Streamlining Advisor Operations for Goldman Sachs

Client — Goldman Sachs

Sector — Finance, Asset Management

Role — Interaction Designer

Project Timeline — 8+ months

Objective

Goldman Sachs sought to attract more Financial Advisors (FAs) by offering new investment strategies and a comprehensive tool to manage these strategies efficiently. The focus was on building an Advisor portal starting with Separately Managed Accounts (SMAs).

Challenge

While SMAs are highly customizable, their operational overhead can deter FAs. Many processes were non-digital, relying heavily on paper, email, and voice communication. The goal was to build a tool that addresses this overhead, streamlining FA workflows to encourage more FAs to work with Goldman Sachs.

Approach

The project aimed to develop a scalable system while establishing a best-in-class design process. Initial designs focused on providing FAs with valuable client data, such as account details, performance metrics, and investment suggestions.

Design Process

However, feedback redirected the focus towards an event tracker to help FAs easily monitor their clients' account status.

The next iteration really focused on how to display the information in the event tracker.

Workshops

To ensure the solution met user needs, workshops were conducted to map out user journeys from prospective clients to active accounts. This collaborative approach helped identify key events that needed to be tracked, reducing confusion among stakeholders.

Solution

The redesigned Accounts overview page included key data points like account name, custodian account number, Asset Under Management (AUM), account opening date, strategy, and the latest account event. This shift from performance metrics to event tracking addressed FAs' need for real-time information and automated manual processes.

User Testing

Usability tests and interviews were conducted to validate the design. Specific areas tested included:

  1. Navigation: Users were asked to find and access the Accounts overview page efficiently.

  2. Data Relevance: Users rated the relevance of the displayed data points and suggested any additional information they would find useful.

  3. Event Tracking: Users were asked to interact with the event tracker and provide feedback on its effectiveness in monitoring account status.

Outcomes

The redesigned tool provided FAs with a user-friendly interface to track client accounts efficiently, reducing operational overhead and enhancing the overall user experience. By focusing on user feedback and iterative design, the solution met the needs of both FAs and Goldman Sachs, setting a precedent for future design processes within the organization.