Stress in the financial services profession can lead to burnout. Much has been researched and written about this concept. A white paper commissioned by the American Institute of Certified Public Accountants and written by Bob Veres (who produces the Inside Information Web site and newsletter) suggests that a volatile investment market and the increasing concerns of clients about the viability of their future goals, coming at the same time the advisor population is aging, leads to the advisors’ higher stress levels. And sustained stress can, again, lead to burnout.

If you are suffering such stress, the report offers a list of solutions: Change your mind set, take time for yourself, change your routine, change the office environment, be more intentional with your clients, find someone to take over routine chores, learn how to delegate, scale back.
Also, you can outsource key aspects of your workload.

Of course, you must first determine what to outsource and what chores to keep in house. Often advisors look at what they enjoy doing instead of what they are best equipped to do on their own. They may hire someone to perform analytical tasks that could have been effectively handled by a third party. Or they may spend substantial amounts of money on technology when they could have had some other competent person or firm handle it. They are not looking at the trade-off in costs.

To determine what jobs to farm out, take a long look at your financial practice and yourself. Determining the real costs of different services for your clients is a good start. But the introspection should not end there. Look at the time value of money and how things get done in your office. If you insist on having a role in every aspect of your operations, you may be the real roadblock to productivity and profitability. Outsourcing is sometimes simply more efficient.

Then you must examine vendors to determine which ones fit the way your firm operates. It could cost you more money and time in the long run, for example, if you choose a financial plan production service and then discover it lacks the right software, expertise and financial plan production to match what you have been doing for clients. Investigate your choices and take advantage of free trials when they’re available.

To help with your efforts, some new players have emerged with powerful offerings to take work off advisors’ hands, and some that have been around awhile may deserve a second look.

One of those choices is a firm called Adhesion Wealth Advisors (www.adhesionwealth.com). Michael Stier, president and CEO, says Adhesion offers programs to reduce stress by taking on operational tasks associated with investment management, monitoring and reporting. Financial advisors who work with the firm have considerable flexibility in mandating the models used, restrictions needed, etc. The company offers an alternative to the piecemeal approach, or what Stier refers to as the “hobbyist approach.”

Adhesion only works with fee-only RIA wealth advisors, he says. While relatively new, the firm has already amassed $13 billion in assets under management. Its wealth advisor platform offers a rich environment, and the firm provides tools that the financial practitioner may not have had before, such as tax reporting components.

Another firm, Advisor Software, or ASI, is a platform that has been around for a while, but it has recently upgraded its services (www.advisorsoftware.com). The firm’s goalgamiPro program is a popular choice for financial advisors looking for ways to replace the comprehensive financial planning document (typically 70 to 80 pages) with something more client-friendly. The tool has been designed to offer a quick assessment of a client’s situation and needs with concise reports that can be presented quarterly, semiannually or annually. According to its Web site, the goalgamiPro plans can be created in less than 10 minutes. The tool uses a household balance sheet as the basis of planning—to assess goals and decide whether they can be funded.

ASI also offers a portfolio rebalancing tool, a client acquisition tool and an array of portfolio diagnostic tools. And the firm has worked with several other providers to integrate data, including Redtail Technology, Grendel, Concenter Services, Orion and Salesforce.

It can be a time-consuming, demanding and potentially expensive pursuit to market your practice. But there are third parties that offer more cost-effective solutions than simply trying to do it all yourself. One example is a company called FiPath4Advisors (www.fipath4advisors.com/). FiPath offers a range of solutions such as a system to generate leads and make better use of social media. It also offers prepackaged marketing programs and coaching. The firm’s “WiserPath” is a strategic initiative between FiPath4Advisors and WiserAdvisor (www.wiseradvisor.com) that raises a company’s online search profile and generates investor leads. A training program helps advisors better use social media to increase new client acquisition and clarify their messages. You can get started with them for as little as $9.95 per month.

And while the companies mentioned in this column are far from the only choices, they illustrate the diversity of the providers. There are several other categories, such as virtual receptionist services, back-office support services and financial plan preparation services. Once you have identified what jobs in your practice can be outsourced, selecting the right provider is critical. In the end, the right vendor can help you increase capacity, productivity and profitability. It can also free up more of your time to do the tasks that bring the greatest growth and value to your practice, especially by increasing face time with clients and prospects.

David L. Lawrence is founder and president of EfficientPractice.com, a consulting firm that provides financial practices, broker-dealers and independent firms with comprehensive, profit-driven efficiency consulting and resources. He is also the author of The Efficient Practice: Transform and Optimize Your Financial Practice for Greater Profits and Success, available at Wiley.com and other book retailers.