How would you measure the success of Altruist's digital onboarding process for new financial advisors?

Introduction

Measuring the success of Altruist's digital onboarding process for new financial advisors is crucial for optimizing user experience, improving retention, and driving business growth. To approach this product success metrics problem effectively, I will follow a simple product success metric framework. I'll cover core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Altruist's digital onboarding process is a critical touchpoint for new financial advisors joining the platform. It's designed to streamline the traditionally complex and time-consuming process of setting up an advisory practice on a new platform.

Key stakeholders include:

1. Financial advisors (primary users)
2. Altruist's sales and support teams
3. Compliance and legal teams
4. Product and engineering teams

The user flow typically involves:

1. Account creation and basic information input
2. Identity verification and regulatory compliance checks
3. Practice setup (adding client accounts, setting up billing, etc.)
4. Integration with existing tools and systems
5. Training on platform features

This onboarding process is crucial to Altruist's broader strategy of disrupting the traditional custodian model in wealth management. By providing a smooth, digital-first experience, Altruist aims to differentiate itself from legacy players like Schwab or Fidelity.

Compared to competitors, Altruist's onboarding process is likely more streamlined and tech-forward, but may lack some of the personalized support offered by traditional firms.

In terms of product lifecycle, the digital onboarding process is likely in the growth stage. It's established enough to be functional but still has significant room for optimization and feature expansion.