Advisors needing support for a range of operational areas can now be paired with professionals trained and employed by the Commonwealth Financial Network, tapping into valuable expertise while freeing up time for participating offices, the firm announced Feb. 28.
Under the Virtual Administration (VA) Program, a team of specialists—part of a larger operations department—collaborates seamlessly across business functions to provide prompt, accurate support to the advisors and clients they serve. They offer an alternative to hiring part-time staff and eliminate the need to spend time and money on training, human resources management, technology and setup.
“This program takes the time-consuming, day-to-day tasks off an advisor’s plate,” said Jon Bohs, senior vice president of brokerage operations, who adds that it’s one-on-one support, not a pooled service. “By gaining an intimate knowledge of the firm they’re working with, VAs recognize their advisors’ needs and work to maximize efficiencies so the advisor can focus on growing their business and training their staff for more client-facing work.”
Advisors participating in the program are matched with a dedicated VA who acts as a part-time staff member for the duration of a six-month agreement, which can be automatically renewed, the announcement explains. VAs work for their advisors in 8-hour segments, up to 24 hours per week.
Tasks handled by VAs include document preparation, opening and updating accounts, transferring assets, updating CRM and pulling reports, and providing direct support to an advisor’s clients. Moreover, they have access to Commonwealth’s CRM and an email address at the advisor’s domain, providing a seamless experience for the advisor’s clients. And by understanding an advisor’s practice and processes, VAs can provide feedback to Commonwealth, resulting in ongoing enhancements that benefit all advisors.
