A survey from Vestwell finds advisors' practices plagued byinefficiencies. (Photo: Shutterstock)
In the quest to grow their businesses, advisors find challengesin new opportunities and in managing scale. But a survey fromretirement platform Vestwell finds that they're overlooking gaps in theway they approach making their practices more efficient.
While advisors outsource a number of noncore functions—nearly 70percent do so for plan administration, and 41 percent outsourcedata and reporting—the report points out that less than 30 percentoutsource fund management, front-to-back 401(k) services,integrations, RFPs, financial planning, or practice management,which it characterizes as "other nondifferentiating aspects oftheir business."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
