Vertical Industry: Financial Services – Wealth Management
Customer: Welch and Forbes
Customer Website: www.welchforbes.com
Customer Profile:
For more than 170 years, Welch & Forbes has been managing the financial interests of families and individuals with a commitment to integrity, as well as an emphasis on continuity and multiple investment horizons.
Welch & Forbes is a mid-size investment management boutique firm that provides asset management and planning services for all ages, from the education of very young family members to tax planning and preparation, to eventually, estate settlement and executor services.
As one of the area’s most distinguished private wealth management firms, and with $3 billion in assets, Welch & Forbes is small enough to offer customized investment portfolios – yet large enough to provide for a broad array of sophisticated needs and requirements, including investment portfolio management, personal trust and fiduciary services, estate planning and administration, and tax and custodial services.
Business Situation:
Welch & Forbes was looking for a more streamlined way to manage and organize their client information. Each client relationship could have multiple touch points across the organization and this warranted a more holistic view into all aspects of the client engagement. Increasing visibility across their organization would allow for a more proactive approach in serving their client’s specific needs and streamline internal operations by reducing non-productive administrative tasks. Silos of client information did exist across business functions; but this created a segmented focus based on a specific aspect of the client relationship. Welch & Forbes needed to centralize information that represented all client touch points, providing a 360 degree view of each client. Building a strong, cohesive infrastructure that was both flexible and scalable was of paramount importance.
Solution:
Microsoft Dynamics CRM 4.0
http://crm.dynamics.com/
Partner:
AbleBridge Inc
http://www.ablebridge.com
Benefits:- Flexible, web-based CRM platform
- Seamless Integration with Microsoft Outlook, Excel and Word.
- Easy Access from a web browser or right from within Microsoft Outlook.
- Ability to track inbound and outbound email messages against CRM records.
- Ability to track and schedule activities in CRM right from the Outlook Calendar.
- Familiar, intuitive interface makes for high end user adoption.
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Solution Overview:
Welch and Forbes organized their requirements and started the due diligence process by identifying CRM applications and vendors they felt could best meet their needs. The resulting mix of finalists ranged from boutique CRM applications designed specifically for Wealth Management firms to CRM software vendors Salesforce.com, Sage SalesLogix and Microsoft Dynamics CRM.
After seeing the CRM product demonstrations and analyzing each solution, they came to the conclusion that investing in a flexible platform was more important than choosing an industry specific CRM application. On one hand, an industry specific CRM packaged solution had more bells and whistles “out of the box” but it would also force them into a box. The last thing they wanted was to be tied to a vendor’s schedule that might not be in concert with their own schedule. This would be especially important as their needs and processes evolved.
Several aspects went into their decision, but the fact that Microsoft Dynamics CRM was built on a flexible platform it would allow them to mold the system to their specific needs. More importantly, to the needs of each functional practice within Welch and Forbes, while still working from one centralized repository of information. The integration with Microsoft Office, especially Outlook, just made the decision that much easier.
Benefits- Application integration between Microsoft Dynamics CRM and Welch and Forbes’ Portfolio Management system allows for up to date investment account statuses and client information.
- Portfolio account visibility across individuals, families and organizations in one centralized system.
- Quick insight into outbound and inbound client communications across individuals and departments allowing for better cross-team collaboration.
- Multi-generational view of family relationships and the products associated within these relationships.
- Legal instrument and sub-document management workflow
- Visibility into external relationships with accountants, legal counsel and advisors.
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The Value of Partnership:
Welch and Forbes looked to align themselves with a Microsoft partner that could help guide them through the project implementation process. Experience with the Microsoft Dynamics CRM platform and experience in the Financial Services industry was important in their selection process.
They turned to the vast, worldwide network of Microsoft Partners to help them with this project and identified AbleBridge, a Microsoft Gold Partner headquartered in Massachusetts, as a great fit to help them through the CRM implementation.
“AbleBridge demonstrated extensive knowledge of Microsoft Dynamics CRM and it is their core focus. Their extensive experience across a variety of industries, including Financial Services, has been key to our successful implementation.” Ron Morrell, Director of IT, Welch & Forbes |
AbleBridge suggested a Proof of Concept approach to prove out the flexibility of Microsoft Dynamics CRM tailored to their specific needs. This approach facilitated a familiar end user experience, allowed the IT group to get acclimated with the application, and created a storyboard that allowed Welch and Forbes to conceptualize how their client information would be managed within Microsoft Dynamics CRM.
After the completion of the Proof of Concept phase, a full project plan was created and rollout ensued. AbleBridge’s project planning and CRM implementation methodology ensured the project’s functional requirements were well defined from the beginning and set expectations every step of the way. Welch and Forbes’ IT department was integral in this process. They were very familiar with the business aspects of Welch and Forbes and understood the importance around consistent internal data definitions. Common terminology across the organization was imperative if they were ever to achieve a holistic view of their client relationships. They were also vested in learning all they could about the Microsoft Dynamics CRM platform and now take ownership of enhancements requiring changes in configuration, customization and systems integration with their portfolio management system. AbleBridge is now a trusted advisor to the internal IT department. This partnership has resulted in a successful rollout of Microsoft Dynamics CRM now and for many years to come. The flexible platform is form fitted to their business and it will easily scale as their future needs change.
About AbleBridge
AbleBridge specializes in helping companies streamline their business operations and improve business results by leveraging the features and capabilities of the Microsoft Dynamics CRM platform. AbleBridge’s consultants have more than 30 years combined experience in the CRM industry. This expertise, in conjunction with Microsoft Dynamics CRM, helps them affordably tailor a solution resulting in increased sales, improved customer connections, enhanced productivity and greater business agility.
AbleBridge's Core Competencies include: Needs Analysis, Business Process Management, Installation and Configuration, Data Migration, Customization, .NET Development and Training Services.
About Microsoft Dynamics CRM
Microsoft Dynamics CRM gives every customer-facing employee the information they need to truly impress customers. With Microsoft CRM, you can create a centralized repository of customer data that sits neatly alongside Microsoft Office and Microsoft Office Outlook—the applications your employees probably use every day. From Outlook, employees access Microsoft CRM sales, marketing, and customer service modules to make sales decisions, market products, solve problems, and get strategic views of the business. It’s CRM that works - because it works the way your users already do, works the way your business already does, and works the way technology should.