Midland prides itself on being the most responsive IRA custodian in the industry. And, despite the busiest quarter we’ve ever had, we worked to make ourselves even better! In January of 2021, we set a few company-wide goals. Our three goals were to reduce the time it takes to open accounts, complete a welcome call, and fund accounts. These goals focused on our transaction efficiency standards and our client experience.
We were able to achieve all three of our goals. Read more to learn how we accomplished each goal and what you can expect from Midland in the second quarter.
GOAL 1: Reduce the Time It Takes to Open an Account
Our first goal was to reduce the time it takes to open an account to one business day. Midland has always been one of the fastest in the industry for account openings. Now, we’re even faster! Our previous average to open an account was a little over two business days. With our implemented changes, it now takes an average of only one business day.
Our one-day account opening helps prove that we are, in fact, the fastest, most responsive IRA custodian in the industry.
GOAL 2: Reduce the Timeframe for Welcome Calls
If you are a client of Midland, you know your dedicated rep reaches out to you after opening your account. Every new client receives a dedicated representative from our client service team. This team member is your main point of contact. They help clients with transactions and general account questions. At the end of 2020, reps made welcome calls within three days of an account opening on average. We set a goal to make welcome calls within one business day of account opening. We succeeded. Our average time in making these calls is now less than one business day on average.
GOAL 3: Reduce the Time It Takes to Fund an Account
Having funds in your IRA account is essential. Your account must be funded before you make investments in the account. This is especially important for investors with time-sensitive assets like real estate. Before 2021, our average time to fund accounts was 14 business days. Our goal was to reduce that to ten business days. We succeeded in achieving this goal.
Every department in the company helped to make this happen!
What This Means for You
Midland has made considerable strides in improving our transaction efficiency standards. We hope we continue to improve and that every new and existing client benefits from our efforts. Brandon Hall, Midland’s COO, says, “The IRA industry is notably slow. Midland doesn’t want to just be better than our competitors. We want to be the best we can be.” He continues, “With IRA fund transfers in the industry being slower now than in the past, we’re doing our part to make up the time difference on our end for our clients.”
In the second quarter of 2021, Midland aims to improve its client services as a whole. These goals will include an improved phone system and improved answer rates. We hope to have more proactive communication than reactive. We also hope to continue improvements with our transaction efficiencies. Keep an eye out for our update on these efforts in July.
We thank you for your continued loyalty and support. If you have any questions or suggestions for improvement, please contact us at [email protected] or call (239) 333-1032.