It’s that time of year again when we look to the fresh start that the New Year brings. And while 2021 was vastly better than 2020, I am sure we are all looking forward to an even better 2022.
As the year winds down and you take stock of your accomplishments and those items that remain unfinished, do you have a sense that you could have done things better if only you had the time? Time is a commodity that we all wish we had more of. For Financial Advisors, there is a solution for reclaiming more time for yourself – outsourcing.
A recent study1 from a survey of more than 700 advisors undertook to understand the benefits of outsourcing, specifically of outsourcing investment management. And the results only confirm what we have long known – outsourcing can help advisors “gain time and capacity for other activities.” Advisors in the survey “noted a time benefit of more than 8 hours per week when nearly all investment management tasks were outsourced.”
That is an impressive statistic – an entire business day that could be added back into your life. So much could be done with that extra time. Without the burden of managing portfolios, the newly found hours could be spent on new business development, working more closely with current relationships, or spending more time on personal interests.
Outsourcing is not for everyone and if you chose to go down that road, it will take you some time to find the right outsourcing option for you and your clients. But the benefits are real for both advisors and clients. Advisors in the study1 reported greater oversight of portfolios (84%), access to a greater range of investment products (60%) and access to new categories of products (42%) with outsourcing. 95% of the advisors surveyed said they were at least somewhat likely to recommend outsourcing to other advisors.
There are more options today for outsourcing than ever before so undoubtedly the right solution exists for you. The Strategic Partnership offered by Congress Wealth Advisor Solutions (“CWAS”) is one such option. We firmly believe in the independent model. The advisors we work with maintain complete control of their firm while reaping the benefits of working with a larger firm. CWAS offers a multi-strategy investment platform with strategies that offer an increasing range of risk management.
As we move closer to the new year and you are contemplating resolutions, put finding more time on that list. Consider outsourcing. And next year at this time, as you reflect on all you accomplished and how you spent your time, I’m sure you will find it was time well spent.
Cheers to a happy, healthy 2022!
1The Power of Outsourcing Investment Management: Uncovering How Investment Management Outsourcing Enhances Financial Advisors’ Businesses, AssetMark 2020
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