Outsourced Executive Admin and Operations Enable Wealth Management Firms to Scale Quickly


Executive administration and virtual assistant staffing are not new. For years, companies have looked to outsource certain tasks and processes to generate marginal efficiencies. In the years leading up to 2022, companies have taken a more strategic approach to utilizing remote operations staff, moving beyond the arm’s length relationship with a third-party service provider, to tap into the significant efficiencies and cost savings generated through strategic automation and business growth initiatives.


For all industries, this has meant moving beyond traditional service arrangements in which functions are outsourced to virtual assistants located in low-cost countries, or simply viewing a third-party service partner as a data entry team. Instead, businesses are now working with professional U.S.-based remote operations and admin service providers who can help them create value, reduce costs, and improve efficiency through innovations and best practice procedures that improve their overall operations.


By collaborating with this new era of strategic executive administration partnerships, businesses can focus on their core strengths and competencies, while realizing the benefits of outsourcing. In this way, delegating to a third-party outsource service provider is no longer seen as a quick way to cut costs – it is now recognized as a powerful tool for driving growth and revenue.


Types of Services Advisors Can Outsource


  • Client onboarding administration

  • Client data and document collection and storage

  • Compliance calendar to-do management

  • Financial planning preparation

  • Fee-billing

  • Quarterly reporting

  • Client meeting report preparation and quality checks

Wealth management firms that keep admin tasks in-house have higher operational costs and are typically less efficient than firms that work with an expert outsource provider.

Working with an outsourcing partner that is an expert in the wealth management industry for middle and back-office admin work, enables advisors and their staff to put more focus and energy into essential functions related to client growth and relationships. And it is no secret that a business owner with time to focus on client growth is more profitable than firms that are stuck in the admin weeds.


Step in When a Key Employee Leaves


When a key employee leaves your firm, the loss can be a major setback for your business. Not only does this leave you with the additional task of finding and training a replacement, but it also takes away one of your most experienced team members and disrupts the flow of your processes.

In many cases, an outsourcing provider like AllBackoffice can be the perfect solution to help you through this challenging time.


Here are three ways an outsource provider like AllBackoffice can step in and begin working when a key employee leaves your company:


AllBackoffice Can Take Over the Responsibilities of the Key Employee


When you lose a key employee, there are usually specific tasks and responsibilities that must be delegated. Rather than try to find someone within your company who can fill this role, an outsource provider that is an expert in the wealth management industry can step in and take over these responsibilities. This will allow your firm to continue running smoothly while you focus on finding a replacement for the key employee.


AllBackoffice Can Train Your Other Employees


If you have other employees who need to be trained in the tasks and responsibilities of the key employee, AllBackoffice can train your other employees so that they are able to take over these responsibilities when the time comes.


AllBackoffice Will Help Maintain Productivity and Efficiency During This Transition


When AllBackoffice steps in to help with the responsibilities of a key employee who has left your firm, we will work to maintain productivity and efficiency during this transition period. This is especially important if the key employee held a critical role within your firm, such as managing the daily downloads from custodians and managing your portfolio management software. By working with AllBackoffice, you can ensure that your business stays on track and does not suffer from any unnecessary setbacks during this time.


If you find yourself in a situation where a key employee has left your company, do not despair. With the help of an outsource provider like AllBackoffice, you can continue to run your business smoothly and productively until you find a replacement. By taking advantage of the expertise and resources offered by AllBackoffice, you will be able to keep your business moving forward even during a challenging situation.