Successful advisory firms often have defined processes for how to build client relationships and handle client data in a sensitive, consistent manner. When you’re bringing new clients onto your firm, a critical step is to understand how to maintain those accounts as you load them into your Orion database.
In today’s post, we’ll look at the ways you can ensure all your firm’s new account data flows seamlessly into Orion and how to easily maintain alignment with your unique workflows.
Options for Adding New Accounts to Orion
As we begin, let’s start with the many ways you can collect new account information before it feeds into your Orion platform.
Orion integrates with other advisor technology solutions that can collect information from your new clients or prospects. If you use a proposal system, it’s likely that system integrates with and can send that information to Orion.
Listed below are some of our most popular integrations:
- AdvisoryWorld’s Proposal Generator
- Riskalyze Autopilot
- Redtail CRM
Note: If you’re currently using one of these solutions, make sure to review our integration capabilities in the Integrations Group in the Orion Social app.
You may also choose to add accounts as they feed into the Orion platform from your custodians. In this case, no integration is necessary. As new accounts load into your database, you’ll see all of them in the New Accounts Center. If you need to establish more detailed rules on which accounts to allow into the Orion platform, however, you can create specific rules with your Orion Support Team.
Establish Consistent Internal Processes
It is also just as important to have an established process for maintaining your firm’s new accounts. As you begin using the New Accounts Center app, your team should take a step back and examine the ideal workflow that will maximize your team’s time.
If your process is not written down, now is a great time to commit it to paper (real or digital, we aren’t picky) or your chosen workflow system. If accounts can feed into Orion from a variety of sources, even if that only means a few different custodians, it’s critical for your entire team to know where new accounts come from and establish a process for each type.
Our best practice guidance is to create a workflow that clearly outlines the required information for all new accounts. While that may differ from firm to firm, common fields should include “Management Style,” “Model,” “Fee Schedule” and “Payout Schedule.”
Part of your internal processes should also include keeping your staff up to date with training options. Orion provides a number of opportunities, both in-person and online, for you to grow your team’s knowledge of the platform and its many benefits.
Here are the most popular ways to keep your staff well-trained.
- Attend the Ascent Conference – We host an annual conference each year to help your staff utilize Orion to its fullest potential. This year we’ll be in Miami Beach from September 5 to 7. Sign up to attend here.
- Ascent Online Courses – If you need a quick reminder on how to do something in Orion, or you want to learn a new skill, there’s no better place to start than in our Ascent app. You can find a course that interests you and learn at your own pace.
- Orion Social – Log into Orion Social to join a Group to connect with Orion users for knowledge sharing, or fire up the online chat to connect with an Orion expert.
- Open Webinars – Our Subject Matter Experts host multiple webinars each week to keep you up to date on what’s happening at Orion. Be sure to check our Events page for a list of all upcoming sessions.
Using the New Accounts Center App to Manage New Accounts
Once you have your process defined, you can create a custom view for your needs using the right-hand menu in the New Accounts Center. The filter options allow you to see only the columns that your team needs to update and save.
To maximize the usefulness of the New Accounts Center, you’ll also want to familiarize yourself with the New Accounts Center’s other tools, like the data audits you’ll find on the left navigation menu. The Missing Information data audit shows you all accounts that need attention so you can easily whittle down a larger list to a well-defined one if your firm is adding many accounts at once.
The Excluded Accounts audit shows you any accounts that have fed into your Orion platform that you’ve chosen, for one reason or another, not to add into your database.
New account onboarding can sometimes create a murky process with questions about who in a firm needs to check on accounts and what information needs to be updated as they enter your database. Orion’s New Accounts Center app can bring clarity to your team with simple data audits, a single location to track all incoming accounts, and a simple interface that makes updating information easy.
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If you currently work with Orion, please log into Orion Social to contact Orion Support getting started.