Automation and Outsourcing – A Lifeline for Wealth Management Firms During Uncertain Times


As inflation grows, oil and gas prices surge, and the forecast for U.S. growth in the second half is now shifting to the downside, many wealth management firms and independent financial advisors are taking a closer look at automation and outsourcing to prepare for what is sure to be a bumpy 2022.


Sanctions, COVID Variants in our future, $200 Oil


Yesterday, President Biden announced the United States is further punishing Russia with an unprecedented economic attack for their invasion of Ukraine. The decision to ban oil imports from Russia is one of the most far-reaching sanctions put forth, and the decision will carry immense consequences not only internationally but also domestically as businesses and consumers face new costs caused by sanctions.


As the Russian invasion of Ukraine and the prospects of $200 oil are rightfully dominating the headlines, we cannot forget about the last two years that changed our lives and brought entire industries to their knees. The virus that causes COVID-19 is in a lull right now, but it is changing constantly. Because this virus is so unpredictable, there is no way to be certain a more aggressive or severe variant will appear over the next three months, or next winter. And while it is a welcome break for all of us to ease our use of masks and social distancing, there is no guarantee we will not once again see some form of mandates and a surge in new cases that negatively impacts our economy and further slows our growth.


Outsourcing and Automation for Growth and Stability in Uncertain Times


It is during these times of uncertainty that wealth management firms and independent financial advisors re-examine their business process outsourcing and automation to remain competitive as client’s require more personalized service and attention.


The flexibility of using an outsourcing and automation company for certain tasks is incredibly helpful for small to medium-sized wealth management firms and financial advisors because it allows them to scale up or down, with less disruption.


An Extension of Your Most Valuable Asset: Your Team


More time to focus on delivering a higher level of customer service during uncertain times, combined with increasing client expectations, requires many wealth management firms to look at hiring additional staff. The question then turns to how quickly the new employee can be trained to understand the firm’s business and system, and what happens during a downturn when staff must be let go. And when new employees are brought on board, what processes are in place to ensure mistakes are not made and the business processes in place are adhered to.


These real scenarios can be managed and implemented successfully, but the current global issues we have dealt with over the past two years, combined with the uncertainty that lies ahead, make it more difficult for wealth management firms and independent financial advisors to execute optimally.


At AllBackoffice our outsourcing and automation team has worked with hundreds of wealth management firms and independent advisors in times of uncertainty. We focus on helping advisors maximize productivity so they can focus on servicing clients and growing their practice. Our belief is a financial advisor should focus on what they love to do, and all other administrative tasks should be automated and outsourced to a resource partner that is an extension of their brand.


Because we are so diverse, we can bring forth outsourced solutions that cover a broad spectrum of solutions from everyday admin tasks, to managing daily reconciliation in portfolio management software, billing, IT service and support, data conversions and data entry, and even talking to clients on the phone.


AllBackoffice’ s job is to help financial advisors and their staff specialize in the areas they do best, while allowing our team of middle and back-office experts to cover all the rest of the tasks that go into operating a financial practice.


Contact us today advisors@allbackoffice.com or (919) 741-6104 to schedule a free consultation and discovery call to see if we can help.