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Building strong teams and retaining key employees is a challenging task for fund administrators in normal times – and we are, undoubtedly, not in normal times. Global labor shortages aside, competitive compensation packages across the specialized finance sector are making it more expensive and challenging to hold on to those superstar employees.
For fund managers, this often leads to the great “to outsource or not to outsource” decision (to which, we’d say, also consider co-sourcing). But of course, fund administrators don’t have that same option.
That’s why we feel that, now more than ever, one of the strongest benefits our platform provides is one we often don’t talk enough about: Allvue’s ability to help fund admins build stronger teams.
It’s a benefit that has been brought up again and again by our clients – that, by giving good people good tools, you can:
How, exactly, does technology help do all that? Below are three of the big reasons we often hear – and, if you’re a fund administrator considering different tech solutions, three features to make sure your vendor can provide.
Manual processes equal stressful processes. Not only do rote, repetitive processes fatigue your employees and wear down morale; they also open up avoidable and aggravating opportunities for human error.
The right technology can help automate those repetitive processes. And, by doing so, it can help remove risk from the equation. This has a direct benefit for fund administrators and their clients. It also has a significant benefit for your employees. They don’t have to lay awake at night wondering if all the numbers tied out perfectly on the client report sent out a few hours ago, or if that distribution was emailed to the right tax contact. Every employee wants to avoid making those costly and embarrassing manual errors. The right technology can help them do just that.
Beyond the tangible benefits of streamlined workflows and de-risked processes, technology also offers a more elusive appeal – the “cool” factor.
Implementing next-generation technology not only eliminates manual repetitive work across your team. It can also help to expose your team to new skills and more innovative processes that are helping to drive our industry forward. This gives them valuable career experience, encourages creative ideas, a culture of continuous improvement and makes for more enjoyable and satisfying work.
When you compare the BEFORE of having to manually manipulate client data in Excel for hours on end to the NOW of having technology deliver substantial time savings, the reliable enforcement of controls and smart team-based workflow automation, you can start to see why folks are getting excited about embracing the future of fund accounting.
You’re seeing how technology can help automate many of the most tedious processes, giving your team back hours to their day. Allvue’s Fund Accounting solution, for example, can reduce the capital call process from 10 hours to 10 minutes.
With that time back on their calendar, your team can execute on the higher-value work that sets your company apart – and gives your workforce a reason to wake up in the morning. Strengthening client relationships and providing excellent client service doesn’t just make for better business, they make for a more rewarding and engaging career too.
At Allvue, we see ourselves as partners with our fund administrator clients. In this extremely competitive marketplace, our market leading solutions help give our customers a competitive edge by helping to build stronger workplace culture, more resilient teams and ultimately superior client service.
Learn how our Fund Administrator solution set can help us partner with you.
Learn more about how Allvue can help your business break down barriers to information, clear a path to success and reach new heights on the investment landscape. Fill out the form below and we’ll reach out to talk more about how we can help your business.