Portfolio Performance Report and Improving Your RIA Firm

Smaller RIA firms are underutilizing reporting software. This could be a measure to save costs or simply maintain an old way of thinking. As your firm continues to grow and scale, you’ll need to look at implementing a portfolio performance reporting software that’s robust and can grow with you. Also, it needs to integrate well with existing software and limit the time needed to transition.

There are several different areas within your business that will be impacted, and this article will dive into that. Know that as we continue to evolve with financial technology, so will your firm.

Client Reporting

This is one of the most important aspects of reporting that you’ll face. Your clients will require several different reports or maybe request a custom report. The reports can vary from account information, asset breakdowns, and purchase history.

Having your client’s information be readily available can take time if you do it manually. However, by implementing a reporting software you can customize, this will give you a firm grasp on your time and resources. Also, but having a quality system in place, you’ll rest easy knowing your clients are getting the best.

Account Billing

Another important report you’ll generate is your billing statements. Whether it’s monthly, semi-annually, or annually, these documents represent your brand and eliminate the need for phone calls. 

Automation is key because as your firm grows, you’ll have less time to focus on these trivial yet important tasks. Customization of this report is important too because as your product offerings grow, you’ll be required to bill appropriately. 

Customization

Lastly, you want the ability to quickly and effectively customize your reports. Report customization is key because as your firm updates, you’ll need to update all your reports. Also, if you go through a brand change or move buildings, those simple items will need updating.

Also, keep in mind your clients might want changes or additions to their report. Bringing this into the house will limit the time spent with other firms and save you money.

Other things to keep in mind could be rebalancing. Portfolio management can take up time, but if your firm follows set guidelines you can let your software take care of simple portfolio movements. 

If your firm is looking at upgrading its reporting software, then you should look at ReportWa. When looking for software, you want to find one that fits with your current software and limits the need for updating. Also, you want to find a portfolio performance reporting software that gives you customization abilities. 

Take a look at what ReporWa has to offer and see if it’s a good fit for your firm. Feel free to reach out with any questions.