TOP BENEFITS OF HIRING A CONSULTANT TO MANAGE YOUR FRONT-OFFICE TRANSFORMATION

Typically, front-office functions are handled by roles like the Head of Portfolio Management and Head of Trading instead of outsourced consultants. There may be scenarios where it would be more beneficial to outsource the front-office operations transformations to a consultancy. This article will explore how front-office consultants may provide alternative perspectives to guide your firm through a business transformation in ways internal resources cannot.

NEW PLATFORMS REQUIRE NEW PERSPECTIVES

Most often, the Heads of Trading and Portfolio Management have years of experience under their belt, leading their firms with known technology & methodology. These individuals may find that their front-office operations are under control and wouldn’t need an outsourced consultant to review current and advise on new ideas. And while this is true for some front-office operations, there are likely still technologies or methodologies that need improvement. 

Newer technologies may provide more efficient processes, and with the speed at which all trading portfolio management softwares evolve, it can be hard to keep up with the pace of all the changes. This is where an outsourced consultant can provide their insight without creating disruption to normal operations. With your team, the outsourced consultant focuses on the areas that may need to be addressed – such as working with clients, monitoring the markets, and managing a portfolio. 

PROJECT MANAGEMENT – EXPEDITED

Outsourced front-office consultants don’t just provide platform-specific expertise, they bring concrete project management value to the table. A few examples include: 

  • Working with your team to understand past transitions to create realistic and achievable timelines for completion for your project.
  • Laying out a project “budget” that encompasses cost, and all project activities. This includes consideration for overspending (time & money).
  • Working & conducting meetings deskside where possible. This creates a more convenient approach for the team. 
  • Scheduling meetings on the same floor or as close to their desks as possible to avoid the frustration of inter-building travel. 
  • Preparing and executing meeting agendas with explicit intention.
  • Providing regular updates to the team, whether meetings are necessary or not, so that the firm remains in complete control of the project.

AN EXTENSION OF YOUR FRONT OFFICE

Front-office consultants work to understand and complete tasks that are usually handled by the portfolio manager or trade handler. The consultant understands that this builds trust amongst those doing the work, as well as showing how hard they are willing to work to succeed. A few examples of project-specific tasks that can be delegated to a consultant: 

  • Portfolio Reconciliation
  • Test Case Writing
  • Defect Validation

UNDERSTANDING THE TEAM

When considering new technology implementation, it’s important to not just consider the project, but also how teams or individuals will react. The best consultants use their emotional intelligence to understand the patterns the team is displaying – whether anxiety and stress, or happiness and cooperation. Having an understanding of what the team is feeling can allow for adjustments in approach, helping lead to project success.

Front-office consultants are viable solutions for managing front-office transformation projects at large because they go to lengths employees often can’t be expected to go. Naturally, internal team members will have ideas on how things should be done or expectations based on their previous experiences with the firm. Consultants tackle these projects without notion of how it was, only how the front-office could be operating. 

HOW MERADIA CAN HELP

Our team of consultants has decades of combined experience to objectively bring professional guidance to help achieve your operational goals. With front-office expertise, we understand the hurdles to the unique challenges firms will face when implementing new technologies to their business. We enable your people to do what they do best, manage portfolios and trade: we’ll handle the rest. 

 

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