business man with flyswatter A survey from Vestwell finds advisors’ practices plagued by inefficiencies. (Photo: Shutterstock)

In the quest to grow their businesses, advisors find challenges in new opportunities and in managing scale. But a survey from retirement platform Vestwell finds that they’re overlooking gaps in the way they approach making their practices more efficient.

While advisors outsource a number of noncore functions—nearly 70 percent do so for plan administration, and 41 percent outsource data and reporting—the report points out that less than 30 percent outsource fund management, front-to-back 401(k) services, integrations, RFPs, financial planning, or practice management, which it characterizes as “other nondifferentiating aspects of their business.”

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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