Lean Six Sigma training brings process improvement to TCA

Posted by Mark Piquette on April 1, 2014

RIAs that work with Trust Company of America know that a key focus of our work is on helping advisors achieve smart growth.

Whether it is our dedicated advisor service, leading RIA technology, or practice management consultative offerings, we help advisors do more with what they have.

Now a new corporate initiative to train employees in the art of Lean Six Sigma process improvement is aimed at making TCA – and our RIAs – a leaner, more efficient and smarter organization.

A total of 12 TCA employees are completing an intensive “Greenbelt” training under the guidance of Mike Lover, TCA’s Vice President of Process Improvement and a Black Belt in Lean Six Sigma.

Trust Company of America has been bringing Lean Six Sigma concepts to its custody platform and its advisors for about a year – with tangible results for company and customers. “By making TCA more efficient and effective, we are creating opportunities to help our RIAs grow their business, share best practices, drive efficiency and increase scalability,” said Lover.  

Originally designed for manufacturing processes, Six Sigma is a data-driven management approach designed to eliminate waste and inefficiencies in any process. And it has found a welcome home at TCA, where Lover and his team have worked to streamline operations and trim the waste and inefficiency of back-office operations.

The new Greenbelt trainees – front-line employees, client specialists, supervisors and managers – are going through a three-tier program that includes:

  • Ten weeks of classroom training
  • Greenbelt testing
  • Execution of a project to cut out inefficiencies using the "DMAIC" model from Six Sigma, which stands for define, measure, analyze, improve and control. All trickle up to bottom-line benefits for RIAs.

The Greenbelts will push efficiencies in new areas by streamlining the conversion of assets to the TCA custody platform for new and existing advisors; driving efficiencies through paperless statements and online distribution requests; and simplifying processes for the calculation of client fee assessments and recurring client distributions  

Lover and his team have also taken Lean Six Sigma process improvement to individual RIA firms and online through TCA’s Genius Session webinar series. The goal, as always, is to help RIA’s achieve smarter growth – spending less time stuck at their desks and more time face-to-face with new clients. Said Lover: “Process improvement at TCA is about freeing up capacity and giving advisors one their most precious resources…time.”

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