Virtual Assistants for Financial Advisors

Financial advisory service in Canada is undergoing massive change. Clients are seeking more robust advice, but lower investment management fees. CRM2 requirements, and Ontario’s ongoing consultations around regulating the “financial planner” title are increasing your workload on a daily basis. The industry is shifting from a product focus to an advice focus. What does that mean for you, as an advisor?

More financial plans. More time with clients. More advice. More forms.

But you only have 24 hours in a day, and 7 days in a week. You can’t actually work all of them. How will you add value as an advisor, without blowing out your energy or blowing up your practice?

You Need Help

Imagine for a moment that when you started your financial planning work, the information that you needed from the client was all there, organized, and ready to go.

The time you needed to create that plan was already in your calendar. All you have to do is…complete the plan.

When you’re done, a second set of eyes combs over it for spelling errors and grammar mistakes.

An appointment to deliver the plan is already set up.

After the meeting, your notes are processed, and all those things you need to do afterwards, from scheduling time to make updates, to coordinating paperwork and connecting with other advisors, to sending the client a thank you card and reminders to complete their tasks…are done.

How do you look? Professional.

And all you had to do was be the best possible advisor for your client. You didn’t have to organize data. You didn’t have to chase anyone for information. You didn’t have to remember the nitpicky details or all those bits and pieces that sew up the process for your client, but doesn’t really require your specific expertise.

It’s like a dream come true.

You know you need help but….

What about….

If you work from home?

You may be what Michael Kitces calls a ‘virtual advisor’ — you might not have physical space to even put administrative professionals.

If you need more help one month than you might in another?

You might be ramping up some months and slowing down in others. It may not make sense to commit to a full-time person (or full-time team) all year round.

If you don’t have the money — right now — to commit to staff?

The costs of running your practice may be growing at the same time that you’re being squeezed on the fee side.

You may be waiting for that exact right moment when your practice is ready to commit.

But — trust us — it’s never the right time to run out of staples, have children, or hire an assistant.

It’s Time to Think Differently

“Notably, as long as the hourly rate is less than what the advisor bills for their own time, even “expensive” virtual staff support can be a great deal for the advisor.” — Michael Kitces

If you had an assistant to:

  • Book meetings
  • Coordinate travel
  • Collect and follow up on client data
  • Send thank you cards
  • Write articles
  • Proofread your work
  • Manage your social media
  • In some cases, enter data into your financial planning software

It would free up hours of your time. Hours when you could be developing business, meeting with other professionals, and adding more clients to your roster. Hours when you could be focusing on providing great advice, rather than great administration. Hours when you can focus on your practice.

You won’t get there until you free up your time — first.

In many financial advisory firms, a group of advisors can share administrative staff, reducing the cost to the individual advisor while raising everyone’s professional capacity.

That’s all a virtual assistant is. It’s the help you need, at the level you need it, right now.

At Admin Slayer, we got our start working with financial advisory practices. We know that you need high-touch, super organized, and confidential assistance — right now. We’re a lot more than a virtual assistant team. We’re experts in your business.


Originally published at www.adminslayer.com.