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How Top Advisory Firms Are Scaling Their Business

This week, we attended and sponsored the InvestmentNews 2022 RIA Summit in Boston. While there, we had the privilege of meeting and learning from best-in-class industry experts within the advisor community. One topic on everyone’s mind: Outsourcing.

How can advisors scale their business to provide the best client experience possible?

Identify outsourcing opportunities

The best way to scale your business, create more opportunities, and provide the best client experience is to outsource. But what does that mean, how do you do it, and what specifically should you be outsourcing?

Source: Unsplash

According to one panelist, procrastination can actually be a great tool to identify which areas you need to outsource. Do you dread doing taxes to the point of waiting until the last second, only making the process that much worse? Do you find yourself putting off updating your clients’ alts spreadsheet?

Next time you catch yourself procrastinating, ask yourself if this is an area you or your business would benefit from outsourcing.

Identify where you offer the most value to clients

As an advisor, offering investments and providing the best returns possible are not a benefit anymore: They are a given. Clients are expecting investments and strong returns upon hiring a financial advisor, no matter what.

So then what sets you and your business apart from other advisors if you’re all offering the same thing? The client experience.

Financial advisor gaining trust with happy client after tracking alternative investments.
Source: Unsplash

The best thing you can do as an advisor is provide a positive, tailored client experience and the only way to achieve this is through making as much time as possible for your clients. Whether you are able to set up in person one-on-one meetings, regular phone calls, email and text communications, or other methods, the best thing you can provide clients is your time.

Using technology to outsource and scale

Nowadays, outsourcing doesn’t have to be daunting or expensive. While in some cases it may make sense to expand your team with a new hire, there are plenty of areas that can be entirely handled – and done well – through various software platforms.  

While most advisors are either not offering alts or completely unsatisfied with their current alts workflow, others are scaling their business with alts without lifting a finger.  

AltExchange's AdvisorVue client dashboard showing alternative investment performance details.
AltExchange’s AdvisorVue client dashboard.

With AltExchange, advisors have the ability to: 

  • Bill on alternative investments. 
  • Offer investments in private equity, direct-owned real estate, hedge funds, and more.
  • Track, manage, and consolidate all clients’ alternatives portfolios in one place.
  • Provide comprehensive performance reporting metrics. 
  • Automatically collect and distribute tax documents. 
  • Send capital call notifications and reminders, and more.   

In addition, all clients gain free access to their own portal, InvestorVue, when their advisor signs up for AltExchange. This allows advisors to increase transparency and gain the trust of their clients so they can track their alternatives’ performance just like they do their stocks. 

If you’re an advisor looking to gain an edge in your business and scale through outsourcing alts, please get in touch today.

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