Wealth management platform for Lifeworks
Learn how we helped our client build an all-in-one platform for financial advisors and their customers.
20+ IT experts
2019 – 2020
About the client
Lifeworks Advisors is a US-based wealth management company that assists their customers in complex wealth management operations. Their range of services includes financial management and planning and investment strategy design.
The main challenge Lifeworks Advisors faced was using separate systems for aggregating customers’ financial data, managing financial plans, opening investment accounts, and monitoring investment activity.
The client needed to:
- build an all-around platform for wealth management and financial advising in 8 months to present the product at a wealth management conference
- complete the project within a tight deadline due to commitments to investors and time lost working with the local vendor
Building an all-around financial advisory platform for business growth
At Lifeworks, financial advisors spent much time switching between tools for gathering customer information, calculating scenarios, opening investment accounts, and monitoring investment activity. Also, using multiple systems for wealth management services prevented the company from scaling.
We developed a single platform for aggregating customers’ financial data, managing customers’ financial goals and plans, providing financial reports in real time, opening investment accounts and monitoring investment activity, and billing customers.
Aggregating customers’ financial data
Previously, advisors would use paper notebooks, Google Docs, and other instruments to collect and store customers’ financial information. This led to inaccuracies and made advisors spend a lot of time completing customer profiles for financial planning and advising.
We created a financial customer profile that allows advisors to store all necessary details about customers within one platform. If needed, customers can also add information to their own profiles by completing a special form. Once customer information is added to the platform, it’s automatically processed and structured in the platform database.
Managing financial goals and providing real-time reports
Using the client database, advisors can set customer goals and create financial plans. All completed plans along with customer assets and liabilities are displayed on dashboards. Advisors and customers can edit their plans from their accounts. When changes are made to plans, dashboards are automatically updated in real time.
Opening an investment account and monitoring investment activity
To open investment accounts and facilitate the collection of customers’ financial data needed for such operations, we integrated Orbis Systems APIs. For daily investment monitoring with summary dashboards, we implemented internal parsers for investment data provided by the Apex and TD Ameritrade platforms.
Completing the project on a tight schedule
Due to the time lost working with the local development company, we had to build a technically complex platform in 8 months instead of the 12 initially planned. To do that, we applied our stakeholder and requirements management frameworks to prioritize requirements for faster MVP delivery. Our teams used tools for remote collaboration and adjusted their schedule to minimize the time difference and increase convenience for the client. We also ramped up the team with additional experts to speed up development.
Thanks to these measures, we completed the required tasks by the set deadline, and our client was able to present the platform and its functionality at a major financial event.
Our development efforts turned into the following results:
A single system that handles all wealth management operations and allows for business scaling
A unified customer profile that makes it easy to collect and update customers’ financial information
On-time delivery of a solution that met all the client’s needs and requirements, ensuring the platform’s stable operation and a convenient working environment for advisors
OPTIMIZE YOUR BUSINESS PROCESSES WITH A UNIFIED SOLUTION
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