SCHWAB OPENVIEW WORKFLOW LIBRARY BUSINESS OPERATIONS WORKFLOW SERIES: BUSINESS REPORTING PROCESS

Transcription

1 SCHWAB OPENVIEW WORKFLOW LIBRARY BUSINESS OPERATIONS WORKFLOW SERIES: BUSINESS REPORTING PROCESS

2 Document ID: Document Date: June 12, 2012 Document Version: A Disclosures: The Schwab OpenView Workflow Library TM is a product of Schwab Intelligent Technologies TM ( SIT ) made available exclusively to advisors that custody client assets with Schwab Advisor Services. Schwab Advisor Services includes the custody, trading and support services of Charles Schwab & Co., Inc. ( CS&Co ), a registered broker-dealer and member SIPC. SIT provides technology solutions to independent investment advisors, while CS&Co provides them and their clients with custody, trading and support services related to brokerage accounts maintained by CS&Co for the advisors clients. SIT and CS&Co are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other. Some consultative services are provided by third party firms who are not affiliated with or an employee of CS&Co. Schwab Advisor Center is a website of Schwab Advisor Services, which includes the custody, trading and support services of Charles Schwab & Co., Inc. ( CS&Co ), a registered broker-dealer and member SIPC. SIT and CS&Co are separate companies affiliated as subsidiaries of The Charles Schwab Corporation, but their products and services are independent from each other. Independent investment advisors are not owned by, affiliated with or supervised by CS&Co. This document and the workflows and other information contained in it are provided for general information purposes only and are not tailored to the particular circumstances of your firm and its practices and processes. You may need to tailor the workflows and related information to your circumstances. You, and not SIT or any of its affiliates, are solely responsible for your practices and processes. See the Schwab OpenView Workflow Library Terms of Use available on the SIT website for additional information. For institutional use only. This material is meant for educational purposes only and is not meant to provide investment planning, legal, tax, regulatory, nor compliance advice. Consult professionals in these fields to address your specific circumstance. Screen shots are provided for illustrative purposes only and may be abridged Schwab Intelligent Technologies. All rights reserved. ( )

3 TABLE OF CONTENTS TIPS AND BEST PRACTICES FOR SUCCESSFUL IMPLEMENTATION OF WORKFLOWS 1 REGARDING CUSTOMIZATION 1 INTEGRATION WITH OTHER WORKFLOWS 1 GETTING ADDITIONAL HELP 1 UNDERSTANDING THE BUSINESS REPORTING WORKFLOW 2 THE BUSINESS OPERATIONS WORKFLOW SERIES 2 BUSINESS REPORTING PROCESS OVERVIEW 3 PROCESS DIAGRAM 3 HIGH-LEVEL PROCESS CHECKLIST 6 ADDITIONAL RESOURCES 8 BEST-MANAGED FIRMS: MASTERING STRATEGIC PLANNING 9 TECHNOLOGY BEST PRACTICES: MAKING THE MOST OF YOUR TECHNOLOGY INVESTMENT 10 SCHWAB ADVISOR CENTER BUSINESS STRATEGY AND PLANNING 11 i

4 TIPS AND BEST PRACTICES FOR SUCCESSFUL IMPLEMENTATION OF WORKFLOWS Having a documented workflow can help you organize tasks used to support client-interaction so each event is repeated the same way and all clients and prospects receive a similar customer experience. This package provides a foundational understanding about the Business Reporting workflow so you can assess if the processes you are currently using can be more efficient and systematic. While this document focuses on helping you gather and report on firm statistics to help you stay on top of firm goals, it also references services, tools, documents and templates found on Schwab Advisor Center website for advisors working with Schwab Advisor Services. REGARDING CUSTOMIZATION Preparation is the key to success. Because each firm is unique, take the time to analyze your current processes, compare them to the processes and resources in this package and plan any customizations before implementing these workflow steps. The purpose of this workflow package is to help you understand best practices upon which you can build. INTEGRATION WITH OTHER WORKFLOWS Some workflows in the Schwab OpenView Workflow Library have relationships to or dependences on other workflows. For this reason, we recommend you download and implement all of the other Business Operations workflows along with this Business Reporting workflow to realize the fullest benefit. GETTING ADDITIONAL HELP The information in this document supports the workflow itself, not how to enter the workflow details into any of your firm s software or systems. For help entering this workflow into your firm s software applications, contact the various software providers. Tips and Best Practices for Successful Implementation of Workflows Page 1 of 11

