Is Your Business Carrying Extra Weight?
Running a financial advisory practice can sometimes feel like managing a body carrying too much excess weight. Just as carrying extra weight affects physical health, operational inefficiencies impact a company’s overall health.
Tasks that no longer add value, processes that haven’t evolved with technological advancements, and redundant workflow steps are all symptoms of a “morbidly obese business.” Many advisors unknowingly carry this excess weight, resulting in “morbid obesity” in their business operations. These inefficiencies can lead to missed opportunities, decreased client satisfaction, and a weakened competitive edge, which can significantly hinder growth, reduce profitability, and strain resources.
Are you feeling sluggish and overburdened? If you haven’t already, it is the perfect time for a mid-year check-in to identify where you can shed excess weight and streamline your operations.
A morbidly obese business often wastes valuable time and resources that advisors can instead utilize for activities driving growth and innovation. The good news is that, like any health journey, businesses can shed this excess weight through strategic streamlining and modernization efforts.
By identifying and eliminating unnecessary tasks, updating outdated processes, and automating and optimizing operations by leveraging technology, businesses can become leaner, more agile, and better positioned for success. The journey towards a leaner, more efficient business starts with a thorough assessment of current practices and a commitment to continuous improvement.
Are you ready to shed the excess weight and transform your business into a lean, efficient powerhouse?
Let’s explore how we can help you streamline your operations, reduce inefficiencies, and achieve sustainable growth.
7 Key Business Activities Advisors Can Outsource Today to Shed Inefficiencies
1. Performance Reporting: Consider outsourcing performance reporting to create more time for client interactions and strategic planning. Depending on your needs, you can choose to send reports quarterly, annually, or electronically. Customized reports that integrate your investment philosophy can enhance client discussions and demonstrate your comprehensive approach to asset management.
2. Billing: Outsource billing to manage quarterly calculations, statement generation, client deductions, and payments. Providers offer customizable options, allowing you to review preliminary reports and deliver final statements to clients, reducing administrative burdens and improving accuracy.
3. Uploads/Downloads/Reconciliation: Free up your time by outsourcing these basic but time-consuming tasks. Most service providers efficiently handle data uploads, downloads, and account reconciliation, helping to ensure your records are always up-to-date.
4. Trading/Rebalancing: Choose a platform to trade or rebalance portfolios yourself or outsource to managers who handle these tasks at your instruction. Outsourcing trade execution can relieve trading liability and allow you to focus on client relationships and strategic decisions.
5. Investment Management: Outsource investment management entirely or partially. External managers can handle client accounts, or you can find providers who build around existing assets. For those who prefer to retain control over investment research but need operational support, options are available to manage model portfolios and maintain accounts.
6. Compliance Support: Navigating RIA compliance can be complex. Outsourcing compliance responsibilities to specialized firms can help you form your RIA and manage ongoing compliance tasks. These providers can assist with documentation and audits, helping to ensure you comply with industry regulations.
7. Technology: Outsource technology needs to access CRM systems, portfolio management software, document management, client portals, and more. Comprehensive suites or virtual office solutions can integrate these tools, providing a seamless technology experience that supports your practice’s efficiency.
Our unique service offering combines both service and consulting, giving us the ability to help you to bring on new clients, while successfully engaging your existing ones. While many advisors choose to engage with our firm for outsourcing back-office activities, what sets us apart from our competition is that we can offer what other back-office providers do not: a true partnership. Alongside the foundation of our well-established back office outsourcing services, we proudly offer all of our advisors a comprehensive and unique Practice Development Program.
We can assist you with building, marketing, and growing your business and brand—at your own pace. Whether you’re ready to add 5—or 50—client relationships this year, we’re here to help. Unlike many other programs available to advisors, our practice development services are included in your partnership with FocusPoint.
Outsourcing allows you to eliminate redundant tasks, improve operational efficiency, and ultimately provide better service to your clients. Finish 2024 on the right foot by considering these outsourcing options to streamline your operations and shed the excess weight holding your business back.
By shedding the excess weight of inefficiencies through outsourcing with FocusPoint Solutions, you can focus on what you do best – advising your clients and growing your practice.