Want Deeper Client Relationships While Increasing Productivity and Saving Time?

By now, you have probably read any number of industry articles about outsourcing for advisors and advisory firms. In fact, you’ve likely seen your fair share of thought pieces from the team here at Dynamic Advisor Solutions. For those already familiar with Dynamic, you probably are already familiar with what we provide. For those who are not, we are a RIA that exists solely to support the businesses of independent advisors and advisory firms by allowing them to outsource important and very necessary functions for operating an efficient practice that can adapt to the rapid and inevitable changes taking place in our industry.

From time to time, we will even share the successes of our advisors (see Two Years Post Transition, for example). While anecdotal testimony is a great way to illustrate the synergies, productivity, and success that advisors are finding, the results of a study released by Fidelity, late in February, confirm recent results from other custodian’s surveys and the Cerulli Report. It provides  substantive and authoritative evidence that advisors and firms are having a positive experience with outsourcing.

According to the Fidelity survey, 43% of the 383 advisors that participated in the survey confirmed that their firm was outsourcing  “some business functions”. The top three functions that are being outsourced are;

• IT/Technology (48%),
• Investment Management and Portfolio Construction (40%) and
• Legal and Compliance (37%).

For Technology and Compliance, the top reason for outsourcing was a lack of internal experience. For Investment Management, the top reason was to create more value for clients.

The study goes on the report that 84% of those outsourcing indicated they had a successful experience. The top reasons cited for the successful experience were;

• Helped save time (77%),
• Helped increase productivity (66%),
• Helped optimize efficiency (57%) and
• Allowed firm to focus on deepening client relationships (53%).

To learn more about the Fidelity study, you can click the link here to see the press release or one-page summary here.

If you would like to learn more about outsourcing business functions in order to focus on improving your clients’ experience, contact the development team at Dynamic Advisor Solutions for a no obligation, consultation.

About Dynamic Wealth Advisors

Dynamic is recognized as a premier provider of essential resources to professional wealth management practices. Its turnkey practice platform includes asset management and enables wealth advisors to save money and focus on clients while positioning themselves for success and growth. With myVirtualPractice, a suite of wealth management practice solutions, Dynamic hands the professional wealth advisor the keys to a comprehensive, custom-built virtual office and practice complete with staff, back/middle office, accounting/billing, compliance and even a Virtual Assistant. The wealth advisor need only add clients and a laptop, and they are up-and-running instantly. For many breakaways and independent wealth advisors, being part of a nationwide community of like-minded professionals is one of the most valuable components of their affiliation with Dynamic.