Sometimes it just makes sense to outsource.
We all have limited hours within a day, and this restricts what we can and cannot achieve. As business owners, we are also limited by money – what we can and cannot afford.
Quite often, in order to find a solution, or to fill a gap, the business hires a new staff member. But, that in itself can come with a number of headaches we would rather avoid.
Outsourcing Cash Flow Management
Many advisors think about providing Cash Flow Management Solutions to their clients, but when they begin assessing the software, staffing and compliance costs, it all gets too much. It gets thrown into the “too hard basket” to never get picked up again.
Assume you have to hire an administrator at $65,000, then add super, office on-costs, payroll and it can all add up. Managing and implementing a Cash Flow Management Solution will cost you much more than that.
Outsourcing – it makes sense
As we’ve previously written, clients are willing to pay for additional value you provide. So, yes when you provide a service that adds value to your clients life you can charge for this service. But, if you have 100 clients that use this service you have to charge them $10,500 a year each just to cover your administrator! That’s a lot of money and unless your clients are really wealthy, they aren’t going to pay that.
But what if you could provide your clients a cash flow management solution at a fraction of that cost, and with no overheads?
You could offer clients a full service Cash Flow Management, and Bill payment service with Advisor Notification and Opportunity reporting, for less than $2,600 a year/client…and your client bears this cost themselves, not you as the advisor, because they are receiving the service directly.
This is a great outcome for your client, they get your strategic oversight but get to have their personal financial lives simplified and the support they need to hit their goals with the Bill Butler package.
Through a service like Bill Butler, where time has been invested to create custom software to manage clients’ cash flow and systems are in place to collaborate with a client’s financial advisor, you can confidently offer an outsourced cash flow management service to enhance your strategic advice services.
Outsourcing with the personal touch
If you choose to outsource your Cash Flow Management Service are you really just paying for software? No. When you outsource to professionals you are paying experts to take the time to do their job, and do it well.
When you engage a provider like Bill Butler you are getting access to a team of professionals who are skilled in managing clients everyday finances. In fact, under a Bill Butler outsourced model, the Butler takes the time to create a personal connection with the client, and builds a repor so you can rest easy knowing it’s being handled on your client’s behalf.
What are the benefits
Whilst some of the benefits are obvious – Not needing to take a $105,000 a year (at least) gamble, some of the other benefits might not be so obvious.
Through engaging the right solution for you, you as an advisor, should have the ability to increase the number of conversations you have with your clients. More engagement with clients means more time to identify opportunities for growing your client’s wealth …just make sense business-wise.
You will be able to see with a few clicks exactly where your client’s personal finances stand and how the plan you put in place is working. You will be able to pick up the phone and have the confidence to chat to the client about all their personal financial data.
With greater insight you can provide more strategic advice, you will know when clients have additional cash spare. You will know if they need an additional kind of insurance, you will know if they make any big purchases. You are no longer stuck wondering and waiting for an annual update to find out everything about a client’s life, It’s done for you!
You also get more time to do what you do best. That’s give advice, and through outsourcing to a solution like Bill Butler, you can help ensure all of your compliance records are up to date and nothing slips through the cracks. You can print out a report and put it in the client’s files ensuring you have their most up to date financial information immediately when the need arises.
Outsourcing – it just makes sense
Whilst we admit outsourcing isn’t for everyone, outsourcing your Cash Flow Management Services might just make sense for you. Contact Bill Butler today to find out more about how we can help you provide Cash Flow Management Services for your clients.