Scaling Advice Business Through Outsourcing

Building strong and meaningful relationships with our Client Community is an utmost priority here in VBP. Understanding what a growing business needs allows us to provide tailored solutions for the business. This is one of the many ways we show our clients how we value their business, along with consistency in delivering the highest level of service. It is our aspiration to witness our clients’ business grow and we want to be a part of that journey.

David Stephen, CEO of Invest Blue, one of our biggest clients in terms of number of engaged VBP Team Members, talks about scaling their business through outsourcing. David shares how their outsourcing journey began, their initial challenges, and the major benefits they gained from partnering with VBP.

Reasons for scaling their business

  – 00:47

David talks about their vision to build the DNA of their firm, believing that what they can achieve collectively is greater than what any one person can achieve on their own. Having witnessed other firms struggling with the same bottlenecks, they envisioned building a business in a box that provided the right support and service for financial advisors to be able to focus on their clients, whilst providing the background support.

Outsourcing as a good business strategy

  – 01:47

Their growing business, cost and capital restraints, brought the need to explore outsourcing. Currently, as a business, they outsource roles across financial planning support, paraplanning, lodgement of paperwork, as well as a number of back-office functions.

Getting everyone in their advice firm onboard with outsourcing

  – 3:27

The fear of being replaced in their jobs was the initial challenge in getting everyone in their team on board. David shares how they overcame this obstacle and how their team realised the role of outsourcing in their growing business and making their jobs easier.

Challenges in outsourcing human resource

  – 5:30

David highlights how their great relationship with VBP helped in addressing challenges regarding people and performance management. Finding the right people who understand their priorities and share the same values with the organisation is essential in overcoming challenges.

Impacts of outsourcing on their advice business

  – 7: 20

Invest Blue’s outsourcing journey has brought about plenty of opportunities to realise their ambition. The ability to rapidly scale without compromising high quality service and company culture has been one of the significant impacts of outsourcing in their business.

Cultural aspect or staff perception around outsourced roles

  – 8: 57

Focus on values and purpose is a shared principle between Invest Blue and VBP. This has allowed the partnership to break down preconceptions around the detrimental effects that outsourcing can have on company culture.

Benefits of outsourcing their advice business

  – 10:07

David talks about the high quality results to be expected from partnering with a professional outsourcing provider who understands the needs of a growing business. Sharing values with VBP ensures that services and solutions are tailored to meet their needs and support them in becoming a far better business.