As the internet makes the world more and more interconnected, it is increasingly feasible to work with clients anywhere in the country (or even the world). And the phenomenon of working-at-a-distance isn’t unique to the advisor-client relationship. It’s also relevant for advisors who are looking to hire and expand their own team, too – freed by the constraints of geography.
In this week’s #OfficeHours with @MichaelKitces, my Tuesday 1PM EST broadcast via Periscope, we look at the rise of virtual assistants, and how financial advisors can find their own virtual assistant. A growing number of platforms have made it easier than ever to find a virtual assistant… although ironically, the best may still come from the advisor’s own personal network!
In addition, we also look at the typical cost for a virtual assistant – which can range from $15/hour to $30/hour for support on straightforward administrative and operational tasks, to $50/hour or $100/hour or more for specialized support on tasks like preparing a financial plan. Though notably, as long as the hourly rate is less than what the advisor bills for their own time, even “expensive” virtual staff support can be a great deal for the advisor.
For many, though, the appeal of a virtual assistant is not just trying to get a “good deal” on an hourly rate, but simply the flexibility of being able to hire someone for just the hours that are actually needed, while at the same time potentially getting a specialist for the task who will be more competent and require less training than hiring a full-time staff member anyway. Just be certain to buy them a separate license for all your software, so you can turn off their access if you ever terminate the staffing relationship!