Benefits to Outsourcing
- Access to years of expertise – your consulting and management teams gain access to an operational staff with extensive experience in building and running operations.
- More depth in team – we have a large staff and cross train internally so that you never have to deal with employee turnover again.
- Lower costs – we deliver more services at a best practices level and we do it at or below what it costs to provide those same services in-house.
- Convert fixed costs to variable – our fees are based on the number of accounts in the portfolio management software so your operations costs move in direct correlation with the growth of your business. This feature specifically benefited our clients in the market downturn of 2008.
- Alignment of interest – because our fee is aligned with your growth, it’s in our best interest to squeeze every ounce of horsepower we can from software and systems to give you every tool available to help you grow your firm.
- Know what your costs are – when hiring employees, there is a stair step process to the fixed costs associated with the hiring process. You no longer need to delay hiring staff until there is enough work to justify another employee, nor do you need to retain the fixed costs of an employee if revenues decline.
- Delegate IT management – our network is far larger, more robust and provides more functionality than any one advisor can normally afford to put in place.
- Remote access – Our systems allow you to work from home, work from a client’s location or work from a hotel room. All of your applications and data are available to you from any computer that has an internet connection. This centralized books and records format has benefits far beyond compliance and management.
- Flexible services – you can contract with Back Office Connection to perform five or fifty tasks for you. This level of customization eases transition and allows you to re-position existing employees into other areas.
- Process standardization– most advisors have some processes to clean up and improve. We can assist in that by applying process standardization and by helping to effect its implementation.
- Add capacity – outsourcing can add capacity when you really need it; during new client transitions, quarter end and year end processing. We can smooth these high work load time periods through automation and depth of team.
- Reach best practices more quickly – many advisors seek best practices but struggle to find the time to implement them. Outsourcing can give you access to a knowledge base and operational team that you can leverage to reach those goals.
- Access to high level consulting – our team of consultants are here to help you grow your firm. We regularly act as a sounding board for our clients and assist them in implementing their growth initiatives.
- Support for multiple Portfolio Management Systems – regardless of which Portfolio Management System you use today, that system does not need to be a barrier to your firm acquiring or joining another firm. We can run both or help you migrate to a single system over time.
- Remote access for satellite offices – our technology platform is perfectly suited for supporting multiple satellite offices and or providing employees an opportunity to work from home. You get access to all of your data and all of your applications via a web portal.
- Centralized books and records –- our network provides “hosted data” which means that you can access that data from virtually any computer with an internet connection. Our technology platform centralizes your data for both compliance and management purposes; completely removing the need to replicate or copy data to another location and the complications associated with that process.
- Added capacity – transitioning new business is a time consuming process. Outsourcing can provide you with the flex hours you need to manage a new consultant transition or the transition of two joining firms. These events can be difficult and costly to staff.
- Short learning curves – getting new consultants up to speed is paramount to success when acquiring revenue. Well documented process and procedure and easy to learn, easy to use technology is key to that success.
- Avoid common mistakes – our experienced staff can help you get setup and running thus avoiding many of the common mistakes and pitfalls that new advisors commonly make.
- Avoid capital expenditures on technology – by outsourcing to Back Office Connection and using our technology platform, you can avoid the time and expense associated with designing, purchasing and implementing an in-house network.
- Integrate compliance – beyond registration, most new advisors focus on getting their business up and running, and a good compliance program takes a back seat for awhile. Through outsourcing, we can help you implement common compliance procedures in operations and IT from day one and help develop a comprehensive compliance program faster than most startup RIA’s
- Get moving faster – with Back Office Connection, the technology platform already exists; you just need to plug into it. We have a broad based understanding of operations and the experience to setup portfolio management software, get accounts open and assets transferred. All this is at your finger tips. Our depth in team and years of experience will get you moving faster.
- Experience, experience, experience – our experience with multiple advisors, different disciplines and across multiple sectors of the market gives us a broad understanding of how to help advisors address varied issues. You can leverage this knowledge when deciding which portfolio management software to use, which anti-virus is most effective, what scanner or printer to buy or what the pros and cons are in choosing a custodian. We have a unique understanding of these and many other topics that can help you in your decision making process. We can bring this information to the table, helping you avoid starting at square one with each decision.
Contact us today to see how we might help your firm thrive and prosper.
