Wealthcare Financial Group Relies on CircleBlack for Client Portfolio and Firm-Level Growth
$15,000
80%
99.9%
Example: About Glen Eagle Advisors
Wealthcare Financial Group specializes in custom-tailored wealth management strategies for high-net-worth individuals, medical doctors, non-profits, and business associations.
AUM
The Challenge
Wealthcare Financial Group strives to be ahead of the curve when making decisions regarding clients’ investments. The team accounts for real-time macro-level risks rather than relying on benchmark data. To achieve results with this holistic approach, Wealthcare needed a platform that offered comprehensive insight and data reporting.
CircleBlack aligned with these goals. Thanks to the platform, Wealthcare Financial Group translated its strategy into tangible, meaningful results for clients.
The Solution
Finding the wealth management technology solution that fit with Wealthcare Financial Group at present time was important; finding the wealth management technology solution that could grow with the firm made the role of CircleBlack evolve from a technology solution to an essential business partner.
Given Wealthcare’s high-precision approach to investing, the firm needed tools that could keep up with its high-caliber methodology. The ability for CircleBlack to augment native capabilities through integrations with best-in-class advisor technology solutions gives it the edge to achieve success for Wealthcare’s clients.
“In October 2021, I rebalanced all of our client portfolios to a ‘defensive’ allocation based on my outlook for the economy in 2022. As a result, we outperformed the Dow and S&P 500 by a significant margin,” Smith explains.
- Strategic Integration
- Useful Mobile App
- Fully Virtual Platform
- Streamlined Operations
Strategic Integration of Tech Stack
Smith relies heavily on CircleBlack’s integration with Wealthbox and Nitrogen. Wealthbox improves client communication, while Nitrogen keeps clients on the same page, sharing more accurate views of their risk tolerances.
“My apps speak to each other,” says Smith. “Our CRM speaks to our portfolio reporting and performance reporting software. Both of these systems speak to my retirement planning software, in addition to my video software. Everything is interrelated technology-wise.”
Increased Business Mobility
Wealthcare’s technology stack is a foundation for the business to operate. Since 2006, Smith has built systems for orchestration with CircleBlack as a command center to establish the right foundation. This technology stack has helped them run a nimble, 100% virtual operation.
“If I needed to, although I haven’t done this a lot, I could run my entire business—including compliance—through my phone,” Smith says. “It would be a bit tedious on my smartphone window with a stylus pen. But if I had to, I could do it. Through the use of apps that are integrated with one another, I have built a practice that is technologically very efficient.”
This foundation for business continuity and mobility gives Smith peace of mind. No matter where he is or what he is doing, he can review business operations.
Streamlined Operational Expenses
A lean operating budget is the goal of any small financial advisory. When building his company’s wealth technology stack, Smith was careful not to overpay for features his team did not need.
When deciding between CircleBlack and a competitor, the team chose CircleBlack because it contained the critical tools the team needed. Smith estimates that the platform enables Wealthcare to save approximately $15,000 per year in operational expenses.
“There was better reception from my clients when they saw it,” Smith said. “Our advisors also liked it better. It’s more streamlined and integrates better with all of my different tools. It’s helped me save money, improve efficiency, and get more adoption from clients compared to our prior solution.”
Disclosures: This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal, or tax advice.
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