Empowering Investors and Institutions with Streamlined Custom Portals
Discover how Millennium Trust Company improved the client experience and streamlined operations with two distinct Salesforce-integrated custom portals
The Client
Millennium Trust Company provides retirement and institutional custody services to help employers, advisors, and institutions solve complex challenges.
Building Distinct Portals for Two Critical Lines of Business
The Challenge: Streamline the Customer Experience and Internal Processes with Custom Portals
For over 20 years, Millennium Trust Company has empowered individuals and institutions with the tools and resources to meet their financial goals. They primarily support institutions and individuals with retirement services and asset custody solutions — two product offerings that require close communication and collaboration between the Millennium Trust team and an external party.
Although Millennium Trust was already leveraging Salesforce as their customer relationship management (CRM) platform, their pre-existing B2B client portals were outdated and the sales and operations teams relied on manual administrative processes, spending hours speaking with clients over the phone or email and inputting and processing data.
On the flip side, clients did not have a simple online portal where they could check on their assets or retirement account status.
In short, Millennium Trust needed to streamline and simplify the customer experience and automate manual processes for their internal teams. In their search for a digital product agency that had the expertise to help achieve these goals, they found LaunchPad Lab.
The Approach: Mapping Out Plans for Two Custom Portals
Our LaunchPad Lab team has in-depth experience in designing and developing digital products for fintech clients. After our introduction to the Millennium Trust team, we quickly moved into an intensive discovery phase to define our goals and path forward.
During this portion of the project, we interviewed key internal stakeholders — in particular, the operations and administrative team members who were responsible for managing retirement services and asset custody services. We also interviewed external stakeholders who used the pre-existing Millennium Trust portals.
Once we understood Millennium Trust’s primary goals, we began to envision two streamlined platforms that would serve as a tool for internal and external individuals to communicate seamlessly — all while reducing and even eliminating some manual data entry and processing. As a Salesforce development agency, LaunchPad Lab served as a strategic consultant to Millennium Trust as we continued to leverage their pre-existing Salesforce instance.
The Millennium Trust project entailed two distinct portals:
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Retirement Services Platform (RSP)
The Retirement Services Platform (RSP) will be used by the large institutions that partner with Millennium Trust to handle retirement accounts after individuals leave their companies, referred to as automatic rollover IRAs.
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Asset Custody Platform (ACP)
The Asset Custody Platform (ACP) will be used by both institutional and individual investor clients for which Millennium Trust provides specialized custody solutions and serves as a trusted custodian.
The Architecture
For both the Retirement Services Portal and the Asset Custody Portal, the LaunchPad Lab team leveraged the same tech stack.
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Salesforce
To achieve Millennium Trust’s goal of streamlining operations and promoting organizational efficiency, we leveraged Salesforce to empower the internal and external experience. This also enabled data to flow back and forth to Salesforce, serving as a single source of truth for customer data.
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React.JS
To fuel a clean and user-friendly client experience, the LaunchPad Lab team leveraged React.JS: a fast, flexible, and powerful Javascript library best used for developing dynamic and interactive user experiences.
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Mulesoft
We leveraged MuleSoft, an integration layer that served as a third layer between the front end and the back end, to ensure that the portals worked as efficiently as possible and scaled with their growing business.
The Solution: Key Features & Outcomes
The Results: Building Distinct Custom Portals for Two Critical Lines of Business
To improve the client’s user experience and improve Millennium Trust’s operational efficiencies, LaunchPad Lab developed a platform for managing service agreements and automatic rollover participant submissions. Led by streamlined user flows that walk a client through the process, the new platform now automates and more tightly controls a process that was historically performed manually.
The RSP platform now gives Millennium Trust’s recordkeeper, third-party administrator, and plan sponsor clients new visibility into the status of their automatic rollover submissions and their agreements on file. Improved transparency to their clients and automated email notifications help Millennium Trust more easily process automatic rollovers, reducing the number of manual procedures and increasing overall operational efficiency.
In Q4, LaunchPad Lab worked with the Millennium Trust team to onboard the first few clients to the new Retirement Services Platform. The initial users have been excited to start using the new platform and are thankful for improved transparency for automatic rollovers. Since launching in Q4, the platform has already been used to create dozens of Plan Agreements and hundreds of Account Rollovers!
The Millennium Trust team is continuing to iterate and improve the product based on user data and feedback as they roll it out to additional recordkeepers, TPAs, and plan sponsor automatic rollover clients in the next year. We are currently working towards getting 25% of TPAs moved to the new platform by the end of Q1.
Asset Custody Platform
For managing asset custody, LaunchPad Lab developed a suite of user flows designed to increase overall efficiency, from managing communication to routing documents.
- Add Asset Flow: The onboarding process allows sponsors to easily submit a new asset and upload relevant data and information. It is then routed through the custody review process. Once accepted, the sponsor can manage the asset throughout its lifecycle on the portal.
- Purchase Flow: Once an asset has been approved, we developed a user flow to confirm the purchase from investors. This flow includes information on dollar amounts, percentages, and shares on the platform.
- Liquidation Flow: If an asset is being liquidated, the liquidation flow walks the user through it seamlessly.
- Exchange Flow: If an investor has a certain dollar amount and wants to exchange it for another asset, the exchange flow ensures that a sponsor can easily submit that information through the ACP.
The Asset Custody Platform entered beta mode with five sponsor organizations. Within days, Millennium Trust’s internal operations teams saw a decrease in phone calls and emails and an increase in in-platform messaging and communication. Within 6 months from the beta release, they planned to launch the Asset Custody Platform to all sponsors and continue to streamline Millennium Trust’s internal and external processes.
Partnering With LaunchPad Lab for Your Custom Portal
Do you have a similar project and think a custom portal might be the right solution? Our team at LaunchPad Lab has the experience, knowledge, and tools necessary to build custom portals for businesses of any size. Our experienced team is here to help take your vision and make it a reality. Get in touch with us today for a free discovery call to explore the best solution for your unique needs!
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