Success Story

McGehee Wealth Advisory Group

Small Business, Big Vision

Growth is a key measure of business success - one that relies on innovation and scalability. Infrastructure barriers can hinder productivity and impede growth, as Jim McGehee knows all too well.

When Jim founded McGehee Wealth Advisory Group in 2010, he planned for significant growth. Jim realized that as his business grew it would become harder and harder to continue to deliver the superlative level of service that has earned his business an outstanding reputation in the industry.

To avoid any potential growing pains, Jim began exploring options for implementing systems and processes that have the capacity to meet the current and future needs of the business.

Jim undertook an initiative to analyze all facets of the business where he could benefit from additional resources. He determined that he could use assistance with back-office operations, such as daily position reconciliation, performance calculations, and uploading data from Schwab Performance Technologies® PortfolioCenter®. While he currently spends about two and a half hours a week working on back-office processes, he knew that this amount of time would only increase as his customers grew in number.

"When I started my business, my goal was to build scalable processes," says Jim. "If there are days when I'm not physically in the office—like today's huge snowstorm — I want the peace of mind that all day-to-day activities will be handled when I'm not there."

Now, Jim found himself at a crossroads: Should he hire employees or explore outsourcing solutions.

For a company that's likely to balloon in the next few years, outsourcing became the most viable option because it better supported Jim's goal of building scalable business processes. With outsourcing, McGehee Wealth Advisory Group could double overnight and the rapid growth would not affect back-office operations. Jim also felt that outsourcing would help to minimize the fluctuations in staffing that occur because of changes in demand for service, ensuring that resources aren't underutilized. He also liked that he wouldn't have to spend unnecessary time performing tedious tasks associated with hiring new employees, such as payroll, training, benefits, etc. and he could spend more time on marketing and other revenue-generating activities.

So, Jim then began exploring outsourcing solutions for his business.

Finding the Right Partner

As Jim embarked on this initiative, he knew that outsourcing selection was only one facet of a successful project. As part of this process, he wanted to explore options for adding scalable systems for portfolio rebalancing and CRM. During his search, he found that only Tamarac offered an entire integrated suite of web-based products and services for RIAs.

"I was looking for a partner to handle as many services as possible, and one who had the most comprehensive suite available," recalls Jim. "What really won me over with Tamarac was when I saw AdvisorServices, Advisor Rebalancing, Advisor View, and Advisor CRM all working in concert. It was truly impressive."

As soon as the Tamarac suite was in place, Jim seamlessly transitioned his back-office operations to AdvisorServices. Within days, AdvisorServices was downloading, posting, and reconciling his positions from PortfolioCenter. Each morning when he arrives at the office, all performance calculations are completed, and all accounts, account holdings, and trade data is imported into the Advisor X suite.

Reflecting on business before and after partnering with Tamarac AdvisorServices, Jim says, "Before AdvisorServices—no matter what—when I came in to the office in the morning, the first thing I had to focus on was downloading, reconciling, occasionally fixing, and uploading PortfolioCenter® data. Now I can concentrate on spending more time with my clients."

Jim is also impressed with the service he has received from Advisor Services and everyone on the Tamarac team. He's confident that he is backed by a highly experienced team of professionals that will work with him every step of the way.

"While the technology is excellent, what's really important to me is the people," Jim says. "Everyone I have worked with at Tamarac is extremely knowledgeable, good at what they do, easy to work with, and they make my life easier."

After partnering with Tamarac, Jim has an infrastructure in place that will allow his business to scale for years to come - without having to change systems or hire more people. He"s in an excellent position to handle rapid growth, and he has the scalability to accommodate the increased demand.

"I feel very confident with the reliability and scalability of the Tamarac Advisor X suite and outsourced services," Jim reflects. "I"ll never outgrow what Tamarac offers."