Wealth management platform for Lifeworks

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.