Financial planners face an increasingly complex and demanding business landscape. Their daily routines include a whirlwind of tasks – from processing intricate documents to managing client relationships and staying compliant with ever-evolving regulations.
The sheer volume of work can be overwhelming, so it’s only natural to wonder if your regular working hours are sufficient to handle everything. And with over 15,855 licensed financial advisers in Australia, how can your business survive and excel in such a fiercely competitive industry?
The answer lies in a practical and effective solution: hiring reliable Financial Planning Virtual Assistants. Read along as we explore how you can make this happen for your business.
Client Services Overload
The Problem: Client interfacing tasks like appointment scheduling, document management and email communication to superannuation providers, fund managers, administrators and clients can consume a significant portion of an advisor’s day, leaving them less time for more urgent client-focused activities.
The Solution: Virtual Assistants with extensive industry experience are especially adept at client services support. They can take charge of data entry, prefill forms, preparation of due diligence, calendar management, obtaining documents, banking arrangements and email correspondence for your business. Through this added assistance, advisors can reclaim their valuable time for core responsibilities, such as client consultations and financial planning.
Data Management Challenges
The Problem: Maintaining the integrity and accuracy of client data is the heart of any financial advisory business. The only problem is data entry and database management can be prone to errors. You may think it isn’t a big deal, but correcting clerical mistakes, no matter how small can be costly and can take a chunk of your working time.
The Solution: You can count on Financial Planning VAs to manage your client databases while ensuring precision and reducing the risk of data errors. This solution will help you focus on your client’s financial goals without worrying about the mountain of files you have to update.
Compliance Hassles
The Problem: Compliance with regulations is a critical responsibility, regardless of which industry you’re building your business around. As you may already know, the internal compliance metrics in Australia’s financial industry can be intricate and demanding. In addition to meeting educational and licensing prerequisites, it’s crucial to stay updated on the latest disciplinary frameworks instituted by regulatory bodies.
The Solution: If you’re having trouble keeping up with these procedures, Financial Planning VAs can assist you in navigating compliance complexities. They help ensure that your documents and processes align with industry regulations. On top of that, they can maintain well-organised records and facilitate compliance checks to avoid technical lapses that may affect your business operations.
Industry Research and Analysis
The Problem: It’s no secret that advisors rely on market research and data analysis to make well-informed investment decisions for their clients. However, consistently gathering and analysing this data often overlaps with other crucial business activities.
The Solution: Find Virtual Assistants with strong research and analytical skills. These professionals have enough industry knowledge to conduct market research, analyse data, and monitor changing trends. Advisors can make informed investment decisions quicker and more efficiently if these valuable insights and information are readily available to review or consult.
Client Retention and Management
The Problem: Effective management of client relationships requires meticulous record-keeping, follow-ups, and personalised service. Unfortunately, not all financial advisors have the time to deal with this, causing them to lose clients unintentionally.
The Solution: More often than not, Virtual Assistants with industry experience are proficient in using CRMs to manage client interactions, tasks, and follow-ups. With their expertise, they can help advisors maintain accurate client records to provide personalised service efficiently.
How Can Virtual Office Angels Help Your Financial Planning Business?
Virtual Office Angels Pty Ltd. takes pride in supporting financial planners in reaching new heights in their careers and businesses. With our skilled VAs, we make sure that you can seize opportunities and thrive in a competitive industry.
If you decide to work with us, we assure you that our Virtual Assistants are ready to contribute to your business from Day 1. Here are the skills you expect from them:
- Technical knowledge in Australia’s Financial & Investment industries
- Professional experience in drafting SoAs and following technical strategies
- Hands-on experience in utilising XPLAN and XPLAN tools, Midwinter, AdviserLogic, etc
- Capable of handling day-to-day administrative tasks
- Highly well-versed with compliance requirements
Final Thoughts
With the support of a top-notch virtual assistant, financial planners can reclaim their most valuable resource: time. Instead of getting overwhelmed with paperwork, your newfound time can be dedicated to finding new clients, expediting applications, and staying ahead in a rapidly evolving industry.
Trusting Virtual Office Angels Pty Ltd. is not just an investment; it’s a strategic decision that can lead to greater heights in a financial planner’s career.
If you’re ready to reap the benefits of having a highly skilled virtual assistant tailor-made for your business needs, contact Virtual Office Angels Pty Ltd. at 1300 737 883 or send an email to clientcare@virtualofficeangels.com.au.