5 UNDERSTANDING THE BUSINESS REPORTING WORKFLOW The first step to understanding a workflow is to understand where it resides in the overall business process. This section shows how the Business Reporting workflow is organized, how it relates to other processes in the workflow series, and provides a view of the process in both graphical and checklist formats. THE BUSINESS OPERATIONS WORKFLOW SERIES As a small business, you understand that the back office operations are just as important as client-facing operations. Your business operations play a vital role in ensuring that client accounts are accurate and they help provide the information and infrastructure necessary to keep your business running smoothly. The Business Operations workflow processes will help you organize these and related tasks into easy-to-follow workflows that you can implement into your office, helping you streamline internal processes that enable you to manage client data and monitor the progress of your business. The Business Operations process consists of six main workflow components: Client Billing This process contains the activities and tasks you will need to configure, confirm, and regularly execute billing against a client s accounts. Portfolio Reporting This process contains the activities and tasks you will need to create the various reports needed for a client presentation. Data Management This process contains the activities and tasks you will need to import and reconcile portfolio and planning data. Data Aggregation This process contains the activities and tasks you will need to compile and enter non-managed data for your clients accounts. Portfolio Rebalancing This process contains the activities and tasks you will need to prepare for regular, systematic rebalancing of clients accounts. Business Reporting This process contains the activities and tasks you will need to produce internal reports that highlight sales, profit and loss, assets under management, and other key metrics. Important This workflow package discusses only the Business Reporting process. Packages for other workflows in this series are addressed in separate documents on SchwabIntelligentTechnologies.com: Client Billing Portfolio Reporting Data Management Data Aggregation Portfolio Rebalancing The Business Operations Workflow Series Page 2 of 11

6 BUSINESS REPORTING PROCESS OVERVIEW PROCESS DIAGRAM For some, seeing the workflow as a diagram makes the process easier to understand. The diagram, or process map, provides a visual outline of the tasks organized by role and allows you to see the entire process end-to-end with interdependencies. This diagram serves as a best practice recommendation only. Adjustments may be needed to suit the needs of your firm. Business Reporting Process Plan Business Reporting Strategy Process Diagram Page 3 of 11

7 BUSINESS REPORTING PROCESS OVERVIEW Implement Business Reporting Process Diagram Page 4 of 11

8 BUSINESS REPORTING PROCESS OVERVIEW Ongoing Business Reporting Process Diagram Page 5 of 11

9 BUSINESS REPORTING PROCESS OVERVIEW HIGH-LEVEL PROCESS CHECKLIST The Business Reporting process checklist displays the workflow tasks in a checklist format rather than a process map or diagram. The checklist helps you focus on gathering all the information required to complete the workflow effectively. This checklist serves as a best practice recommendation only. Adjustments may be needed to suit the needs of your firm. STEP ROLE Gather requests for information to be reported from each department in the firm Evaluate the current business reports to determine if they are meeting the firm s needs Evaluate business goals and needs Perform a gap analysis of existing reporting with the requests for new reporting and information Evaluate systems required to gather data for reports Make recommendations, based on gap analysis and technology expert findings, for priority and timing of reports to send to Advisor for approval, including descriptions of: Business goals and objectives How these metrics and reports will measure progress toward goals Types of metrics to include in reports Software/systems/technology used to capture the data for reports How the reports will appear, including mock ups and samples Method for delivery Audience Frequency Review and approve implementation plan Finalize audience, delivery and frequency of reports Finalize implementation plan Implement software/systems/technology required for reporting and conduct training on the technology as required Conduct pilot of the reports Interview audience to determine if revisions to the reports need to be made: If revisions need to be made, work with the technology expert and audience members to make required revisions If no revisions are necessary, proceed to the next step Technology Expert Advisor Advisor Advisor Technology Expert High-Level Process Checklist Page 6 of 11

10 BUSINESS REPORTING PROCESS OVERVIEW Evaluate exit criteria for pilot to determine if your firm is ready to exit the pilot, including: Accuracy of the data are all data points accurate and reliable? Audience are the right people seeing the right reports? Readability is the data readable in the current layout/format? Delivery were the reports delivered correctly and in a timely fashion? Communication did the audience(s) understand the reports were available, why they received them, and how to read and access them? Troubleshooting were there any systems/technology errors that occurred and were they corrected? If revisions are required, return to the revisions step; if no revisions are required, proceed to the ongoing reporting phase, starting with the next step Create the report(s), at the established frequency for the report(s) Review the report(s) for accuracy and completeness Review and approve final reports for delivery Deliver report(s) to appropriate audience(s) Assign follow up tasks identified from report data, as necessary, which may include adjusting goals or processes Evaluate if revisions are required for any of the report data, delivery, audience or systems/software: If revisions are required, return to the revisions step and perform another pilot of the new report(s) If no revisions are required, end the process until it is time to create the next batch of reports Advisor Advisor Advisor Advisor High-Level Process Checklist Page 7 of 11

