Wednesday, July 27, 2022
HomeWealth ManagementSEI Launches Progress Lab | Wealth Administration

SEI Launches Progress Lab | Wealth Administration


SEI launched a free apply administration hub Wednesday, with instruments and assets designed to assist unbiased advisors enhance and develop their practices.

The SEI Progress Lab is accessible to all advisors, not simply those that are already SEI shoppers; the agency hopes lots of these advisors will turn into shoppers and be a part of advisor communities on the platform.

“The Progress Lab is a set of toolkits, very a lot open and accessible to anybody, sometimes comprised of two to a few instruments,” mentioned Shauna Mace, who heads up apply administration for SEI. The toolkits are designed to assist advisors determine strengths and weaknesses, make clear targets and supply actionable approaches to realize these targets that may be utilized comparatively rapidly.

In its inaugural iteration, Progress Lab is concentrated on 4 central apply administration themes: ‘Foundations for Progress’ (enterprise planning), ‘Lead Era,’ ‘Alternative Conversion’ (messaging) and ‘Scaling with Expertise.’ Created as an on-demand on-line expertise for advisors, this “digital hub” presents evaluation instruments, downloadable worksheets and movies with actionable info and processes for advisors to implement at their very own corporations, based on Mace.

Previous to becoming a member of SEI final 12 months, Mace spent greater than seven years with asset administration agency FS Investments earlier than launching a development consulting and training enterprise that she grew in the course of the depth of the pandemic. She has been liable for the rollout of the brand new SEI useful resource, together with John Anderson, head of SEI’s advisor companies crew and lead writer of its apply administration weblog, Virtually Talking, and Stephanie Riley, a senior advisor enterprise guide.

“We have now quite a lot of totally different material consultants who’re constructing out the modules,” Mace defined. “The opposite factor that we’re doing that’s actually essential to us is incorporating the voice of the advisor. We’re very a lot trying to doing interviews and suggestions classes and utilizing our development group to verify we’re listening and listening to what advisors really want and wish. We’re co-creating with our advisor group in order that we’re targeted on the subjects and the codecs which might be most related to them.”

“I feel that is going to be a great tool for corporations,” mentioned Tim Golas, accomplice at Spurstone, a $100 million AUM registered funding advisor based mostly in Connecticut. Spurstone was one among 19 corporations on a development advisory board instantly concerned within the improvement of the positioning and Golas himself is featured within the “Articulate Your Worth” module.

“Most corporations are on the lookout for methods to construct and develop, and trusted assets for offering insights on that,” he mentioned. “SEI has at all times been fairly good about offering genuine enter, in my view. I feel it will be helpful to have good assets which might be coming from a real place. It is probably not like a gross sales pitch, you understand?”

The toolkits usually are not based mostly on SEI-specific tech and don’t require any buy or funding in SEI companies; they’ve been developed to be used by any advisor of any stripe at any stage or measurement.

Because the useful resource grows and new content material is added, nevertheless, the corporate expects to introduce “development communities” which might be particularly for its advisor shoppers. These boards are meant to offer alternatives to trade concepts and share experiences and greatest practices. Mace mentioned that SEI may also share proprietary analysis inside these communities. 

Advisors on the open website can bounce from subject to subject, skipping these of lesser curiosity or want. There’s a roadmap for anybody wishing to reap the benefits of all modules in a extra directed format.

New modules will be anticipated, mentioned Mace. The following one to launch might be round attracting enterprise by means of referrals.

“We simply completed proprietary advisor analysis on how advisors are getting referrals. It’s very tactical, very actionable stuff. And we’re constructing out a toolkit to package deal these findings and ship them to advisors, to assist them really develop their referral technique.”

In the end, Mace hopes that the Progress Lab might be a spot to attach communities of advisors.

“That’s undoubtedly the longer term that we’re constructing,” she mentioned. “And we’ll proceed to look, not simply inside the agency, but in addition exterior of SEI for advisor suggestions to tell what the longer term does finally maintain.”

A publicly traded firm, SEI presents know-how and funding options throughout the monetary companies trade to companies, monetary establishments, professionals and ultra-high-net-worth households. SEI at the moment manages, advises or administers roughly $1.3 trillion in shopper property.

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