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The traditional RIA business consists of four basic components: back-office functions, compliance, money management and sales. All of these functions can be outsourced to other firms. The best RIA firms spend 60-80% of their time in client-facing activities so they can drive growth. What RIAs need to decide is which functions to outsource to allow more time for client-facing work—and thus more opportunity for growth.

Mike Lover, Vice President of Process Improvement for Trust Company of America, reviewed some of the options in a recent Genius Session.

Back-office functions are easily outsourced, he says, but the cost of labor to do them is relatively low compared to the cost of outsourcing. Managing back-office functions in-house may be more cost effective, particularly if combined with effective technology systems that allow for greater scalability. Some RIAs choose to outsource compliance to vendors like RIA In...

Spring Series: Your Strategic Efficiency Checklist

Welcome to the spring series of “EVOLVE the RIA Growth Blog.” Over the next couple of weeks, we will feature posts that share spring themes including – growth, evolution, new beginnings, and fresh perspectives. Subscribe today for new updates.

What does it mean to be strategically...

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Spring Series: The benefits of putting your firm on auto-pilot

Welcome to the spring series of “EVOLVE the RIA Growth Blog.” Over the next couple of weeks, we will feature posts that share spring themes including – growth, evolution, new beginnings, and fresh perspectives. Subscribe today for new updates.

Do you feel like you reinvent the...

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Spring Series: The Five Steps to Streamlining Your Business

Welcome to the spring series of “EVOLVE the RIA Growth Blog.” Over the next couple of weeks, we will feature posts that share spring themes including – growth, evolution, new beginnings, and fresh perspectives. Subscribe today for new updates.

According to a recent RIA efficiency...

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Spring Series: Advisors’ Top Two Efficiency Drivers

Welcome to the first post in the spring series of “EVOLVE the RIA Growth Blog.” Over the next couple of weeks, we will feature posts that share spring themes including – growth, evolution, new beginnings, and fresh perspectives. Subscribe today for new updates.

For advisors...

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