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The financial advisory market in Australia is rapidly expanding and is projected to reach $1.99 trillion by 2024. With this growth comes increased competition and rising demand for personalised financial strategies.

Managing clients, documents, and compliance tasks can become overwhelming for a financial planner. This is where a financial planning virtual assistant can provide invaluable support.

Delegating administrative tasks to a virtual assistant not only helps to streamline operations but also allows you to focus on what you do best: providing expert financial advice to your clients. This delegation can significantly improve your productivity and the quality of service you provide.

Virtual assistants, such as those provided by Virtual Office Angels, are experts in financial services administration and can handle a wide range of tasks that would otherwise take up much of your time.

5 Administrative Tasks That Financial Planning Virtual Assistants Can Handle For You

1. Client Onboarding and Communication

One of the most time-consuming tasks in financial planning is onboarding new clients. A financial planning virtual assistant can assist you in all the steps in this process, from collecting required documentation to setting up client profiles in existing systems.

They can also manage client communications, ensuring all necessary information is gathered and clients are kept informed throughout the process.

By delegating client onboarding, you ensure that new clients receive a seamless and professional experience while freeing yourself to focus on developing customised financial strategies.

2. CRM Management and Data Entry

Managing a customer relationship management (CRM) system is crucial for maintaining accurate records of client interactions, investments, and compliance requirements. However, keeping these systems updated can be tedious and detract from more strategic planning work. A financial planning virtual assistant can manage data entry, client updates, and the overall organization of your CRM system.

Whether it is XPlan, AdviserLogic, or WealthSolver, a virtual assistant can ensure that your client data is meticulously managed. This allows you to concentrate on planning and client engagement without being distracted by administrative work.

3. Compliance and Documentation

Compliance is a cornerstone of the financial advisory industry. Drafting Statements of Advice (SOAs), completing compliance checklists, and preparing regulatory documentation are essential but time-consuming tasks.

A financial planning virtual assistant can assist with the creation, organisation, and tracking of these documents, ensuring that everything is compliant with industry standards.

By delegating these tasks, you can reduce the risk of errors and ensure you stay on top of ever-changing regulations, leaving you more time to focus on client-facing responsibilities.

4. Scheduling and Meeting Coordination

Your calendar can quickly become crowded with client meetings, internal discussions, and external events. Managing all these appointments can be a logistical challenge, especially when balancing multiple clients and projects.

A virtual assistant can manage your schedule, coordinate meetings, and send reminders. They can even prepare materials for each meeting, such as financial reports and presentations.

This allows you to focus on providing insights and advice during meetings without spending time organising or preparing for them.

5. Report Preparation

Financial planners must stay informed about the latest market trends, investment opportunities, and regulatory changes. However, preparing reports can take valuable time away from client interactions. A virtual assistant can take on this responsibility, gathering the necessary data, and preparing detailed reports.

With a virtual assistant managing your report preparation, you will always have the insights you need to provide timely advice to your clients without sacrificing quality or attention to detail.

The Growing Need for Virtual Assistance in Financial Planning

Australia’s financial advisory market is expected to grow, with an annual growth rate of 0.87 percent projected between 2024 and 2028, reaching US$2.06tn in assets under management. As the market expands, so will the demands on financial planners, making the role of a financial planning virtual assistant even more crucial.

Financial planners must find ways to manage their time and resources more effectively with the increasing need for personalized investment strategies and compliance management.

Virtual Office Angels provides virtual assistants specifically experienced in handling financial planning tasks, ensuring they are equipped to handle the industry’s unique needs.

By delegating administrative tasks to a virtual assistant, you can improve the efficiency of your operations and enhance the quality of service you offer to your clients. A virtual assistant provides long-term support that helps your business grow and thrive, especially in a competitive financial market.

Conclusion

The rise of Australia’s financial advisory market has placed increasing demands on financial planners. As the industry continues to grow, so will the need for more efficient ways to manage administrative tasks.

A financial planning virtual assistant offers a solution for delegating essential admin work, from client onboarding to compliance documentation, allowing you to focus on more strategic initiatives.

At Virtual Office Angels, our virtual assistants are ready to meet the specific needs of financial planners, offering professional and reliable support that contributes to your long-term success.

Ready to take your business to the next level? Contact us today and experience the difference a financial planning virtual assistant can make for your company.

A day in a life of a financial planner is hectic. Not only does one require the knowledge, professional competency in wearing many hats and beyond is also one of them. While you are on your way to success, getting there means ensuring that every nitty gritty of tasks on hand are covered not to mention having time for yourself, too.

This is where you need a reliable and a highly skilled virtual financial support assistant.

