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Financial Advisor IQ

Dynamic Advisor Solutions Offers Concierge Service to FAs

August 17, 2021

By Sam Del Rowe

Dynamic Advisor Solutions has launched a service that provides advisors with an assistant to perform administrative tasks.

Using virtual assistants “has become a pretty common thing” among advisors, but those who work with Dynamic weren’t getting a “high-level experience,” according to Dynamic founder and chief executive officer Jim Cannon.

Concierge provides advisors with a Dynamic team member who is “dedicated to their practice” and with whom “they communicate regularly,” according to Cannon.

Advisors can avail themselves of Concierge on a 10-hour or 30-hour per month basis, according to Cannon, who didn’t disclose the fees involved.

“Most advisors use less than 10 hours of an assistant’s time and yet they’re trying to hire somebody full time to come into their practice. This gives them the ability to really be efficient,” Cannon said. “[I]f they’re looking for more of a full-time situation, we offer them this 30-hour option.”

The Dynamic assistant can gather information from clients to set up an account at a custodian, arrange meetings with clients and reach out to prospects. The assistant can also handle client data — such as inputting information into a customer relationship management system — and client reporting.

These are “the things that end up being distractions for a lot of advisors because they want to spend their time in front of clients, in client meetings and doing planning,” Cannon said.

The Concierge team members have relevant backgrounds working at custodians and registered investment advisory firms, according to Cannon. They also either worked directly with clients or in positions where they had visibility to clients such as handling meetings, events and administrative tasks.

As part of their jobs at the Concierge service, they work with the multiple custodians that Dynamic supports, namely Charles SchwabTD AmeritradeFidelity and Raymond James, Cannon says.

Nine advisors currently use Concierge, including Agoura Hills, California-based registered investment advisor firm Crestview Capital Management, which was an early Concierge user, according to Dynamic. At least five other companies are exploring the service, according to Cannon.

Dynamic provides front-, middle- and back-office support; a Wealth360 platform that includes features such as account aggregation and a digital onboarding application; compliance capabilities such as maintenance of client contracts and form ADV updates; and portfolio services such as investment due diligence and research assistance, according to its website.

Investment advisory services are offered through Dynamic Advisor Solutions, LLC, dba Dynamic Wealth Advisors, an SEC registered investment advisor.