IRA Simplification Project
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This document summarizes a business analysis case study of a financial firm's IRA simplification project. The firm wants to increase its market share in retirement accounts but faces challenges from decentralized processes and long transfer times. The analysis identified key teams and systems involved, interviewed stakeholders, mapped the account opening, monitoring, and funding processes, and found errors, bottlenecks and opportunities for improvement. The proposed solution is a three-generation phased rollout to streamline the process through training, increased automation, and consolidation of tools and support groups. Detailed multi-generational process charts were created to outline the plan for financial advisors, self-directed clients, and full service clients across account opening, monitoring, and funding stages.
IRA Simplification Project
- 1. IRA Simplification Project A comprehensive analysis of process, systems, and teams for a complex financial transaction A Business Analysis CASE STUDY A top-tier financial firm wants to increase its market share in a booming Retirement Market, but is hampered by a range of challenges: Decentralized processes that won’t support planned growth; transfers that take twice as long as the industry average; a lack of adequate tracking to monitor problems; and a high level of frustration with the details and complexities of the process. IRA Simplification Project A Business Analysis CASE STUDY This financial firm has two distinct internal IRA organizations consisting of Full Service and Self Directed. The goal for both organizations are the same, gain significant IRA market share and become a top tier player. Position themselves to attract and capture wealth transfer driven largely by aging baby boomers (ages 45-65). Interviews throughout the organizations to understand the current process flows were conducted in order to produce detailed maps. These maps include: Executive Summary; Full Service IRA Processing - Non-ACAT 401k; Self Directed; Account Opening - Web Request; Account Processing; Web Request Linking; Account Funding Liquidation: Cash, Wire, In-Kind Securities and Mutual Funds. This allowed us to identify error points, bottle necks, opportunities for automation and consolidation. Series of detailed maps to help understand the various components of the retirement asset transfer process A problem like this requires an in-depth analysis at many levels to develop a holistic solution: Identification of the systems and teams involved; interviews with key players on each team; studies of the details of each process; and how the processes relate to one another. Additionally the challenge is to convey the finding and build a consensus around the proposed solutions. Introduction Current Process
- 2. IRA Simplification Project A Business Analysis CASE STUDY Multi-Generational Process Charts IRA Simplification Project A Business Analysis CASE STUDY We identified problems throughout the three stages of Account Opening, Monitoring, and Funding for the current state. We provided solutions, which include: Best Practices; ACAT eligible member checks early in the process; improved reporting; and account tracking for the Financial Advisor, Full Service Client, and the Self Directed Client. These solutions can be accessed and acted upon by the Retirement Help Desk and the Market Director Level as well. We proposed a phased rollout across three generations: Generations I - Quick improvement to the existing process through training and best practices; Generation II - Increased automation and better systems integrations; Generation III - Consolidation of tools and support groups within the process. Series of charts designed to outline the plan for the Financial Advisor, Self Directed Client, and Full Service Client in three stages: Account Opening; Account Monitoring; Account Funded & Follow up. This is a complicated process involving many people, organizations, systems, and methodologies. By capturing the current process flows and charting detailed solutions step by step it will allow the firm to realize its goals for increasing its performance in the lucrative Retirement Market. In Closing Multi-Generational Process Charts