Should I outsource my CSO work in 2023?

Should I outsource my CSO work in 2023?

The Financial Planning world has seen huge changes forced upon it by the COVID-19 pandemic, with the advent of working from home becoming a more normalised staple of the current climate. With this shift, we have seen a rise in the use and the proficiency of available technology. These adjustments to our industry have paved the way for the simplification of outsourcing.  

Outsourcing creates an opportunity for Financial Planners to improve their own efficiencies, increase time spent with clients and, ultimately, increase their profits. 

Post-COVID employees are looking for more freedom from their working arrangements, such as days working from home, completing hours over the weekend or late evenings, days off in lieu. If this is not something that can be provided by the Financial Planning Practice, there is a chance that employees may leave for greener pastures, and it is becoming increasingly hard to employ quality staff.  

Practices with a single support staff may also notice a downturn in productivity whilst they are away for holidays, sick days etc. as the adviser may have to take over that work or it is left until the support staff returns. 

Outsourcing your CSO administration means it becomes Quantum’s responsibility to cover staff holidays, sick days and staff turnover, ensuring your work can continue without disruption. 

At Quantum, we feel that Financial Planning practices should endeavour to have their internal support staff speaking to the clients, whether it be booking in client meetings, informing the client about their advice implementation, or generally presenting the voice of the business.

All other tasks, such as entering information into Xplan, phoning product providers for data collection, completing product research and implementation work are easily able to be outsourced. These tasks do not involve speaking to clients and, therefore, can be attended to in the background, giving your internal staff the time they need to speak with clients.

Using a CSO for 20 hours a week to complete those tasks can afford you an extra 4 hours a day to speak to your clients, build referrals, see more clients and ensure you can still leave the office at 5pm everyday! 

Remember, with annual advice agreements and opt-ins, if the client does not feel valued and their calls answered, they may leave and find another adviser – let Quantum assist by removing the admin burden! To discuss further please call Chris Cleaver on 07 5532 9516 or email