What Is a Virtual Assistant for Financial Advisors?

A Virtual Assistant for Financial Advisors helps advisory firms by handling various administrative tasks remotely. Their duties vary from one company to another but typically include scheduling prospect and financial review meetings, processing forms, managing customer contact lists, answering calls and emails, preparing financial planning documents, and handling bookkeeping. Some Virtual Assistants also specialize in managing a company’s website and social media pages. 

Delegating some of your tasks to a Virtual Assistant comes with many advantages, including:

• Time efficiency—Administrative tasks are an important and inevitable aspect of every business, but they are usually time-consuming and tedious. If you decide to handle clerical responsibilities by yourself, you’ll most likely neglect business-crucial tasks. With the help of a Virtual Assistant, you and your team can focus more on the essential aspects of scaling your business without worrying about administrative tasks
• Access to an international talent pool—Since a Virtual Assistant will work from home, you aren’t limited by their geographical location, which means that you can engage a competent candidate from any part of the world and at any price point
• Cost efficiency—As opposed to hiring a full-time employee and covering their monthly salary, you can engage a Virtual Assistant for Financial Advisors and pay them either by the hour or based on their workload. You also won’t have to worry about training a VA since they have the required skills and experience to start working as soon as you hire them

What Does a Virtual Assistant for Financial Advisors Do? 

While a Financial Advisor Virtual Assistant’s duties depend on a company’s needs and the type of services the Virtual Assistant in question offers, they typically have the following responsibilities:

• Daily administrative tasks—A Virtual Assistant can schedule meetings and appointments, send documents, record meetings and take notes, answer phone calls, respond to emails, fax documents, deal with bookkeeping, and handle data entry. All of these tasks take a lot of time and must be done with utmost attention to detail
• Account management—Tasks such as managing client accounts, checking clients’ balances, tracking and updating a list of beneficiaries, managing CRM tools and contact lists, assisting clients’ deposit or withdrawal requests, and invoicing clients usually don’t require 8 hours of work per day. You can engage a VA when needed and have them handle all of those duties at a fraction of the cost
• Paraplanning—You can delegate some tasks of junior-level staff to a Virtual Assistant if your business doesn’t necessitate an in-house employee. They can help you prepare financial statements and account review reports, handle financial modeling, draw up personal insurance quotes, research financial compliance regulations, manage advisor’s log, maintain digital client files, and similar
• Digital marketing—Making sure that your brand has a solid online presence is crucial if you want to attract more clients. Promoting your business can be difficult if you don’t have the required experience. A Virtual Assistant who has years of experience in digital marketing can develop and implement marketing strategies that will increase brand awareness, as well as manage your website and social media pages, create content, take care of graphic design, and perform SEO optimization

How Much Does It Cost To Hire a Virtual Assistant for Financial Advisors?

The cost of hiring a Virtual Assistant depends on a number of aspects, including a candidate’s areas of specialization, years of experience, level of education, and geographic location. According to ZipRecruiter, the average salary of a Virtual Assistant is $67,115 per annum, with a typical hourly rate of $32.

A Virtual Assistant is much more affordable compared to full-time employees as you only need to pay for the hours worked, whether you engage them for a one-time project or on a long-term basis. 

You also don’t need to cover other employee-related costs, such as payroll taxes, benefits, vacation days, or health insurance. Since all the work is done remotely, you will also save on overhead expenses, such as office space, equipment, supplies, and utility bills.

Expert Tips on Hiring a Virtual Assistant for Financial Advisors

Choosing the right Virtual Assistant for Financial Advisors is no easy task, as you’ll likely have to sift through dozens of applications/profiles. Besides finding a candidate with the right skill set and experience, you also need to make sure that the VA you choose is a reliable and responsible professional since they will have access to a lot of sensitive information.

If you want to ensure that you’ll attract and hire the best candidates, consider doing the following: 

1. Be specific in your job ad—You can reduce the number of applications from unqualified candidates by writing a highly specific job ad where you’ll outline the day-to-day tasks the VA will perform and the qualifications they need to have. This way, potential applicants can assess whether they’d be a good fit for the role
2. Test the applicants—Candidates have plenty of time to fine-tune their portfolios to highlight their best qualities, so a portfolio alone often isn’t a reliable way to gauge how well they will perform once they’re hired. You should test applicants for the competencies you seek before moving to the next stage of the recruitment process
3. Don’t do everything manually—The recruitment process can take weeks if you’re doing everything manually. Why waste so much time when you can streamline your hiring procedure and cut hiring costs in half by setting up an automated hiring funnel like Workello?

Hire a Reliable Virtual Assistant for Financial Advisors, Faster

You can think of Workello as the perfect virtual hiring assistant. Our fully automated hiring funnel is the product of countless hours, over $100,000, and dozens of iterations. With Workello, you can automate testing, scheduling, and email correspondence with candidates so you can focus on scaling your business and maximizing revenue. 

Here’s how Workello makes hiring Virtual Assistants for Financial Advisors a breeze:

1. Signup for a free Workello account and launch your automated, pre-configured hiring funnel in less than 3 minutes
2. Post your job ads across LinkedIn, Monster, Facebook, Indeed, and all your other hiring channels and link to your Workello-hosted application form
3. See all your candidates in a single, unified Workello dashboard, regardless of which hiring channel they applied from
4. Reject, test, interview, and send offers to Virtual Assistants for Financial Advisors with a single click
5. Filter out unqualified candidates with Workello’s built-in testing feature
6. Trigger automated emails and move candidates through your hiring funnel simply by changing their status from a drop-down menu
7. Minimize transactional questions by enabling candidates to see a live status page that tells them exactly which stage of your hiring funnel they are in

Don’t waste hundreds of hours looking for a perfect Virtual Assistant for Financial Advisors that’s supposed to save you valuable time. Set up a fully automated hiring funnel with Workello, cut your hiring costs by 50%, and start accepting ideal candidates today! 

Sign up now and review 5 Virtual Assistant for Financial Advisors tests for free.