What is an Advisor Back Office?

Independent financial advisors and Registered Investment Advisors  have deep concerns for their clients’ interests. They also tend to be good problem solvers. But, many times they end up performing a variety of tasks that may not be the most productive use of their time.

For instance,  administrative and operational functions.  Their belief is they need to do it all to provide the best service and advice for their clients. But, often they become overloaded working with custodians, technology, investment administration, compliance, etc.

Advisors in this situation spend much of their time just working to keep things going. Often times this can stand in the way of better service to clients and gathering new clients.  Many advisors use an Advisor Back Office to solve this problem.

What are the Benefits of an Advisor Back Office?

Well, think about Led Zeppelin, one of the most successful rock bands in history. Was their success because the musicians set the stage and scheduled their own tours?

This metaphor emphasizes the importance of applying  your time to what you do best. With back office support, you are not burdened with non-revenue producing obligations. Most times, these obligations stand in the way of your clients and success.  With an Advisor Back Office you have the potential for increased productivity. Your clients will be more satisfied and you will enjoy increased practice satisfaction.

The highlights of Advisor Back Office services:

  • Managing the set up and administration of custodians.
  • Administering account opening, transfers, money movement, cost basis and other account related tasks.
  • Managing books & records retention, and regulatory updates/filings.
  • Cyber Security, policies and procedures updates and testing.
  • Client communication and administration of  client portals.
  • Investment administration, including cash for fees, rebalancing, and monitoring for distributions and contributions.
  • Managing technology vendor relationships, due diligence and a an integrated technology platform.
  • Technology knowledge resources and related training.
  • Practice management coaching and productivity resources.
  • Client billing.
  • Account aggregation for consolidated reporting, monitoring, management and billing.
  • Client reporting.

Think about the hours and days  you could save by having a full operational support team.  Imagine the benefits of focusing on better client service and practice productivity.

There is a better way!

You want the best for your clients, but there are not enough hours to stay on top of all the responsibilities. Dynamic offers a better way. We handle the details,  so you can focus on your clients and enjoy your practice again.


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