11 ADDITIONAL RESOURCES Business reporting can be an important part of overall firm management. These reports can help you understand progress toward goals and uncover inefficiencies in data management and processes. This section guides you to some resources to help you manage firm goals and leverage technology for effective business reporting. Taking the time to evaluate the reports you are currently using and comparing them to the goals you have as a firm can help you feel more organized when implementing the systems necessary to produce the reports. The following resources give you information about strategic planning to help you think about setting firm goals and best practices for leveraging technology to produce those reports. Best-Managed Firms: Mastering Strategic Planning starting on page 9 Planning for the future of your firm both in the long and short term can help you better understand the type of data you need for business reports. This edition of the Market Knowledge Tool series gives you guidance for overall planning so you can set goals used in business reporting. Technology Best Practices: Making the Most of your Technology Investment starting on page 10 Technology is an important part of gathering and producing business reports you will use to measure progress toward your goals. This edition of the Market Knowledge Tool series gives you guidance for leveraging technology you currently use as well as planning for scalability with future growth so you can continue to capture the data you need for business reports. Schwab Advisor Center Business Strategy and Planning starting on page 11 Setting effective and appropriate goals for your firm starts with having a clear strategy and plan for your firm in both the short and long term. The Schwab Advisor Center Business Strategy and Planning section of the website provides information about overall practice management and strategy to help you determine the goals you need for business reporting. Consultative services are available through Schwab Advisor Services that can help you plan strategically for your firm s future. Additional Resources Page 8 of 11

12 ADDITIONAL RESOURCES BEST-MANAGED FIRMS: MASTERING STRATEGIC PLANNING In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website. Strategic planning includes setting goals for your firm to help you measure success. Business reporting is a way to help you measure those goals and evaluate your progress towards reaching them. This edition of the Market Knowledge Tools (MKT) series focuses on helping you organize around the overall strategic plan for your firm both in the short term and in the long term and then setting goals and implementing the plan. You can use the information you learn in the Best Managed Firms: Mastering Strategic Planning MKT document and apply it to the business reporting process, including the gap analysis, building an implementation plan and working through the implementation. Best-Managed Firms: Mastering Strategic Planning Page 9 of 11

13 ADDITIONAL RESOURCES TECHNOLOGY BEST PRACTICES: MAKING THE MOST OF YOUR TECHNOLOGY INVESTMENT In the section below, the supporting documentation referenced is located on the Schwab Advisor Center website. The heart of business reporting is the technology used to gather the data displayed on the reports. This technology can include software, a system of applications, networks and files. Often, the inclination is to invest in additional technology before fully understanding and using the systems currently implemented. To make business reporting as efficient as possible, take the time to understand the technology you already have, learn to use all the features available, update versions as needed and plan for smart growth in the future when current systems have reached maximum scale. In Technology Best Practices: Making the Most of Your Technology Investment, learn about best practices for evaluating and leveraging current systems as well as planning technology for future growth. Technology Best Practices: Making the Most of your Technology Investment Page 10 of 11

14 ADDITIONAL RESOURCES SCHWAB ADVISOR CENTER BUSINESS STRATEGY AND PLANNING In the section below, the web pages referenced are located on the Schwab Advisor Center website. Once you have decided what to report on and how to generate the reports, you need to decide what to do with the data and how it impacts your business. Schwab Advisor Center s Business Strategy and Planning section can help you put those metrics to work by giving you information that can help you set the right business goals, view best practices from outperforming firms, and learn about programs conducted by Schwab professionals that can help you evaluate and plan for your future. The RIA Benchmarking tab provides information about any current or previous benchmarking studies of RIA firms so you can learn how your peers are operating in a variety of areas of their business, ranging from staffing, productivity and strategic planning. Read previous studies, or learn about the full array of resources offered by Schwab Advisor Services. The Best Managed Firms tab contains links to a series of documents that provide an in-depth look into how Best-Managed Firms maximize opportunities and manage challenges across different parts of their business. This series is an expansion of the RIA Benchmarking studies in that it you have several Market Knowledge Tools documents highlighting best practices employed by RIA firms. Best Managed Firms are the top 20% of qualifying firms ranked by profitability, revenue growth, and productivity in the annual RIA Benchmarking Study from Charles Schwab, which comprises self-reported data from advisory firms that custody their assets with Charles Schwab. The top 20% is calculated after removing those with less than $1 million in revenue. Schwab Advisor Center Business Strategy and Planning Page 11 of 11