Running a successful financial advisory business takes time, dedication, and expertise. If you're looking to streamline your services and meet compliance requirements effortlessly, adding professional IFA support services to your business is the way to go. But as with any new venture, it's important to understand the potential challenges and solutions that come with outsourcing for the first time.

In this blog, we'll cover the key factors you need to consider to ensure a seamless integration of IFA support services into your business, allowing you to provide faster, professional services for your clients and achieve greater success.

Key challenges involved in IFA support

IFA support brings its own set of unique challenges. As a professional in the financial advice industry, you already understand the strict compliance requirements your business faces. When you bring in outside support, you want the proper framework to tackle those challenges head-on. Poor communication, lack of effective processes, and not staying up-to-date with the latest regulations can easily become a problem for your business. However, there are ways that you can combat these issues with your IFA support, including:

Addressing regulatory challenges

Understanding the latest regulations and industry standards is integral for IFA support staff. Building strategies to stay up-to-date can help to prevent the problem of falling out of compliance. For instance, regular reviews of compliance policies keep everything on track, while ongoing training and resources help to ensure consistency in compliance.

Managing client data and paperwork

A well-managed system for client data and day-to-day paperwork is integral for effective IFA support. Sitting down and creating a system from the start for data management, such as document automation tools and management protocols, helps to prevent confusion and ensures your IFA support has everything they need to do their job well.

Building effective communication

Active, open communication is integral for keeping operations smooth and providing your clients with an excellent experience. Bringing clear expectations for communications from day one with your IFA support helps keep everyone in the loop and updated. Whether you opt for a scheduling automation tool or stick with email and phone calls, clear communication expectations keep everything ticking over nicely.

Utilising technology

Technology is a highly effective tool as a solo financial adviser and is doubly beneficial when you bring IFA support on board. For instance, automation software for administrative tasks helps to centralise processes, allowing everyone access to the same information, while online portals for sharing documentation and communication help to ensure everyone has all the data and insight they need at all times for success.

Implementing ongoing training and support

Continual training and development are essential components to keeping IFA staff up-to-date. Outsourced employees will often have training and skills to bring with them, saving you time and money on advanced training. Whether you hire or outsource, basic training resources and guidelines help ensure everyone has the resources they need to do the job as you expect them to.

Are you considering hiring an IFA support specialist? facilit8 can provide the outsourced support you need, helping you get a headstart on your support services while saving you time and money thanks to our fully-trained team. Get in touch now to learn more.