There’s no shortage of contractors like Lewis offering outsourced services, either.
“I have been contacted through the Garrett Planning Network, the Financial Planning Association and NAPFA about advisors that are starting their own outsourcing firms for $50 an hour,” said Robert Schmansky, a certified financial planner and founder of Clear Financial Advisors in Livonia, Mich. “They have experience, they know the software and I don’t have to train them.”
Because of the ease of technology and the Internet, most outsourcing is conducted online and is cost effective, according to data from the XY Planning Network. Such outsourced services include data entry, building reports, placing trades, processing account applications, scheduling, financial planning and running projections.
“Virtual planning allows a California-based advisor to pay Texas rates because the cost of living is cheaper there,” Moore said.