Ep 193: Turning Operations Experience Into A Virtual Assistant Outsourcing Solution with Michelle Wong
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 8 September 2020
⏱️ 91 minutes
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Summary
Michelle Wong is the founder of Nifty Advisor Support, a virtual assistant outsourcing solution for independent advisory firms. Using her background in operations, Michelle was able to capitalize on the dual trends of outsourcing and working virtually into an entrepreneurial venture that is making life easier for registered investment advisors across the United States.
Listen in to find out some of the typical tasks that virtual assistants take on, as well as how outsourcing can benefit firms—especially solo advisory firms. You’ll learn the typical cost-benefit of a virtual assistant compared to a full-time staff member, where Michelle sees outsourcing playing out in the advisor world (particularly with the after-effects of the pandemic), and the catalyst for why the virtual assistant world and gig economy have grown exponentially over the last few years.
For show notes and more visit: https://www.kitces.com/193
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from |
| 0:18.9 | leading industry consultants about how to break through to the next |
| 0:22.3 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.0 | Welcome to the 193rd episode of the Financial Advisor Success podcast. My guest on today's podcast |
| 0:35.2 | is Michelle Wong. Michelle is the founder of Nifty advisor support, a virtual assistant outsourcing solution |
| 0:41.3 | serving more than two dozen independent advisory firms across the country. |
| 0:45.3 | What's unique about Michelle, though, is the way that she's been able to capitalize on the |
| 0:48.3 | dual trends of outsourcing and virtual teams by pivoting her own career and operations |
| 0:53.3 | in as a client service administrator |
| 0:54.9 | into an entrepreneurial venture. |
| 0:57.6 | In this episode, we talk in depth about the rise of virtual assistance solutions for financial |
| 1:02.9 | advisors, the kinds of advisory firms that choose to hire virtual assistance to help with everything |
| 1:07.4 | from marketing to client servicing to pair of planning. |
| 1:09.6 | The typical tasks that especially solo advisory firm owners can outsource to make themselves more |
| 1:14.6 | efficient, and how Michelle's firm structures its solution to provide support across all three areas. |
| 1:20.4 | We also talk about the practical mechanics of how it works when taking on a virtual assistant |
| 1:25.4 | as a financial advisor, how the typical cost of a virtual assistant is a higher hourly rate than hiring a full-time staff |
| 1:31.3 | member, but maybe a fraction of the total cost when firms only have to pay for the productive |
| 1:35.5 | hours they actually need. The benefits of using an external firm to avoid the responsibility |
| 1:40.2 | of training staff members on key systems as a busy advisor. how virtual assistants typically work with firms through a combination of task and |
... |
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