The challenge: aging technology eroded trust and blocked growth
The firm’s forward momentum was constrained by aging technology. Its inflexible legacy infrastructure could not support strategic objectives and created critical pain points:
- Eroding client trust: Costly billing errors and pricing inconsistencies were frequently found by clients and advisors, creating a reactive and expensive rework cycle.
- Slow time-to-market: The inflexible system made launching new products a slow and costly IT project, causing a competitive disadvantage.
- Operational inefficiency: Manual processes and disconnected legacy systems created significant bottlenecks, errors, and high operational costs.
- Inability to scale: The firm could not grow without adding significant headcount to manage manual workflows.
The solution: a strategic migration to PureFees
The firm partnered with PureFacts to strategically replace its core legacy billing application with PureFees. This solution delivered a modern, flexible foundation for growth:
- True Straight-Through Processing (STP): PureFees was fully integrated with the firm’s CRM and a new digital onboarding tool, eliminating manual data entry.
- A single source of truth: The platform became the centralized, fully integrated ecosystem for all revenue data across the enterprise.
- Enforced standardization: Standardized fee schedules are now automatically enforced by the system, eliminating inconsistencies.
- Simplified operations: Eliminating the legacy application simplified both operations and IT overhead.
The results: rapid ROI and a new strategic asset
The implementation of PureFees transformed the firm’s revenue management from a manual cost center into a strategic, automated asset.
- $12M+ in new annual revenue captured by eliminating systemic revenue leakage.
- $1.1M+ in annual costs automated away.
- < 1 year payback period: The project paid for itself in under 12 months based on direct cost savings alone.
- Rebuilt trust: Costly billing errors were eliminated, protecting the firm’s reputation with clients and advisors.
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