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Advisor Insights

The Top 5 Tasks Advisors Can Outsource to Virtual Assistants

Consider delegating front desk and back office support, as well as bookkeeping and social media management, to virtual staff.

Effective delegation is an important and often difficult objective to achieve for almost any business. This is especially true for solo practitioner financial advisors who don't have a staff to which they can assign tasks, but it can also be a challenge for much larger firms--from ensemble practices consisting of a few advisors and support staff, to large advisory firms with a regional or national presence. Regardless of business size, hiring staff is likely the first solution considered when an advisory firm is facing growth hurdles, yet there may not be room in the budget for a full or part-time employee. Further, and at least in the early stages of a growth hurdle, while an advisor may feel stressed by their workload and feel a need to delegate tasks, there may not even be enough work to justify hiring at all.

Thankfully, a virtual assistant can help with key administrative tasks that free up an advisor to spend more time with clients and on the things they do best, without the added complexities of hiring staff or the cost associated with hiring a full-time employee for what may not be a full-time job. In an age where it's possible to work from anywhere with an Internet connection, a virtual assistant can help solo practitioners break through growth barriers, or help larger firms more easily achieve staff augmentation for specialized tasks without having to be in the same geographic area as the advisor or firm. With the popularity of virtual assistants on the rise within the financial services industry, here are the top five tasks to consider outsourcing as an advisor or firm that could benefit from virtual staff.