Getting in Front of the Back Office

Most, Bruce W.
October 1997
Journal of Financial Planning;Oct97, Vol. 10 Issue 5, p62
Academic Journal
The article focuses on the increase in the number of financial planning firms. The most revolutionary thing financial planners did was to outsource the hack office operations for the investment management services. The new planners haven't felt the crunch of the business yet. They often have the time to devote to it and it's not so much of a concern. But giving up back office functions is easier said than done for many planners, most of whom by nature run a small shop fur the very reason that they like to be in control. Advances in portfolio software and the ability to electronically download account information on a daily basis from vendors make this task much easier than it once was. Planners also seem to like to keep this task close to home. Ultimately, the issues of the back office go to the core of what a financial planner and financial planning are all about. The factors are probably as many as there are advisors. The industry is focused on the service of the client. It's not merely a matter of efficiency; it's a question of what are simply administrative tasks and what are truly value-added services.


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