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.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Marlene Satter

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

More from this author

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.