Will you outsource more back-office work this year?
- No (53%)
- Yes (27%)
- Not sure (20%)
Loading ...With ever-more complex regulations and stronger enforcement of rules, the option to hand some of the routine admin to a growing number of third-party specialist firms can be tempting for financial advisers.
The upside of using these services is advisers can free up time to spend with their clients, undertake marketing activities and review new products – knowing all the back-office documentation, compliance, audits, and reminders are being processed.
The downside is that there is a financial cost for this freedom. While plenty of advisers see the benefit, others prefer to spend their time handling the admin themselves.
However, the growth of third-party firms offering to reduce the stress faced by the adviser community shows the demand is there.