- What is outsourcing, anyway?
- Why is it such a good idea?
- Can it save me money?
- How is Matria different from other providers?
- What exactly can I outsource?
- Does that mean I lose control of my office?
- What types of data sources do you use?
- Where is my data stored? Do I still have access to it?
- Not everything is electronic. What about manual processing?
- How much say do I have in the process?
- How do I keep track of what you're doing?
- How do you start the process?
- What resources do I need to commit?
- How long is the contract?
- How will outsourcing affect my existing staff?
- I'm a new RIA just starting out. Can you help me?
- How accessible are you if I need you?
- What do you charge for your services?
- How can I find out more?
What is outsourcing, anyway?
Outsourcing is the hiring of an outside firm of specialists to handle tasks that ordinarily would be handled by your own personnel.
Why is it such a good idea?
Outsourcing the back office is a good idea for many reasons. It frees up valuable time and manpower, allowing you to refocus existing employees on the revenue-generating aspects of your operation. It ensures that accurate, timely data is readily available to your firm’s decision-makers – well before the opening bell. Most importantly, outsourcing provides access to a high level of experienced professionals who specialize in back office operations. It allows you to hire a readily available, highly experienced team of experts to handle the repetitive, time-consuming, detailed tasks that are so critical to your firm’s operations – often for far less than hiring a staff with similar experience to do them in-house.
Can it save me money?
Absolutely. Outsourcing provides the same services as your own internal hires – but without the cost of benefits, vacation days, or sick leaves. It eliminates the need to hire backup employees, or cross-train existing employees on back-office tasks. In addition, an experienced outsourcing firm can provide a thorough analysis of your existing processes, finding ways to leverage existing vendors and eliminate overlooked waste. Outsourcing can more than pay for itself by cutting your internal costs and scaling down back-office overhead.
How is Matria different from other providers?
Matria operates as an extension of your organization. Our services are fully customizable and are designed according to your specific needs. No two clients’ needs are alike, therefore no two service contracts are exactly the same. Some clients prefer to outsource and forget about it, while others maintain a close day-to-day relationship. At Matria, we consider ourselves as accountable to you as an in-house employee would be, and operate as if we were sitting right down the hall rather than across the web. You remain fully in control of your back office while leaving the day-to-day details to us. It is as easy to call Matria with specialized requests as it is to dial an internal extension. Our staff are dedicated and responsive, and conduct themselves as members of your own organization. Expect the same responsiveness and dedication from them as you would your own employees.
What exactly can I outsource?
Transaction processing, reconciliation, account billing, performance calculation – virtually any back office task can be outsourced. Matria’s services are scalable and customized to each individual client. Outsource as few or as many aspects of your operations as you need.
Does that mean I lose control of my office?
On the contrary, you maintain full control of the process. Matria does not apply a one-size-fits-all approach or impose a rigid framework. We work within your existing organizational structure and with your existing processes and providers, and are involved in your day to day operations as much or as little as you decide. Our services are customized to your specifications. We are not a boilerplate solution.
What types of data sources do you use?
Matria can work with data sources in a variety of formats, from third party providers such as Advent Custodial Data to direct custodial feeds. Solutions can be customized regardless of the file types involved or the portfolio accounting and order management systems in use.
Where is my data stored? Do I still have access to it?
Your data remains entirely yours and is accessible at all times. All processing is done on your own internal systems, as if we were sitting right there. We think of ourselves as an extension of your office, because we work directly for you.
Not everything is electronic. What about manual processing?
Matria regularly performs manual data entry and reconciliation using hard-copy custody statements. A discussion of the types and amount of manual processing required is part of every new relationship and is detailed in every service agreement.
How much say do I have in the process?
As much or as little as you prefer. We understand that some clients believe in “out of sight, out of mind”; others want closer contact. We constantly look for ways to improve your internal processes, but never impose our structure upon yours. Our staff works as an extension of yours, and as such you remain in charge. Our service team is accountable to you.
How do I keep track of what you’re doing?
Matria provides a daily status report detailing all processes and any outstanding or ongoing issues. Ideally, our service team works with a single ‘point person’ in your organization, and communicates directly with them on issues that require further involvement.
How do you start the process?
An analysis of your existing processes and procedures is the first step in the implementation process. Matria works with every client to identify opportunities for leveraging existing systems to make your workflow more efficient and economical. We will work with you to determine where your existing workflow is succeeding or failing, and suggest ways in which it can be improved. Next comes a clean-up period where the state of your existing data is analyzed, and reconciliation exceptions are identified and resolved, and a clean starting point is reached. Once we agree that your records are in order, full daily processing can begin.
What resources do I need to commit?
During the initial discovery process, Matria will work directly with your organization to ensure that we have a complete picture of your needs and goals. Ideally, we will work directly with a single contact from your firm who has an in-depth knowledge of your existing framework. Once your implementation is up and running, the level of resources you need to commit is minimal. Our team takes over, freeing yours to focus on more important things.
How long is the contract?
Matria’s services are available on a long-term or short-term basis. Whether your needs are full-time or whether you simply need additional coverage for existing employees – for family leave or vacations, for example – we’re here to help. Matria can also help with specific projects outside the realm of back-office operations. Whether it’s developing an Excel macro or putting together a mail merge, Matria can implement solutions that make your work flow smoothly.
How will outsourcing impact my existing staff?
Outsourcing will immediately relieve them of an administrative burden and free them to focus on other things. It’s no secret that back office tasks are largely repetitive and often tedious. It’s also true that the back office is a necessary but not revenue-generating function of your firm. Outsourcing allows you to refocus your staff on more valuable areas – putting their skills to better use servicing existing clients, marketing to prospects, implementing your investment strategies.
I’m a new RIA just starting out. Can you help me?
Absolutely. Matria can get your back office up and running quickly, allowing you to focus on what you do best. Further, Matria provides you with immediate access to highly skilled, experienced professionals who specialize in back office operations. While it’s expected that the staff of a firm just starting out may be asked to wear many hats, back office operations needn’t be one of them.
How accessible are you if I need you?
Very. We are never more than a phone call away. We recognize that our clients trust us to manage their data, and that we are fully accountable to them. Our workday begins well before the market opens, and we’re still here after the close.
What do you charge for your services?
Matria’s fees are based on the overall package of services requested. For transaction processing and reconciliation services, the types of securities held and the number of custodians utilized are considered as well. All service contracts, however, follow a tiered structure based on the number of accounts serviced. Assets under management are never a consideration; we don’t believe you should pay more for the same service just because your AUMs go up.
How can I find out more?
We would love to speak with you further. Please call 865/675-3952 or click the ‘Contact Us’ button to send an e-mail.