Commonwealth Financial Network has started lending its advisors a hand with non-advisory business needs with a new Virtual Administration (VA) Program, the RIA said Monday.
The offering pairs advisors who need support in various operational areas with professionals who are trained and employed by Commonwealth, the firm said, noting the program will free up time for advisors at the participating offices so they can focus on clients and other core needs.
The team of specialists, part of a larger Commonwealth operations department, collaborates across business functions to provide fast, accurate support to the advisors and clients they serve, according to the company.
The virtual administrators provide advisors with an alternative to hiring part-time staff and eliminate the need to spend time and money on training, human resources management, technology and setup, Commonwealth said.
"This program takes the time-consuming, day-to-day tasks off an advisor's plate," according to Jon Bohs, senior vice president of brokerage operations at Commonwealth.
"It's one-on-one support, not a pooled service," he said in a statement. "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," he explained.
"We started the VA Program in beta with the idea that some advisors needed help for maybe one or two days a week," added Bohs. "But what we found was that, by getting back more time, advisors were able to identify growth opportunities or impediments and take action to make improvements. It's exciting to see how our program has not only provided operational support but has also been a springboard for helping advisors evolve their practices."
Advisor Demand
The new program was a "result of advisors reaching out and asking for operational support [from] individuals trained and managed by Commonwealth to work as a member of their office," Bohs told ThinkAdvisor on Tuesday.
A beta test "started with two team members and two advisors in June of 2020," he disclosed, noting both of those original beta advisors are "still with the program today."
