May 2, 2019. By Lori Patterson:
A look into the daily events of your operations team…
Every day is different…there’s not a lot of monotony here! We begin our day verifying money transfers and any service items that may have been requested off hours. We review for accuracy, and then tackle any problems or oversights that may have occurred. There are many steps involved in ensuring that money movements are processed correctly, with each financial institution having their own set of processes and coding requirements. Luckily, we have a very knowledgeable service team at Fidelity and they help answer any extraordinary questions, process requests, and provide general guidance on complex requests when needed. Having our own devoted team, we work with the same representatives each day which helps develop a relationship of trust and understanding, thereby allowing us to provide the correct answers to our clients with astounding degree of accuracy.
A big part of our day is spent detecting and preventing potential problems that may affect each client. In the simplest of terms, this means we’re always thinking of the full picture and the next steps laying ahead. We tend to be a forward thinking and flexible group with a general focus on eliminating inefficiencies. Due to our firm size and mindset, ideas are easily generated and implemented as we continually work to address antiquated procedures and ways of operating. We see each communication as an opportunity to improve the client experience.
Operations Associate Anthony Norris, the most recent addition to the client operations team, shares that an average day in operations can be hard to explain, but there are always lessons learned:
“It is hard to explain our daily routine because every day is different, but themes overall tend to remain the same with the devil being in the details. We learn from each case we deal with, and we are able to greatly improve experiences armed with that knowledge. With all the moving parts for each account, it is important that we are 100% confident in every detail and execution, so our combined wealth of information is a huge resource”.
Many hours are spent working with outside firms and plan administrators to grow our knowledge base. We spend time with these professionals by gathering information, understanding procedures, and laying the groundwork for a seamless experience for each client whether it is preparing for a client conference call, the transfer of assets, or addressing everyday concerns. Taking the time to make these connections and form these foundations behind the scenes eliminates the need for clients to do the same. Sometimes we encounter very pleasant, professional representatives, yet sometimes we deal with very difficult personalities and it’s a struggle, but we are happy to do so to avoid any confusion for the client and to assist with problem resolution. After all, we do this every day. As fiduciaries we always act in the clients’ best interest, and we believe this includes simplifying their efforts. Often, our clients remark on how this work would be very frustrating and overwhelming for them to manage alone, and if left to handle by themselves may have given up completely. That is truly very rewarding for us to hear as we strive to alleviate stress for those we work with.
Each day of course includes a lot of coordination with our fellow team members in each department here at Centerpoint Advisors. We are fortunate to have the very best staff members, each with great personalities and dedication to operating as a team on behalf of our clients. Our department interacts with the entire team throughout the day in between our many client meetings and calls. Frequently we have impromptu internal meetings, popping in to the various offices with quick questions in order to move to our next step, making sure that we are all on the same page and working toward the same goal for the client. Many hours are spent calling and/or emailing clients directly which we always look forward to; this the fun time…catching up with existing clients and learning more about our newer relationships.
It’s always an interesting day in client operations. We prevent and solve complex problems. We fight logistical battles. We build valued relationships. The above-mentioned explains just a bit of our daily routine, but hopefully it provides an idea, even if just a brief outline, as to what is happening behind the scenes for the client benefit.