Beyond Collaboration: Private Advisor Group and Euvic's Transformational Partnership

Overview_

Private Advisor Group partnered with Euvic since 2015 to transform its technology infrastructure by building a scalable custom portfolio of Line of Business applications.

• Achieved a 3x improvement in productivity
• Enhanced efficiency without increasing headcount
• Modernized and automated critical business processes
• Created a scalable technology infrastructure for future growth

Background_

For more than 25 years, Private Advisor Group has provided centralized guidance and compliance support to independent financial advisors, empowering them to keep day-to-day operations efficient and freeing them to devote attention to clients and growing their business.

Private Advisor Group is a pioneer and leading voice in advisor advocacy in the industry, which demands that the firm and its clients continually evolve to stay ahead in a changing world.  

Challenge_

Data everywhere and nowhere all at once

Private Advisor Group began its business as a two-person team of financial advisors, operating with simple infrastructure using tools like excel, email, and decentralized methods to manage information.  

The financial profession and business technology has changed dramatically in 25 years. The founders of Private Advisor Group knew that innovation and technology would drive efficiency and create a pathway for growth. When the firm’s founders pivoted to a supervisory role that would support advisors at scale, it was time to bring that technology-driven vision to fruition. 

• Search for Off-the-Shelf Solutions: Private Advisor Group began searching for existing software to scale up its infrastructure but found that the market did not offer solutions that fit their unique business model and growth needs.
• Unique Business Model Challenges: The firm’s distinctive structure and customer volume could not be supported by the software available, highlighting the inadequacy of off-the-shelf options for their specific requirements.
• Integration and Scalability Issues: Relying on ready-made solutions would necessitate a complex mix of engineering tools for data integration, compromising scalability and negating the advantages of modern technology.
• Vision for a Seamless Solution: The founders envisioned a more integrated and scalable technology solution than what was currently available, aiming for efficiency and growth without the limitations of patchwork systems.
• Operational Inefficiencies: The team faced significant challenges with manual processes, such as managing spreadsheets, monitoring fax machines, manual data entry, processing forms, navigating email communication with advisors, and other time-consuming analog tasks.
• Advisory Process Friction: Advisors experienced difficulties with complex, repetitive tasks and the inefficiency of existing systems, impacting their ability to serve clients effectively.
• Seeking a Technology Partner: With a clear understanding of their technological needs driven by deep industry expertise, the leadership team embarked on a new challenge to find a technology partner capable of bringing their vision for a seamless and scalable infrastructure to life.

We knew that we needed a common solution for our data that would empower us to work through that data across custodians.

Choosing the right partner

Private Advisor Group needed a partner to design and build the technology infrastructure for its unique business model in this highly regulated industry. This would require creativity, vision, and engineering excellence with credentials in security and system reliability. Further, Because the company leaders were building the infrastructure from the ground up, the partner needed to be nimble, clever, and committed for the long-term.

In 2015, Private Advisor Group’s leadership team initiated the search for the right technology partner.

• Superior Technical Credentials: Euvic distinguished itself from other contenders through its exceptional technical expertise and profound project insights, clearly surpassing the competition.
• Engineering Leadership: The firm’s prominence in engineering leadership further solidified Euvic’s position as the preferred partner.
• Thoughtfulness and Insightfulness: Euvic’s team demonstrated a remarkable level of thoughtfulness and provided meaningful insights during the selection process, which significantly contributed to their selection.
• Preparation and Relevance: At meetings, Euvic’s representatives were well-prepared, offering technological insights and recommendations that were both high-value and directly applicable to the firm’s needs.

We knew immediately that Euvic was the right partner for the long-term. I was impressed by their engineers’ tenure with Euvic, the strength of the Polish technology infrastructure, and the personal attention we received from their project leaders.

With its Poland-based employee network of 6000+ engineers and remarkable employee tenure, the Euvic model meant that Private Advisor Group could begin with a small project and then scale the work up as the business grew, maintaining the same talented team throughout a long-term partnership.

And this is exactly what Euvic did.

• Hybrid Team Structure: Euvic implemented a hybrid team model, assigning a US-based program manager alongside a core team of engineers, system designers, and QA leads based in Poland. This structure ensured in-person leadership access for direct management and the integration of onshore and offshore benefits.
• Domain Immersion: The team dedicated itself to understanding the advisory domain, focusing on the firm’s infrastructure, industry regulations, and advisor needs, leveraging the comprehensive capabilities of Euvic’s extensive engineering workforce.
• Access to a Broad Engineering Pool: Euvic provided access to its vast pool of 6000+ engineers, allowing for the engagement of additional expertise as the project’s requirements evolved over time.
• Cultural and Operational Benefits: The firm’s leadership team appreciated the new experience of working with an offshore team, particularly noting the rapid turnaround times, responsiveness, and the unique cultural advantages offered by the Polish engineering team
• Cost Efficiency: The financial attractiveness of procuring a team at the Polish exchange rate was highlighted as a key advantage, making the offshore collaboration particularly appealing.

Solution_

Design for Scale

This enduring relationship between Euvic and Private Advisor Group was designed from the start with an eye on growth.

