Small- and medium-sized adviser firms looking for ways to streamline their businesses are employing outsourced administration services.
Reasons to outsource
Reasons why advisers should outsource their administration, Allum says, include:
Paying for administration services as and when you need them, charged on an hourly basis, rather than employing someone full time.
Spending most of your day thinking about clients or running your business, rather than spent on your back-office or other admin tasks that “creep up on you and suck away your time”.
Outsourcing means you’re guaranteed to benefit from the experience of someone who already knows the providers, the platforms, the wraps, the fund managers, the back office systems.
No time or costs spent training staff.
No employer’s liability.
No sickness or maternity leave, holiday pay or employer’s national insurance contributions, and the other responsibilities that come with employing staff.
No recruitment process. Outsource to someone already doing the job and with experience.
Typical tasks
Typical tasks undertaken by an outsourced administration service include:
Drafting and sending letters of authority to providers;
Pursuing providers for required information;
Obtaining plan information from providers and entering it into spreadsheets and back-office systems;
Obtaining new business illustrations;
Submitting online application forms to providers;
Chasing the progress of new application submissions;
Setting clients up on wrap platforms/adviser back-office systems;
Submitting online fund switches;
Inputting adviser fees or commissions to spreadsheets and back-office systems.
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