What Is an “OS” and Why Is It Critical for RIAs to Optimize?
OS, which is short for “operating system,” is technology talk for systems and frameworks that are implemented in order to help businesses run better.
Technically speaking, every RIA has an operating system — even if they never created one intentionally. It’s the processes, systems, communication methods, and everything else that comes together to keep your firm running. It’s the core of your business, and (when used effectively) it’s every RIA’s secret weapon to successfully scaling their business.
What does a business without an intentional OS look like? Some common signs include:
Low office morale
Consistent staff turnover
Stunt in growth
Regular issues with communication
Missed deadlines or uncompleted tasks
Lack of vision regarding future goals
Of course, no RIA wants to operate unintentionally — especially those who have aggressive (or even moderate) growth goals in mind. That’s why there are plenty of implementable OS options available for small businesses, including RIAs.
Examples of Popular OS Systems for Businesses
There are different OS tools available depending on your firm’s specific needs. The Entrepreneurial Operating System (EOS) and ScalableOS are two non-industry specific systems and resources business owners can implement to help shore up their overall OS.
But there are also more niche OS products, like The LinkedIn OS and The Content OS, that are specifically designed to help businesses navigate the world of social media and content marketing. If you feel like your firm’s primary operations are in good working order but could use a little help in a specific area like content creation, these types of products may be useful.
What Does Your Business OS Need to Succeed?
While most RIAs experience an initial period of growth, there typically comes a time when AUM plateaus and scalability becomes harder. How do you get over the hump? By leveraging your OS to help you improve efficiencies, refocus your efforts on your long-term goals, and, ultimately, scale with ease.
The RIA Operating System™ by Simplicity Ops was built specifically for firms looking to improve their business OS. It gives RIA owners and their teams the specific frameworks needed to run and scale an RIA.
To give you a better idea of what an ideal business OS should include, we’ve broken the primary components into three parts:
Core processes
Communication
Goals
#1: Core Processes
To build a strong operational foundation, your OS should include these five core processes:
Contact Management
Task Management
Calendar Management
Pipeline Management
Account Management
Sound familiar? You may recognize these as some of the major functions of two well-known advisor CRMs: Redtail and Wealthbox. There are no coincidences here — your CRM should serve as the central hub of your firm’s operations.
Think of your core processes as the gears that keep a machine running smoothly. They’re the workflows, checklists, day-to-day tasks, and checks and balances that your firm needs to successfully run and grow a business.
#2: Communication
It shouldn’t be a surprise that your firm must be able to communicate effectively in order to operate successfully.
Think of the communication piece of your business OS in terms of metrics, meetings, and organization charts.
Metrics are the key performance indicators (KPIs) you choose to track the effectiveness of your OS and overall progress toward your goals. These metrics might include AUM, conversion rates of prospects to clients, new client meetings, etc.
Meetings include all-hands team meetings, strategy meetings with higher-ups, general check-ins, and one-on-ones. They’re critical to effectively disseminating information throughout the company, gathering employee feedback, keeping operations aligned with the firm’s greater goals, and keeping team morale high.
Similarly, organizational charts are important for determining how information flows throughout your company. Who should communicate with who, and what’s the right method for doing so?
#3: Goals
What sort of impact do you want to make as a company? In other words, why does your RIA exist? The answer to these questions can help define your firm’s goals.
Establishing future milestones helps ensure your firm is progressing down the right path. If you haven’t revisited your firm’s long-term vision, mission statement, or core values in a while, it’s pertinent to do so before revamping your OS. Why? Because your OS is the core of your firm and will directly dictate your ability to achieve your goals.
Join Our Free Community for RIAs
While this is a general overview of what an OS is, there’s still so much more to learn! Join our free RIA Operators Community to connect with hundreds of other RIA operators including founders, Ops managers, and CSAs. You’ll be able to ask questions, get advice, and gather up resources from like-minded financial professionals. Not to mention, those in our RIA Operators Community will get a first-look at our proprietary RIA Operating System™.