Collaboration & Discovery

Throughout the early phases of the project, we engaged in focused ideation and problem-solving sessions with key stakeholders and partners. By working closely with research leads and selected members of the customer experience team, we conducted contextual inquiries and developed a range of artifacts to help define and directionalize our objectives. This collaborative approach enabled months of thorough due diligence, ultimately resulting in a comprehensive set of deliverables that addressed the needs of all individuals under the START directive.

Setting the Stage

During the exploration phase, we went through countless iterations, rigorous testing, and validation efforts to establish our preliminary wireframes. This process enabled us to refine concepts and ensure that the solutions aligned with both user needs and business objectives.

A wireframe used during our concept testing phase, illustrating early design exploration and validation efforts.

Rapid Prototyping

After establishing our initial wireframes, we moved into the prototyping phase. Interactive prototypes were created to validate design concepts, gather feedback from stakeholders, and test user flows in a realistic environment. This iterative process enabled us to refine the solution before development began.

Exceeding Expectations: Measurable Impact

Our initial internal launch for client experience teams to onboard incoming Independent Financial Advisors (IFAs) exceeded all expectations. The new streamlined process dramatically reduced Not-In-Good-Order (NIGO) rates from 74% to just 18.3%.

"We beat our target of 20% NIGO rates, achieving a 75% improvement that eliminated countless hours of rework and frustration."

Even more impressive was the reduction in funding time. The average transition period decreased from 94 days to only 37 days.

"By surpassing our 40-day goal, we achieved a 61% acceleration in funding time, allowing advisors to begin generating revenue much sooner."

These improvements translated to significant financial impact for the business and its advisors.

"The funding time improvement alone represented a projected $11.2M revenue opportunity, while the NIGO reduction contributed an additional $1.35M in expense savings."

This early success validated our approach and provided compelling data points for further refinement before the full-scale rollout. Client experience teams reported significantly higher satisfaction levels and were able to handle a greater volume of onboarding requests with the same resources, creating a transformative impact on both operational efficiency and client satisfaction.

Challenges We Overcame

As we set out to digitize onboarding for financial advisors, we encountered obstacles that had previously stalled similar initiatives. Creating this solution required navigating several significant challenges:

• Complex Regulatory Environment
  Navigating strict FINRA and SEC regulations.
  Financial advisors operate under strict regulatory requirements from FINRA and the SEC. Our solution needed to ensure compliance while still streamlining the process.
• Legacy System Integration
  Bridging modern solutions with outdated technology.
  Connecting with multiple legacy systems that weren't designed for modern APIs required creative technical solutions and extensive collaboration with IT teams.
• Diverse User Needs
  Serving a wide range of users and skill levels.
  Balancing the needs of financial advisors, their clients, and back-office operations teams meant designing an interface that worked for users with varying levels of technical proficiency.
• Data Security Concerns
  Protecting sensitive information at every step.
  Handling sensitive financial information demanded robust security measures while maintaining a smooth user experience.

Overcoming these challenges taught us valuable lessons about cross-functional collaboration, user-centered design in regulated environments, and balancing technical constraints with business needs.