After utilizing their previous reporting and billing system for nearly a decade, a New York based firm experienced increasing frustrations surrounding billing and portfolio management. The continued issues with their existing platform resulted in a search for alternatives. Independent Solutions Wealth Management was looking for a technology platform partner that could support their rapidly growing firm. It was a balancing act to accommodate fairly complex needs with a budget in mind. With Advyzon they were able to find powerful technology without breaking the bank.
“We are now able to run things on our own and not have to wait on others to get around to it.“
- Michael Zimmer, Chief Operating Officer
Location: Williamsville, NY
Based in New York, Independent Solutions Wealth Management is a group of more than 30 advisors in as many states. They manage more than $515M in assets4main and offer comprehensive financial advisory services and asset management.
| TOTAL AUM | ADVISORS |
| $515M | 27 |
The previous technology platform at Independent Solutions had been in place for eight years. While generally working, service had become a challenge, many day to day tasks could not be managed directly and required vendor assistance which often meant extreme wait times. Reporting and billing at quarter-end could take up to two weeks and much back-and-forth to get it right. Additionally, the technology was very expensive and would increase and become harder to use as the firm grew.
An industry colleague had been using Advyzon for some time and when learning of the challenges at Independent Solutions, made an introduction.
During evaluation, all functional teams were included to ensure full support capabilities and technical requirements could be met. The Advyzon reporting and billing tools were as robust as advertised. Advyzon’s platform would provide a powerful, yet flexible, client reporting solution and firm management - through the Firm Dashboard powerful business intelligence metrics were readily available.
A complex but key challenge that had to be met was the ability to migrate Independent Solutions’ full history.
More importantly, the Advyzon team backed their product with white glove client service, dedicating a relationship management team to every step of implementation, training, and ongoing support.
“With Advyzon I can run reports, download files, track business. I can process quarter-end in a timely manner. Reps love getting paid ahead of our target date.“
- Lynn Sirianni, Operations Manager
During implementation, the Advyzon team worked with Independent Solutions to ensure all billing, pay out, and reporting capabilities were properly enabled - including complete composite histories. Billing and payout for dozens of reps could be completed in a day or two compared to the weeks it took with the old platform.
Advyzon also allowed Independent Solutions to customize and run their own reports without relying on someone else to do it. Implementation was completed in a few months with the relationship management team helping to identify and address any issues related to migration. The accessibility of the service team also ensured smooth quarter-end reporting and billing. After several years using Advyzon, Independent Solutions has also been able to reduce their technology investment by half which they have invested back into the business to further support growth.
| Advyzon Key Benefits | |
| White-Glove, Responsive Service | √ |
| Flexible Reporting | √ |
| Budget Friendly | √ |
| Historical Import Capability | √ |