• System Integration and Optimization: The Euvic team adeptly navigated the complexity of the firm’s manual systems, devising innovative solutions to interconnect systems and mitigate data risks, resulting in significant efficiency gains.
• Error Reduction and Trust Building: The improvements introduced by Euvic not only saved keystrokes, time, and reduced errors but also played a crucial role in fostering trust between Private Advisor Group’s employees and advisors.
• Deep Data Enablement: Recognizing the firm’s reliance on data, Euvic demonstrated a profound understanding of the data collection process, including the critical aspects of why and how data is utilized, enhancing the firm’s data-driven decision-making capabilities.
• Future-Informed Strategy: Euvic’s forward-thinking approach ensured that their data strategy was not only robust in the present but also adaptable to meet future needs, highlighting their commitment to continuous optimization and innovation.
• Regulatory Agility: The dynamic nature of regulatory updates necessitates swift action from Private Advisor Group to amend systems in line with new requirements. Euvic’s integration into the business processes enables this rapid responsiveness.
• Business Instincts: Euvic’s deep understanding of the business and its regulatory landscape allows for anticipatory adjustments and proactive system updates.
• Elegant System Architecture: The sophisticated and well-structured design of the systems implemented by Euvic facilitates easier and quicker modifications to comply with regulatory changes.
• Timezone Advantage: The geographical positioning of Euvic, in combination with its operational model, offers a unique timezone opportunity that contributes to the efficiency and speed of implementing regulatory updates. 

We say to our advisors – if you give us a piece of information, we will use it in every single place possible rather than ask you for it again.

Technology Overview_

Euvic created a portfolio of custom Line of Business (LOB) mobile-ready web applications to support employees and advisor activities. The web applications adhere to Private Advisor Group’s complex business model and include tools for extensive investment analysis. The solution includes complex integrations with external service providers including SalesForce, Quickbooks, and ACH bank transactions as well as integrations with broker platforms such as LPL Financial, Charles Schwab, Fidelity, and Pershing. 

The efficient, secure, and high-quality systems are deployed, configured, supported and fully maintained and monitored within the AWS environment by Euvic teams, thus Euvic provides an effective end-to-end software development lifecycle (SDLC).  

The technologies include: 

• The latest backend and frontend frameworks (such as .NET, Entity Framework, Vue.js, Zurb) 
• Efficient databases (such as clustered Aurora and SQL Server) 
• AWS-based services for scalability, security and performance, including AI/ML services 
• Customized CMS framework (such as Umbraco) 

I am so impressed by the complexity of the systems Euvic has built for us, and how their technology touches all the business lines.

The Dream Team_

• Greg, with the project since 2015, based in the US. As CTO for Euvic North America, Greg brings decades of business experience to the team. Greg’s mission is to ensure that Euvic’s client experiences the full benefit of Euvic’s capabilities as he supports its growth.
• Alex, with the project since 2023, based in the US. Alex is a PMP-Certified Team Leader. His work includes translating customer challenges into technical requirements and serving as the link between software development and business advancement.
• Mateusz, with the project since 2015, based in Poland. Technical Leader and Architect. Mateusz introduces new solutions to systems, architecturally and technologically, after conducting research and producing Proof of Concepts.
• Łukasz, with the project since 2015, based in Poland. .NET Developer and Technical Team Lead. In addition to software engineering, he analyzes client challenges and leads system design efforts. 

Because Euvic retains its team far longer than industry averages, Private Advisor Group has built long-term relationships with Euvic’s engineers, which protects IP, strengthens collaboration, and stabilizes the relationship. 

• Stable Core Team: All six core engineering roles have been consistently staffed by the same individuals since the inception of the program, showcasing an exceptional level of continuity and dedication.
• Zero Turnover in Key Roles: Throughout the duration of their relationship, Private Advisor Group has benefited from having no turnover in critical roles, ensuring consistency and reliability in the work delivered by Euvic.
• Boutique Service with Global Support: While enjoying a boutique-level customer care and high-touch service, the firm was also supported by the expansive capabilities and resources of Euvic’s global team, providing a unique blend of personalized attention and extensive support.

We value the relationship. With Euvic you get a team that is part of your company. This level of knowledge about our business and understanding of our data structure is difficult for a third-party to pull out of a box.

Result_

A Partnership to Build Upon

With Euvic’s help, areas of the firm’s business have achieved a 300% improvement in productivity since the partnership began, measured by assets under management. The firm has decreased operational costs and expanded operations through process automation. Advisors are relieved by the simplicity and efficiency of complex systems, which frees them to focus on their clients. 

Euvic is an integral and necessary partner to the firm, with the Euvic team operating like trusted employees that are integrated into Private Advisor Group’s business. Euvic’s team helped transition the firm from its reliance on manual tools to a digitally transformed and integrated system that can scale as the company continues to grow.  

• 300% Productivity Improvement: Since partnering with Euvic, the firm has seen a remarkable improvement in productivity, as measured by assets under management, highlighting the substantial impact of the collaboration on the firm’s efficiency and growth.
• Operational Cost Reduction: Through the adoption of process automation and other efficiencies introduced by Euvic, the firm has successfully reduced operational costs while expanding its operations.
• Enhanced Advisor Efficiency: The simplification and efficiency of previously complex systems have significantly alleviated the burden on advisors, enabling them to dedicate more attention to client service.
• Trusted Partnership: Euvic has become an essential and integral partner, functioning as an extension of the Private Advisor Group team and playing a crucial role in the firm’s ongoing digital transformation and growth.
• Digital Transformation: Euvic has facilitated the firm’s transition from reliance on manual tools to a fully integrated, digitally transformed system that scales with the company’s growth.
• In-House Development Capabilities: With Euvic’s support, Private Advisor Group operates as if it has its own in-house software development team, benefiting from access to a vast pool of 6000+ skilled professionals at a cost-effective Polish exchange rate.
• Growth and Scalability Focus: The partnership began with a singular data project designed with scalability in mind, evolving over the years into a deeply collaborative relationship that has positioned Private Advisor Group as a leading provider of compliance oversight and supervisory services for independent financial advisors across the United States. 

It felt like we were being handled by a boutique and it came as a surprise that there are thousands of employees at Euvic. The excellence and personal touches have always been there, and it was exciting to learn that we had access to so much talent and so many experts because of the scale of Euvic.