There are times when hiring and retaining effective back-office staff can be daunting, especially if you’re a financial advisor in an environment with extensive regulatory oversight. This requires staff who are up to date on regulations and who pay attention to crucial details.
One solution I learned from an MDRT friend was to outsource to offshore virtual assistants. The virtual assistants have the necessary educational requirements, and they know the computer programs financial advisors use. They’re ready to plug into your practice without months of training first.
This solution has taken a weight off of our office staff. It’s also given me the ability to expand and grow my client base since I can quickly hire as many trained assistants as I need.
See more from Roy Hall on this topic in “Growing your financial practice without a back office.”
If you want to go this route, ask other financial advisors for recommendations for companies they’re already using. Not every company will be the right fit for you, so you may need to try more than one company. Referrals were the best way I found to identify virtual assistants who can help you scale up your practice quicker than you may have thought possible.
Roy Hall is a 20-year MDRT member. He’s also a Top of the Table member. You can watch Hall discuss regulations in “Adapt to regulations and thrive: Fewer clients, more fees and education.” (MDRT member exclusive)
