lets our people focus on the really important matters, like working with our clients to help achieve their retirement goals.”
Competitive Advantage with Unique Applications
CAPTRUST uses the platform to create powerful, unique applications that differentiate the company from its competitors. “Our portal for retirement plan sponsors is just one of the several real-world solutions we‟ve created because of our commitment to anticipating client needs,” says Picquet. “Other firms may offer co-fiduciary services, but we believe we are the first to offer an online fiduciary management tool that helps our clients follow, document, and audit their fiduciary processes, thus saving clients time and worry.”
And, because its advisory tools are so powerful and easy to use, CAPTRUST touts them to help recruit financial advisors that might want to join the firm. Says Picquet, “With xRM, we are able to build unique advisory tools that are very proprietary in functionality and in terms of look and feel.”
Faster, More Informed Decisions
To help its clients monitor their investment portfolios, CAPTRUST needs deep insight into market data and the ability to see how that impacts positions. In late 2008, the stock market turmoil that followed the collapse of Lehman Brothers tested CAPTRUST‟s new tools built on the xRM application platform layer. “That event was a „100 year flood‟ for our industry,” says Klas. “Because of the platform approach based on xRM, we were able to react much faster. By using the Advanced Reporting and Advance Find features, we quickly segmented our customers according to their exposure, performed due diligence on their positions, and prioritized our communications.” CAPTRUST‟s Financial Advisors could quickly assess the relative exposure their clients had to the deteriorating credit markets and then help those clients adjust their portfolios accordingly. “Our highly targeted communications and responsiveness to rapidly changing conditions helped mitigate the impact of the credit crisis on our clients‟ portfolios,” says Picquet.
