Orion Advisor Services (‘Orion’) offers portfolio accounting services to financial advisors. Its vision is to create technology that frees financial advisors from the need to manage their portfolio accounting, so they can better connect with their clients and live life following their passions.

Orion is an innovator in its field. It all began when its founders discovered that the market didn’t have a portfolio accounting service that was good enough for them, so they built the solution themselves.

 

Gamification for performance and alignment

“Essentially, Orion helps professional money managers perform portfolio accounting aggregation” explains Chris Downey, Managing Director, Orion Data Teams. The accuracy and quality of the portfolio accounting aggregation underlies all the services provided by Orion. Moreover, the quality of the work is a must for financial advisors that want to do a good job for their customers. “The data must be precise and correct” says Downey.

To do this, Orion employs about one-hundred back office analysts – typically young employees straight out of college – whose work is to make sure that each account has the right connectors, automation and that all data is balanced and correct.

Before using gamification, getting analysts to do their job optimally was a challenge. “We wanted to align people with what our customers need. I spend time with customers at conferences and events – I know what is driving their work and what they care about. But the employees don’t necessarily know that, and it isn’t that simple to master. Explaining what needs to be done to each and every one of them was time consuming from the managerial standpoint and not very scalable”.

“What I like about using GamEffective’s solution was that I could easily define four data points I want analysts to care about in terms of their performance. I can then set goals and can do so very easily. So I got this ability to align employees, a lot of scalability in managing them and saved a lot of investment in management oversight. I also got a much higher quality of work from the same people. Instead of having our analysts not understand what it takes for our customers to succeed, gamification made them active stakeholders that know what work needs to be done and how to do it well”.

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What about the ROI of the system?

Downey replies that since implementing the system there was a 30% decrease in the time it takes analysts to perform portfolio reconciliation – from one hour to 40 minutes  – a significant efficiency gain, “Some of this may be attributable to some process improvements we made. Actually some of the drivers for this were by ideas coming from the employees as a result of the gamification effort. Some of the efficiency gain may be people that became more experienced at what they do. Yet I still believe a large part of this process improvement is attributable to gamification” says Downey.

Downey concludes that apart from management efficiencies, which are considerable, gamification was responsible for a 20% performance improvement.

APPLICATION:

  • Use gamification to drive goals and productivity for back-office work in accounting services

ROI

  • 20% decrease in time it takes to process – from one hour to 40 minutes
  • Better understanding of goals and work by new hires
  • Months later, users are still engaged

NARRATIVE

  • Race

INTEGRATION

  • Salesforce