How Raymond James uses Intapp DealCloud as an enterprise-grade investment banking solution
Raymond James Financial is a leading diversified financial services company that provides private client advisory services, capital markets and investment banking, asset management, wholesale and retail banking and other financial services to individuals, corporations and municipalities. In its investment banking division, Raymond James advises in areas such as mergers and acquisitions, debt and equity capital markets, private capital solutions including debt origination and restructuring, and activism response and contested situations. The firm provides its services across an array of industry sectors that include consumer and retail, diversified industrials, energy, financial services, health care, real estate and technology services.
The challenge
At the outset of the project, the firm had an existing CRM solution, but it was not universally in use across the investment bank and had limited utility given the inherent constraints of the system as it was not designed for an investment banking environment. Instead, it was a general solution that had been configured over time for the firm’s use. Management believed that an effective CRM system could be a “force multiplier” in the firm’s business, but felt a strong need to find a configurable, enterprise-grade system that could be used across the entire investment bank and act as the central hub for all deal and relationship management. Management was also focused on finding a solution that would not have to be separately configured to work within the complexity of a high-volume investment banking environment. That is, the management team was seeking a solution that was built “natively” for the investment banking environment. These requirements led naturally to consideration of DealCloud.
Implementation
For Raymond James, the overall goal in implementing DealCloud was to design and configure an effective solution to support the firm’s specific business needs, maximize organizational goals and achieve user adoption. During the implementation process, the DealCloud team was able to successfully clean up and migrate ten years of data from Salesforce into the DealCloud platform.
The DealCloud team of investment banking experts and the Raymond James team collaborated in a thoughtful and creative way to maximize the value of DealCloud for the firm. Working together, they designed the platform with a variety of configurations, including configurable dashboard objects, filtered views, data lists and in-platform dashboard reports. By implementing DealCloud, the team at Raymond James was able to consolidate critical information and business processes into a single system of record in four and a half months.
We extensively examined the marketplace of providers of enterprise CRM systems to the investment banking industry. We knew we had found the right solution when we realized the extent to which DealCloud is purpose-built for the investment banking and private capital marketplaces. We had a very effective implementation experience and receive outstanding service from the industry experts on DealCloud’s Account Management team.
LESLIE ANN B. CURRY, MANAGING DIRECTOR & CHIEF EXPERIENCE OFFICER, RAYMOND JAMES INVESTMENT BANKING
The solution
DealCloud’s platform allows the Raymond James team to have a single source of truth: a place where all deal-related pipeline, relationship and transactional data would be accessible (on a hierarchical and permissioned basis) to bankers in the field as well as Management. The DealCloud platform was designed specifically for investment banking professionals and has enabled the team at Raymond James to perform the below functions:
- Coverage and Pipeline Management: Leveraging DealCloud, the Raymond James Investment Banking team is able to create dashboards and reports that deliver a full picture of each stage of the pipeline. The DealCloud platform serves as a comprehensive solution, saving the firm time and helping it complete more transactions.
- Deal Execution and Management: Automated task assignment and alerts ensure that the team is executing on key transaction-related responsibilities, which decreases the administrative burden placed on dealmakers. This has also resulted in the firm being able to implement best practices, previously only utilized by certain groups, on a firmwide basis.
- Relationship Management: Using DealCloud, the team better manages the integrity of its relationship data. The firm now hosts all relationship data, amongst other data, in the cloud within the DealCloud platform.
- Workflow Automation: All processes are automated within the DealCloud platform, leading to greater efficiency and time savings which allows the firm’s bankers to spend more time on directly revenue-producing activities.
- Executive Talent Tracking: The Raymond James Talent Team leverages DealCloud for Investment Banking recruiting, particularly at the senior level.
- Productivity Tracking: DealCloud’s productivity and activity tracking tools allow the Raymond James team to better determine where and how to allocate resources to ensure every deal is appropriately supported from a resource perspective.
- Marketing: DealCloud’s integrated marketing tool, Dispatch, enables the team to proactively distribute emails and track engagement metrics with contacts in the DealCloud CRM.
Partnering for success
- Purpose-built for Investment Banking teams
- Implementation of highly configured platform
- Firm-wide user adoption
- User-friendly platform
- Single source of truth for all data
- Dedicated account management and client success teams
Executive summary
- 700+ DealCloud users
- Approximately 20+ users added to the DealCloud platform each month
- 90+ interactions entered into DealCloud daily
- Used consistently across six different departments within the firm
- Highly valued by Senior Leadership of the investment bank, which manages the bank’s pipeline and projections through the application
- Investment banking management implemented a series of coherent best practices for its bankers through a customized DealCloud deployment