The Australian financial advisory landscape is undergoing a significant transformation. With the number of financial advisers rapidly declining, the industry and its customers face a unique set of challenges. To combat these issues, hiring highly experienced virtual assistants serves as a cost-effective and strategic solution.
In this post, we’ll discuss how these remote professionals can tackle the burdens that currently weigh heavily on your business and address the root causes of the industry’s challenges.
Addressing the Decline in Financial Advisers
In the past five years, the financial adviser community has dwindled alarmingly, with projections suggesting numbers could fall below 15,000. Large businesses, in particular, feel the brunt of a constant stream of exits. This decline is a symptom of deeper issues that the support of remote Financial Planning Assistants could assist in mitigating.
By handling routine tasks and client servicing, these remote professionals can free up your time and schedule to help you focus on more complex and revenue-generating activities. It can also save your business from many operational challenges.
How Can Virtual Assistants Support Your Financial Planning Business?
Easing the Compliance Burden
Virtual assistants like the ones from Virtual Office Angels are equipped with the knowledge and skills of the (needed) regulatory requirements relevant to the financial industry. With hands-on working background, handling compliance-related paperwork and staying keen on market changes will definitely assist.
By offloading this burden, financial advisers can realign their focus on client-centric services and strategic activities that cannot be automated or outsourced.
Navigating Regulatory Changes
Highly specialised Virtual Assistants from Virtual Office Angels can assist in monitoring regulatory changes in ensuring that the company remains compliant. By doing so, they act as a buffer to the uncertainties and complexities of changing financial regulations, providing summaries and action points to support very busy Financial Advisers.
Technology Adoption Made Easier
With Virtual Assistants, the challenge of adopting new technologies becomes less daunting. They can manage data entry, schedule appointments, and handle other technology-related tasks, allowing the adviser to leverage new software for improved client service without the steep learning curve.
Reducing Additional Costs
As the cost of providing financial advice escalates, using VAs presents an opportunity to curtail expenses. By handling time consuming day to day admin and processing tasks, such as scheduling and document preparation, VAs enable a reduction in the hours advisers need to spend on non-billable activities, thereby decreasing the overall cost per client.
6 Reasons Why You Should Work With Virtual Office Angels
1. Specialised Skill Set
Virtual Office Angels stands out in the market by offering virtual assistants (VAs) who bring a specialised skill set directly aligned with the needs of financial planning. These VAs are adept in supporting and navigating the complex admin and processing requirements of Australian financial administration.
They can manage the intricacies of financial planning, ensuring that they understand the industry’s nuances, from market trends to regulatory compliance.
2. Immediate Integration
Our VAs are not trainees but highly skilled professionals who can immediately adapt to a financial planner’s existing workflow without requiring extensive and time-consuming training. They are appointed for their hands-on work experiences and familiarity with the Australian Financial industry, making the transition into a new working environment smooth and efficient.
3. Enhanced Efficiency
By taking over routine yet crucial tasks like appointment scheduling and data entry management across various CRMs such as XPlan, Midwinter, and AdviserLogic, these VAs enable Australian financial planners to dedicate more time to core activities like face to face client acquisition, retention, and competitive strategy.
4. Complex Task Handling
Highly specialised VAs from Virtual Office Angels are equipped to handle complex tasks, including the data entry and generation of reports of Statements of Advice (SOAs), which is a vital part of financial planning services. B
By entrusting this task to capable VAs, financial planners can then review and ensure that the SOAs are of high quality while freeing themselves to focus on advisory and decision-making roles that demand their expertise.
5. Strategic Contribution
The role of a VA from Virtual Office Angels transcends basic task execution. These professionals are proactive and capable of recognising and establishing long-term business strategies that lay the foundation for sustainable operations and future growth.
6. Experience and Understanding
With an industry experience spanning over a decade, the company offers a deep understanding of the need to balance operational maintenance and the pursuit of innovation for future success.
Final Thoughts
The challenges facing the financial advisory industry are not as unsolvable as you think. With the strategic engagement of Virtual Office Angels Pty Ltd.’s virtual assistants, Australian Financial Planners can navigate the complexities of today’s market.
These Financial Planning VAs are more than a support system; they are a crucial investment in the present and future success of financial planning enterprises.
For those ready to embrace this transformative support, contact Virtual Office Angels Pty Ltd. at 1300 737 883. Your goals are within reach; let’s start achieving them together.