Outsource Financial Planning Services in the Philippines
8 December 2022
Many small- and medium-sized financial planning businesses in Australia spend a lot of time doing back-office research, fact finding, preparing review packs, and addressing queries and client follow-ups. They have limited staff and sometimes find themselves overstretched when trying to complete all these activities.
Outsourcing paraplanning and client service admin is one of the smart strategies many businesses use to overcome heavy workloads and reclaim time to focus on growing the business, building relationships and improving customer experience.
With the right team, processes and procedures in place, offshoring can transform your business and take it to the next level.
Top Challenge of Many Financial Services Firms
Lack of attention to data security
Financial planning firms are a common target of cybercrimes compared to other industries as they carry sensitive client data.
Continued compliance with regulations
Many small- and medium-sized financial planning businesses find keeping up with regulatory and compliance requirements extremely time consuming. It takes them away from spending time growing the business and addressing client needs.
Increasing customer expectations
As the business grows, customer expectations of their financial planner grow too, as they want to continue experiencing a personalised service. This obstacle affects many business operations as they are limited in resources and labour.
Strong competition in the financial planning market
Many financial planning firms fine-tune their strategies for increasing their market share by automating their services, outsourcing their operations and staff, and upgrading their systems. These initiatives can help to raise their ability to provide high-quality services to their clients.
Limited access to skilled staff and employee attrition
Because they are limited to attracting staff solely from local markets, business owners are struggling to hire and retain highly skilled and capable staff to work in their financial operations. They are also paying more for staff that are less well qualified.
Performance managing and developing staff overseas where there are cultural and communication differences.
Financial planning firms often know they need to change and embrace the outsource model but have concerns about the training, development and management of their offshore staff. They fear that there will be communication and performance management difficulties, that they will spend time and effort and will not be able to get what they need from offshore staff.
How can the outsource of financial services overcome those challenges?
Invest in high data security protocols
When you offshore, make sure you use the right providers who have robust security systems and protocols in place for their staff. To reduce risk, your offshore financial planning and outsource partner must provide the IT hardware and set up the device securely so your information is protected, and cyber risk is reduced. Your systems are loaded onto the device and information is stored only to your systems.
Offshoring and outsource financial providers will do the end-to-end process for you
When you offshore financial planning operations and chose to have a staff member in the Philippines, your offshoring and outsourcing providers will meet the compliance requirement for Philippine regulations on employment, so you don’t have to worry about meeting the laws and requirements that apply to Australian employment.
They will hire staff that become your people who work only for you and follow your processes, procedures and the policies. The right outsource financial or offshore financial planning provider will make your journey easy, seamless and stress-free.
The best offshoring and outsource financial providers deliver an analysis and business improvement service
The right offshore provider for financial planning will help you with analysing opportunities to reduce unnecessary and duplicate processes, thus improving the customer experience and helping you to meet their expectations.
Offshoring and outsourcing will help you to dominate market share
By expanding your business operations internationally through offshoring and outsourcing, you are future proofing your business and making yourself more competitive in the marketplace.
Offshoring and outsourcing will provide you with access to staff with elevated skills
By offshoring, you can employ a highly skilled staff member with years of hands-on experience, as opposed to an employee whose career has just begun. Offshoring allows you to tap into a more highly qualified and committed talent pool for less expense. Your business can reduce employment costs by greater than 70% in most cases.
Performance management and staff development
Getting the best out of your staff onshore requires leaders to manage and guide new employees. Chose an offshore partner that provides team leaders who are experienced subject matter experts in financial planning. This is a valuable resource on the ground in the Philippines who will help accelerate the growth and performance of your offshore staff member or team.
These are the outsource financial services that Intogreat offers to businesses in Australia and, increasingly, worldwide:
- Preparing financial planning documentation.
- Providing quality and compliant statements of advice and records for financial planners.
- Preparing annual tax returns.
- Uploading and administering the client’s personal and investment data software systems.
- Preparing financial activity statements and management reports.
Frequently Asked Questions:
How does Intogreat's recruitment process work?
All Intogreat’s offshore financial planning applicants go through a rigorous recruitment process. They undergo a series of interviews and testing to ensure that we provide the best person for the job, and our process means that you have the last word on hiring an outsource financial planner.
Job Ads: Our recruitment team conduct advertising on different job ad and social media platforms to attract qualified outsourced financial planning applicants to our clients’ vacancies.
How does Intogreat assess candidates?
After using our search process to identify highly qualified financial planning candidates, our experienced recruitment team evaluates them by holding an initial interview to ascertain whether the candidate is suitable. Successful candidates are subsequently interviewed by their future financial planning team leader.
What about testing of candidates?
We conduct aptitude and practical testing of the offshore financial planning candidates to measure their logical reasoning, ability in Maths, and English comprehension. We also check how they apply their skills through practical testing based on their financial planning experience. These tests help us to see how candidates might deal with the challenges of their prospective role.
How does the interview process work?
After evaluating the candidates on their suitability for a role as an financial planning staff member, our client will conduct the final interviews and assess them based on their financial planning experience, skills and personality. Our operations manager also appraises the candidates to determine if an applicant’s attributes meet the job’s requirements. In this stage, the manager will evaluate the interview performance of the candidate before making any recommendations to the client.
What about the onboarding process?
Once the candidate has passed the client interview, we will provide the job offer to them, based on the salary package agreed with the client. Intogreat also conducts extensive pre-employment checks on the candidate’s background and work history.
We will ensure the candidate is medically fit for work, clear of any criminal or credit liability, and has a clean work history without any undisclosed employment gaps.
Finally, we draft the employment contract and process all the new-hire requirements, such as allocating IT equipment, etc.
To learn more how we manage and build your offshore team through outsource financial planning staff, book a meeting with our offshoring and outsourcing experts today to get insights and advice.
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