FAQ's About Virtual Support:
What activities can I move out of my office?
Most activities related to the input, review, reconciliation, correction and reporting of data can be eliminated. Additionally, personnel issues related to hiring, firing, training, supervision, sick leave, etc. since employees who would have been added to your staff are now on our staff.
Do I give up control of my data?
A daily update of your full database at your site insures that you retain full control of your data. You can look up data and generate client and management reports at any time without having to be connected to us. The data resides at your site.
How does the level of technical expertise compare to that which would be available from my own staff?
With a steady flow of software changes, keeping a small staff current in all aspects of database management is an increasingly difficult task which is only complicated by staff turnover.
How much time can I save by using a Virtual Support solution?
In addition to the time saved on data entry and the time consuming resolution of database problems, there are indirect time savings related to supervision, hiring, training, as well as the time it take to stay abreast of the changing capabilities of your portfolio management software. None of these time consumers bring in an additional nickel of revenue. Virtual Support creates an environment that enables most advisors to radically increase time spent on their highest payoff activities – marketing, client service and portfolio management.
Does Virtual Support include management of non-electronic data as well as data from several different electronic sources?
Yes. It is always best to provide a virtual support specialist with as much data in electronic format as possible, but when that is not available, statements, facsimiles, emails, will suffice. Information which is not available electronically will be manually entered into your database to provide the most comprehensive data possible.
How is my data updated?
Every day, at a time you designate, your files are electronically synchronized using the internet as a pipeline.
Are my costs fixed?
Services are provided on a fixed cost. In addition to establishing a known operational cost, the advisor can operate his/her business from a unique perspective – the operational cost will increase only as fast as new clients are added. The costs are determined by the following considerations:
· Total number of portfolios
· Amount and type of portfolio activity
· Availability of electronic data compared to manual data entry
· Complexity and number of reports
· Ancillary services to be provided to the advisor
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