At a glance
- DeSteiger said the firm began outsourcing after reaching roughly 50 clients to shift time toward growth and client service.
- The provider handles account paperwork and fields client requests, including cash transfers, while she is out of the office.
- After a nine-month pause in new client onboarding, DeSteiger moved on from 5% of client relationships each year, selected on both revenue and engagement.
Ashlee deSteiger, co-owner of Gunder Wealth Management, said she pays a virtual assistant platform for 60 hours of work a month instead of hiring a full-time employee for roughly the same cost. She described the arrangement on episode 511 of the Financial Advisor Success podcast, published October 13; the episode says the Birmingham, Michigan RIA oversees about $150 million for 100 client households and is run by two founders.
DeSteiger said the firm began outsourcing after reaching roughly 50 clients to shift time toward growth and client service. The provider handles account paperwork and fields client requests, including cash transfers, while she is out of the office. Back-office outsourcing came first, with paraplanning support added later.
After a nine-month pause in new client onboarding, DeSteiger moved on from 5% of client relationships each year, selected on both revenue and engagement. The review of key performance metrics also led her to change how she produces and charges for one-time plans.
| Detail | As described on episode 511 |
|---|---|
| Firm | Gunder Wealth Management, Birmingham, Michigan; two founders |
| Size | About $150 million in AUM for 100 client households |
| Outsourcing trigger | Roughly 50 clients |
| Virtual assistant usage | 60 hours per month, versus a full-time hire at similar cost |
| Scope | Account paperwork, cash transfers while out of office, later paraplanning |
| Onboarding pause | Nine months, to review key performance metrics |
| Client attrition | 5% of relationships each year, selected on revenue and engagement |
Reported by the Practice management desk from Kitces — Nerd's Eye View, Financial Advisor Success Ep. 511. Published . Corrections