Embassy Funds
Transformation of a complex Excel sheet into an accessible streamlined web tool.
Contribution: UX/UI, User Research
Timeline: June 2024 - Sep 2024
Role: Lead Designer (UX)
Results: Reduction of labor time on optimization by 84%
Overview
Embassy Funds, a private investment company, sought to support how their registered investment advisors (RIAs) manage client portfolios with an Excel-based portfolio optimizer. Yet, the restricted access to this tool presents a challenge in fully leveraging its potential. The goal? To transform this tool from a spreadsheet into a web platform accessible to all advisors within the Embassy network.
From Spreadsheet Confines to a Cutting-edge Web-based Tool
Challenge
The Excel tool was complex and limited to a few users, causing high time costs and reduced profits
The goal was to transform the complex Excel sheet into an accessible streamlined web tool, providing advisors with real-time insights and data-driven decision-making. Immediate feedback on scenarios would enable faster responses to market changes, enhancing performance and efficiency.
Goal
Research
Our research involved competitor analysis, interviews, empathy mapping, creation of personas, and affinity maps to uncover critical user needs.
Insights
Tool dependency:
RIAs relied on optimization tools to refine their investment strategies.
These tools helped highlight high-return opportunities and manage risks effectively.
They enabled precise fine-tuning of client portfolios.
By simplifying complex data interactions, they made it easier to deliver insights.
This approach enhanced the overall user experience for both advisors and clients.
Common frustrations:
Struggled with incorporating constraints into the optimizer, a crucial feature they needed to adjust in real-time.
80% of users highlighted the inability to include private funds as a significant gap
Users needed a tool that balanced simplicity with robust support for advisors.
What People Are Saying
“I would like for the tool to be able to incorporate real-time data.”
— Luca B.
"I use optimizer tools to make complex strategies easier for clients to understand, showing them clear insights and outcomes that help build trust and confidence in their portfolios."
— Blair M.
“I need to be able to incorporate all sorts of different constraints and have it fairly easy for the end user to be able to put those in. It's trickier if you require a separate IT department to code in all these different constraints.”
— Andrew C,
Design
Key hurdles included translating complex spreadsheet functionalities into an easy-to-navigate digital environment while ensuring that the tool remained powerful yet approachable for users.
Building Structure
I created low-fidelity wireframes to quickly visualize design ideas and focus on structure and functionality.
Finding Visual Style
This process involved experimenting with different aesthetics to ensure the design feels cohesive, engaging, and user-friendly while maintaining a clear connection to the project's goals and values.
Final Design Key Features:
Adjusting Constraints: Users were now able to change constraint amounts and percentages.
Private Funds: The ability to add private funds was added to the optimizer
Balanced Interface: A user-friendly interface was created, providing information on individual funds, charts, and optimized results, with all complex computations handled on the backend
Usability Testing
To better understand how users would naturally navigate our design, we provided a prototype with minimal guidance and assigned varied tasks. This approach revealed a significant learning curve for us. Initially, we overwhelmed users with too many prompts, but when we reduced guidance, we gained valuable insights into how new users interacted with our design.
Key Takeaways
1. Importance of Tooltips and Explanatory Copy: Our tests highlighted the necessity of tooltips or explanatory text to help users better understand the presented content.
2. Familiarity vs. Clarity: Despite our user demographic's familiarity with portfolio optimization tools, they still found some titles and inputs confusing, underscoring the need for clearer labeling and instructions.
Outcomes and Reflection
The transformation of the portfolio optimizer yielded significant improvements in both functionality and user experience. By moving to a user-friendly interface, we achieved a remarkable 84% reduction in the time employees needed to complete optimizations. This efficiency gains not only streamlined workflows but also enhanced overall productivity, contributing to better business outcomes for Embassy Funds.