Let’s drill into the details and let us explore the why’s and how’s of getting on board a virtual financial planning support.

Why Hire a Virtual Assistant for Financial Planning Support?

You may want to believe that you can carry on with all your tasks and still grow on your own. However, it is impossible to earn double or triple without passing any tasks to someone else. Automation can’t solve everything yet and even so, it would still require human verification. Part of expansion is to find a virtual office assistant that you can rely on to and help you with administrative and other repetitive tasks so you can focus on what is more important.

Here are some of the many tasks you can delegate to a financial planning support assistant:

Organise meetings and appointments
Prepare client meeting pack that will include FSG, Adviser Profile, Fact Find, Risk Profile and Third-Party Authority
Ensure all important data is in the financial planning software like XPLan or Midwinter, to name name a few
Perform Fact Find wizard and risk profiling
Ensure all critical data is in financial planning software and CRM.
Double-check if data is incomplete and coordinate with product providers, clients, etc.
Lodge signed Third Party Authority to product providers
Assist in the preparation of Due Diligence reports
Input data to Wealthsolver, Xtools (CALM) and Risk Researcher
Monitor review dates for insurance
Send reminder letters and review letters to clients
Coordinate with insurers
Obtain Risk Quotes from Product Providers (i.e., policy types, benefit amount, etc.)
Pre-fill application forms and member data forms in preparation for the client’s signature before submission to government agencies or providers
Do research based on Client/s existing data risk, Superannuation, banking arrangements, etc.
Liaise and follow up information with fund managers, administrators and life companies regarding documentation, etc.

Update financial planning software and CRM for any changes in client’s circumstances
Update and communicate with clients regarding supporting documents required in preparing their SOA
Assist in the preparation of SOA

A virtual office assistant is widely preferred by Australians due to cost efficiency. With a virtual financial planning support assistant, you don’t need to spend an extra overhead for someone you’d be requiring to show up in the office every day. Output will basically be the same as they are focused with their tasks on hand rather than spending their time chatting with their officemates.

On top of that, as we all need a break, work does not need to take a pause while you’re spending some time bonding with your family. Take a holiday with peace of mind while your work runs on its own. Taking a break is one of the most overlooked essentials but our bodies and minds need it. Stepping out and re-energizing can give you better perspective when it comes to handling your work, and a well-trained virtual office assistant can definitely take care of the mundane tasks you left so you can put your mind at ease.

How Do You Hire a Reliable Virtual Office Assistant for Your Financial Planning

Not all virtual assistants are created equal. Since the pandemic started, the outsourcing industry has experienced big growth. As a financial planner who has built a reputation in the industry, you need an office assistant who cares about your business.

Sure, it can be tempting to hire a low-cost assistant. However, it is not guaranteed that they’ll be careful, for instance, with data security.

There is always a considerable risk with adding a new member to your team without knowing their experience and capabilities. You’ll need a virtual office assistant who would stay in the long haul because hiring new staff for the same role costs you both time and money.

If you want to know if you are on the right path in hiring virtual financial support, here’s a quick checklist for you:

A Virtual Office Assistant Who Shows Up

Imagine hiring a staff who would only show up for a few days and then disappear after briefing them with all the necessary information. Or after a few weeks of work? Unfortunately, this happens a lot. Applicants would jump in and out from one employer to another for different reasons, and that’s the last thing your busy schedule would need.

It can be tricky to find an experienced online assistant who knows what to expect in working online and serving Australian financial planners. The best solution is hiring a company that offers online support services that specialise in financial planning.

That’s where Virtual Office Angels comes in. Our team is made up of highly-skilled and well-trained professionals whom you can rely on. We’ll do the screening for you to ensure that you get best virtual office assistant.

A Virtual Office Assistant Who Matches Your Requirements

While it is vital to find an online assistant who have the skills, experience and personality that may suit your requirements, an exact match based on what you need is what sets Virtual Office Angels apart from other service companies.

As we’ve been in the business for over 12 years now, we know what most Financial Planners need and at the onset, we shall already evaluate if the candidate is a match and would suit your requirement to a T.

A Virtual Office Assistant that Comes with a Supporting Team

And because we’d like to ensure that your virtual office assistants do what they say they’ll do, our Virtual Office Angels’ team leaders ensure that you reach your goal because your online assistant shows up on time and works effectively and efficiently on their tasks– whether you’re online or offline. A monthly check-up where the supporting team gathers feedback to see which area our virtual office assistants can improve on is also one way to keep the line of communication smooth.

Ready to work with us? Contact Virtual Office Angels for a free quote: 1300 737 883.

Tag: Financial Planning

5 Admin Tasks You Can Delegate To A Financial Planning Virtual Assistant