Hi! I’m Louis Retief, CEO & Co-Founder of Hubly. My team and I created this content to help you and your team distinguish between a process and a workflow and assist with best practice implementation.
A complex process involve multiple interrelated tasks that may require different workflows working in tandem. These might have decision points, parallel branches, or feedback loops, making them more intricate to manage.
The large majority of advisors firms have some key processes that are deeply important to operating your business.
Simply put, think of a process as the overall plan and a workflow as the detailed execution of that plan.
Description: Process templates for your new clients that follows a prospect to becoming a client including referrals, meetings, planning, and onboarding.
Workflows: Lead/Prospect -> Introductory Call -> Goals Meeting -> Data Gathering -> Signing -> Billing
Description: Process template to plan your process to schedule, prep, and follow-up on recurring client review meetings.
Workflows: Client Review Scheduling -> Client Review Preparation -> Client Review Meeting -> Client Review Follow Up
Description: Process template for delivering comprehensive financial planning.
Workflows: Data Gathering -> Agreement & Invoice -> Input & Review
-> Plan Delivery
Description: Process template that addresses routine client tax filing planning.
Workflows: Document Gathering -> Prepare Return -> Review Return -> Tax Return Filing -> Extension Review Return
Description: Process template related to trades needed.
Workflows: Trades Needed -> Dollar Cost Average Trades -> Rebalance Portfolio -> Update Model
Description: Process template facilitating your insurance business - from analysis to app to annual reviews.
Workflows: Life Insurance Analysis -> Life Insurance Application -> Life Insurance Underwriting -> Life Insurance Approval -> Life Insurance Delivery -> Life Insurance Review
Description: Process template to address routine annuity business operations.
Workflows: New Quote Request -> New Policy Application ->Trade Request
Description: Process template for prospects that includes your steps that occur before moving forward with your new client onboarding process.
Workflows: Initial Contact -> Intro Meeting -> Follow-Up Drip Campaign
Description: Process template that addresses routine client termination and outbound transfers.
Workflows: Client Termination ->Outgoing Asset Transfer -> Outgoing Asset Transfer Follow Up
Description: Process template for hiring and onboarding new employees.
Workflows: Job Description & Posting -> Candidate Identified -> Employment Offer -> Internal Prep -> Onboarding Week 1 -> Onboarding Week 2
Simple processes typically have a straightforward, linear flow and can be accomplished with a single workflow. Each step follows the other in a clear sequence.
Given the multitude of simple processes we have grouped them by some common categories.
Description: Workflow templates for account establishment, transfers and other money movement processes.
Workflows: New Account Opening Paperwork, Account Transfer, 401k Rollover, ACH Standing Instructions, Incoming Assets, IRA Contribution, Withdrawals/Distributions, Raise Cash, Trades Needed, Roth Conversions, Backdoor Roth IRA, Dollar Cost Average Trades, Rebalance Portfolio, Tax Loss Harvesting, 529 Account Opening
Description: Workflows templates that address routine client service items as well as age/milestone planning opportunities.
Workflows: Birthday, New Child, Personal Info/Address Change, Client Anniversary, Referral Ask, Update Beneficiaries, Client Termination, Death of a Client, Holiday Cards/Gifts
Description: Workflows templates that address topic specific planning analyses and reviews.
Workflows: Investment Analysis, Risk Analysis, Retirement Analysis, Tax Projection & Planning, Debt Review, Student Loans Analysis, Real Estate Purchase, Real Estate Sale, Divorce Planning, Risk Tolerance Review, RSU Vesting
Description: Workflows that address routine client service age/milestone planning opportunities.
Workflows: Catch Up Contribution, HSA Contribution Catch Up, RMDs, Medicare Filing, Social Security Review, QCD Eligibility
Description: Workflows templates for common compliance requirements.
Workflows: Monthly Tasks, Quarterly Tasks, Annual Registration Renewal, Annual Client Delivery, ADV Annual Filings, Review Internal Policies, State RIA Compliance Calendar
Description: Workflow templates for firm marketing, client outreach and event planning.
Workflows: Annual Website Updates, Quarterly Newsletter, Social Media Planning, Holiday Posts, Holiday Cards, Webinar Planning, Event Planning
