Project Manager “Must Haves”: Choosing the right PM for a Successful Wealth Management System Implementation

By Guest Contributors on May 3, 2010

Implementing a core Wealth Management system can be a daunting task whether it’s portfolio accounting, portfolio management, performance management, CRM, or risk management. Finding the right Project Manager can be just as challenging. Here are five key “must have” elements that can make all the difference when choosing a Project Manager to deliver a smooth and successful implementation for your Wealth Management system.

1. Must have project management skill and experience.

Tip: Assess each candidate on their experience leading successful projects of a similar size and nature to your own. Ensure they can demonstrate that they have the leadership skills to provide direction, build project plans, manage budgets, handle issues and risks, and interact effectively with stakeholders and the project team. The Project Management Professional (PMP) designation can be an indicator that a candidate understands the underlying principals of project management, but does not guarantee the right Project Manager for your project. It’s more like a driver’s license which confirms you understand the rules of the road and have experience behind the wheel. It does not say what type of driver you will be in different situations or road conditions. Use the interview process as a “test drive” to confirm that the candidate has what it takes to effectively steer your project within the conditions of your environment.

2. Must have solid understanding of the Wealth Management business model.

Tip: Ask open-ended questions to provide an opportunity for candidates to demonstrate their business knowledge. Get them talking about what they see as the major impact of the project on the business teams and use their responses as an indicator of how well they know the Wealth Management business model. The right PM must be able to convey an understanding of how various project decisions will impact the business and its clients, weigh the pros and cons of different alternatives and recommended options, as well as understand the potential benefits and downsides to the business of leveraging new application features. Without relevant business knowledge, the PM will need to depend on input from others to explain how your business works which can lead to frustration with the project team and stakeholders and cause drag on the project schedule.

3. Must have ability to work effectively with the internal IT team.

Tip:  Choose a PM who emphasizes the importance of collaborating closely with the internal technology team because it will be the internal team that manages, supports, and maintains your system once the project is complete. Bringing a strong combination of business and technology skills to the table is an asset, but you are not looking for a Project Manager to take over the IT role on the project. It is more important for the PM to understand how internal technology teams operate, and be technically savvy enough to understand the ramifications technology decisions can have on the project.

4. Must have demonstrated Vendor Management skills.

Tip:  When interviewing candidates, ask about similar implementations they have managed with your vendor or others in the same market. Project Managers who have been down this road before have more tools in their toolkit to deal with challenges, and are more adept at picking up early warning signals when a vendor might be heading toward a problem. Good vendor management also eliminates the temptation for vendors to deal directly with executives in the business or IT, a practice which can be damaging to the project resulting in delays and cost overruns. To get a sense of a candidate’s “VM Quotient”, ask about some of the highs and lows of their past experiences and ask for tips they might have for ensuring good vendor relations.

5. Must have superior people skills.

Tip:  Find a Project Manager with the right demeanor and people management skills for your project team. Many project challenges are centered on people, so it is important to be proactive about assessing these skills. These challenges can quickly devolve into delays, cost overruns, degradation of quality, and conflict which sometimes spills beyond the project into the organization. Ask your candidates about the composition and size of prior teams they have managed and solicit examples of people-related challenges they would handle differently if they had an opportunity to do so again. Getting them to talk about their management style and how it evolved will help to surface any potential mismatch for your project team.

Finding the right Project Manager to lead your implementation might not be easy, but it is critical that you get it right. Stack the odds in your favour by making sure that candidates meet the minimum requirements of solid project management skills along with a good understanding of the wealth management business model, and build from there. If you are able to find a candidate who can also work well with your technology team, is experienced at managing implementations of packaged solutions, and demonstrates good people skills, you have significantly increased your chances of success.

This is an excerpt from a longer article which can be downloaded from the Stratix Consulting website at Stratix Research.