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How to Hire a Virtual Assistant for Financial Advisors
Home » Virtual Assistant for Financial Advisors – What, Why, and How

Virtual Assistant for Financial Advisors – What, Why, and How

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There can be two explanations for why you are looking to hire a virtual assistant for financial advisors. Either you have a pain point, such as some tasks that you don’t enjoy, or you are just thinking ahead. These pain point might include tasks like bookkeeping, managing social media and blog posts, etc.

Since most financial advisors tend to include many services under their umbrella, it increases the workload for them. This makes hiring a virtual assistant a necessity for financial advisors and planners.

Hiring a virtual assistant for financial advisors is a win-win situation as it comes with  benefits. A virtual assistant is quite necessary for financial advisory services as it helps them save time from unimportant tasks and dedicate themselves to more crucial client-building activities.

It is without question that it will allow financial planning and advisory firms to offer a rich quality service.

In this blog, we will discuss the benefits and consequences of hiring a virtual assistant for financial advisors. We will discuss what a virtual assistant for financial planners and advisors is, what they do, and how to hire them for your firm. So, let’s get started.

What is a Virtual Assistant for Financial Advisors?

Financial advisors often need an extra hand to work independently and handle all the client work single-handedly. However, not everyone is ready to hire an employee and take the additional costs of maintaining them. Therefore, independent financial advisors prefer to hire a virtual assistant (VA).

Many financial advisory firms also choose to delegate simple and repetitive accounting tasks to virtual assistants instead of hiring an in-house employee. This allows them to save on business expenses and serve clients better.

Let us take a look at what a virtual assistant for financial advisors does.

What does a Virtual Assistant for Financial Advisors Do?

Depending on the requirement, your virtual assistant can perform diverse tasks for you. Once you hire a skilled virtual assistant, you can delegate simple tasks to them and ease your burden.

The virtual assistant can help you with administrative tasks or with planning prep work, such as:

  • Scheduling internal meetings
  • Uploading and downloading data from a database
  • Transcription of YouTube videos or client meetings
  • Basic Photoshop or Canva work
  • Social media management
  • Posting schedules
  • Responding to comments
  • Email
  • Appointment setting and cold calls
  • Appointment follow-ups
  • Day-to-day bookkeeping
  • Preparing the essential financial reports and summaries

Moreover, many virtual assistants are specialized for financial advisors. Here are some examples of virtual assistant services for financial advisors listed below.

  • Jessica Riner’s Consider It Done

● Donnie Carpenter’s Back Office Solutions

  • Sherry Carnahan’s Total Office
  • Jan DeProspero’s Virtual Office Solutions

Inspecting Crucial Aspects of Delegating to a Virtual Assistant (VA)

In this section, we will explore aspects like the cost of hiring a virtual assistant, compliance concerns, and how to maintain quality standards and time for virtual assistants.

1. Cost

An important question is, how much do you pay for a virtual assistant? Well, the exact cost depends on the service provider, quality, location, etc. The cost of hiring a virtual assistant is calculated hourly and can be somewhere around 15 to 30 USD per hour.

The cost goes up with the professional experience and skill set of the virtual assistant. More skilled and specialized VAs cost around 40 to 50 US dollars per hour.

Regarding business expenses and overall costs, the virtual assistant doesn’t require employee benefits or regular salary. This allows financial advisors to outsource assistance at an affordable rate.

2. Compliance

Another question is, should you be worried about compliance when delegating to a virtual assistant?

You might need to share the client’s crucial information with the virtual assistant. Therefore, you need a privacy agreement with the virtual assistant to maintain the privacy of the client’s information.

Moreover, it is advised that you use cloud-based CRM to share the information with the virtual assistant. The assistants should only be allowed a controlled login that can be monitored and audited.

It allows you to oversee what’s being done in clients’ records. You should take great care in choosing the right software and ensure you have control over the software itself.

3. Quality Standards

Quality standards are another concern you can’t shrug off when hiring a virtual assistant for financial advisors.

However, quality is easy to judge but difficult to maintain. You can judge the quality by inspecting the work that comes back to you, the end result.

To ensure rich quality, you should hire a skilled financial advisor. This can only be done with an extensive interview and a vast network. We will discuss more about this in the section on how to hire a virtual assistant for financial advisors.

4. Hours

The cost of the virtual assistant depends on the agreed hourly rate and the hours they put in. Therefore, it is important to establish a standard to calculate working hours when you start working with a virtual assistant.

However, unlike the amount of work, you can’t exactly control the work they put in these hours. It might sound like a better alternative to pay on the basis of the project, but that doesn’t always work.

For example, when you work on a project basis, sometimes you might be unable to include many minor tasks you’d need your virtual assistant to complete.

Moreover, most of the VAs work on an hourly basis. What matters here is trust. You will need to closely monitor the work you assign to the virtual assistant in the beginning. Once you can trust them, you can loosen the reign and give them more autonomy.

Should You Hire a Virtual Assistant for Financial Advisory?

Do you need assistance in your financial planning and advisory services? You know the answer to that better than anyone.

If you have to struggle with unimportant or minor tasks that you think can be left to someone with negligible knowledge of finance, you’ll feel the need to hire a virtual assistant for financial planning.

Another question is, what are good reasons to hire a virtual assistant? Firstly, the virtual assistants free up your time from small tasks and free your mind to focus on core activities.

It also costs less than employing an in-house assistant. You don’t have to train employees or pay for their benefits. Moreover, you don’t need no infrastructure or equipment costs as most of the virtual assistants are already prepared with their equipment.

This saves independent financial advisors and financial advisory and planning firms from huge expenses. In addition, with a free mind, you can focus on more crucial activities and build healthy client relationships to grow your business.

Steps to Hire a Virtual Assistant for Financial Advisors Flawlessly

It can be tricky to start delegating a fraction of your tasks to a virtual assistant. A lot goes into it, such as finding the right assistant and ensuring you can trust them, hiring and onboarding them, and ensuring smooth communication and workflow. This section will walk you through finding, hiring, and onboarding your virtual assistant.

1. Budgeting

Before hiring a virtual assistant or looking for one, you should conduct research on your business. The goal should be to understand and identify the requirements.

Also, plan out a budget to estimate and define how much you wish to spend on the virtual assistant. Once you have got everything ready, start browsing and looking for virtual assistant services in your country and abroad.

2. Outsourcing to offshore firms

Time zones matter; however, many virtual assistant services located in India and the Middle East operate in US time zones. Thus, the time and calendar might not be the biggest problem.

Outsourcing to offshore firms comes with reduced cost, especially if outsourced to cheap labor countries like India and the Philippines.

However, you must find a virtual assistant that can comprehend your business objectives and your local market.

3. Interviewing and Hiring

Once you find a potential virtual assistant, ensure they can undertake all the responsibilities. For that, you will first need to prepare a list of responsibilities you want your virtual assistant to undertake.

Moreover, to accurately review the VA prospects’ skillset, knowledge, and expertise, you will need to conduct a multi-round interview.

4. Onboarding

Once you have found the right candidate, you would need to onboard them and brief them about your business, its products and services, the client base, etc.

You will introduce them to the software you wish to use for communicating and sharing the data or login credentials if required.

Bottom Line

It is not very difficult to hire a virtual assistant for financial advisors if you approach the whole thing in a professional manner.

The above blog will guide you when you start delegating your tasks to a remote assistant. If you feel stuck at any point, you are welcome to contact us anytime.

An expert can help you find and start working with a virtual accountant. Connect with our experienced accountants and advisors at +(800) 580-5375, and take your free consultation today.

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