Virtual assistants bring significant business benefits
New Zealand financial advisers are dealing with a familiar set of pressures, including increasing client demand and onerous compliance requirements. The pool of experienced local staff is small and expensive, making it difficult for advisers to maintain a high-quality client experience while scaling sustainably.
According to Mark Nalder, head of strategy and growth at Wealthpoint, outsourcing administrative tasks can help alleviate these pressures. In 2024, Wealthpoint established a branded outsourcing partnership with Atlas Outsourcing, called Wealthpoint Advantage+Office, which connects member businesses with experienced virtual administrators in the Philippines.
The virtual assistants are available on a fixed hourly rate to carry out an agreed range of office and client service tasks, providing a ready-made extension of an adviser’s team without the overheads of recruitment, equipment, or training. They are highly skilled in financial services administration and can perform a broad range of duties, including setting up client appointments, managing application forms, and updating client records.
This allows advisers and local staff to focus on higher-value work, such as meeting with clients and building relationships. The four-hour time zone difference between New Zealand and the Philippines has also proven to be an advantage, as virtual assistants can complete tasks overnight, allowing advisers to start their day with tasks already completed.
One common concern about outsourcing is data security, but Atlas has impressive systems and controls in place, including encryption, biometric security access, and restricted access rights. The cost effectiveness of outsourcing is also significant, as New Zealand advisers can access university-educated, English-speaking professionals with financial services experience at a fraction of the cost of an equivalent local role.
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Outsourcing is already well-established in Australia.
Wealthpoint’s experience with outsourcing has been successful for the 15 member businesses that have already engaged full or part-time virtual administrators.
As demand for advice grows, outsourcing will increasingly be a strategic tool for scaling efficiently. The global nature of talent and technology means that there is no reason New Zealand advisers cannot take advantage of the same opportunities already benefiting their Australian counterparts. By outsourcing certain tasks, advisers can focus on what really matters – providing high-quality advice and service to their clients, including understanding the reputation of healthcare providers.
They will be able to maintain a high-quality client experience while scaling sustainably.
