Outsourcing Financial Planning Admin Staff: The Solution to Scaling Your Firm

As your financial planning business grows, the demands on your time and resources only increase. When speaking with our clients we hear over and over that the most valuable use of their time is spending time with existing clients and meeting with potential clients.

So how do you handle the increased admin burden as you scale? The obvious answer is to hire more staff. So why should you consider outsourced financial planning admin staff? 

Why Outsource Financial Planning Admin Staff?

Hiring financial planning administration staff from the Philippines gives you access to a large talent pool of qualified staff that have experience working with Aussie financial planning firms. Here are the top 3:

1. Improved Efficiency

The first benefit has to be the reduced admin burden and improved efficiency. Extra staff means that you can focus on the highest value add work in your business, the clients!

Admin tasks such as preparing SOA’s, client comms, and data entry can be handled by your new staff member. This means faster turnaround times and better client satisfaction. 

2. Access to Expertise

Hiring is a challenge in any business. Getting access to qualified staff only makes things harder. Partnering with a specialist outsourced staff provider such as BASE global gives you access to a large pool of qualified fin planning admin staff that have experience preparing SOA’s, using XPLAN and working with Australian businesses.

3. Scalability

As your firm grows, so does the workload. Managing more clients, more SOAs, more ROA’s, and increasing regulatory requirements. Working with a partner like BASE Global allows you to scale your administrative staff quickly. As they get to know you and how your business works, getting access to new staff will only become easier.

How Outsourcing Financial Planning Admin Staff Works

When you choose to outsource financial planning admin staff, partnering with a service provider that offers experienced professionals trained in financial planning support is the way to go. 

Depending on your needs, these staff can assist with:

• Client communications: Handling inquiries, scheduling meetings, and following up on action items.
• Document preparation: Creating SOA’s, ROA’s financial reports, presentations, and client proposals.
• Data management: Updating client records, tracking transactions, and client records
• Compliance support: Ensuring all necessary documentation and reporting meets regulatory standards.
• Software management: Using financial planning tools and software including XPLAN.

Key Considerations When Outsourcing

Here are a few tips to ensure your outsourcing experience is successful:

• Look for experience: Choose a provider with expertise in financial planning or administrative support within the financial services industry.
• Consider communication: Working with an Australian based provider with local support will ensure you have the best experience.
• Prioritize data security: Financial data is sensitive, so work with an outsourcing partner that has robust data protection and privacy policies in place.

Conclusion

Outsourcing financial planning administration staff is a great option for  firms looking to scale efficiently without sacrificing quality. This will free you and your internal team up from routine administrative tasks, so you can focus on growing your firm, 

‍