Best Practices and Steps to Achieve Success in Financial Adviser Support Services
Every financial adviser knows that time is a precious commodity. Bringing in additional support services can help you to maximize your time and resources and provide your clients with the best possible service. But where do you begin?
In this blog, we'll outline the key steps you need to take to integrate financial adviser support services into your business seamlessly, so you can focus on growing your business and achieving long-term success.
Identify your needs
Before you can begin finding the right financial adviser support service for your business, you'll first need to know what kind of service you need. The first step to success is to identify the specific support that would benefit your business and your clients. For example, you may be excellent at marketing but need help with compliance-related technical areas of financial advice.
Research your options
Researching the different types of financial adviser support available can give you a good idea of what kind of company you'd like to outsource to and the exact nature of the support you need. For example, you could conduct online research to determine whether you need an administrator or a paraplanner. Asking for recommendations or the opinions of any other staff within your business can also be invaluable for making the right choice.
Consider your budget
What budget do you have to bring in support to your business? While general administration services may be less costly, you pay more for experience and skill - for example, if you need an experienced paraplanner, you can expect to make more of an investment than a standard administrator. Deciding what you can afford can help determine whether hiring or outsourcing is the best option for you and your business needs.
Explore different candidates
Whether you choose to hire or outsource, you'll want to put your support to the test to ensure they can deliver what you need. Requesting a trial period is one method to understand if that person fits your business needs. Experienced support professionals may have recommendations or even testimonials you can use to decide whether they are a strong fit for your particular goals.
Set expectations for communication
Communication is key to building successful relationships with your financial adviser support services, which in turn helps your business to run more efficiently. Writing down your clear expectations for communication, from regular check-ins to raising concerns, helps your business to run smoothly and provides your clients with the best possible service.
Develop your workflow
A workflow gives clear instructions on how your business processes run, from your first meeting with your client to your final delivery of financial plans and advice. Establishing a timeline that your support service can follow makes it easy to see areas for improvement while providing valuable information to help them to achieve specific goals and outcomes.
Hire a professional team
Deciding what you need is an effective way to get the financial advice support service you want. As experienced professionals, our team at facilit8 can provide the outsourced services you need to achieve success. Get in touch today to learn more.