This post was authored by Adem Tumerkan, Dunham's Content Writer. If you have questions concerning today's topic, please call us at (858) 964 - 0500. Hold us to higher standards.

Managing a successful financial advisory practice isn’t just about investment advice and financial planning.

It’s so much more than that.

For instance, no one ever talks about everything that goes on behind the scenes of running a successful practice.

Things like:

·         Team management

·         Resource optimization

·         Tracking key metrics

·         Administrative tasks

·         Content generation and marketing

·         Adapting new technologies

·         Continuous learning

In fact, it's not a stretch to say that lacking both scale and time are the biggest challenges facing a successful practice.

Thus, taking care of these back-end issues enables a financial advisor to potentially streamline operations, boost revenue, grow assets under management (AUM), and have more time for current and prospective clients.

So here are some insights on what you can do about it.

Outsourcing What You Can To Improve Your Practice

As mentioned above, time is your most valuable asset.  And since most independent practices don’t have the scale (team size) or time to offer specialized services, they delegate it to third parties.

Or said another way, they outsource it.

·         According to a study by Deloitte, 59% of businesses outsource to enhance efficiency. As a financial advisor, outsourcing enables you to focus on your core competencies.

Now, the question remains: what tasks should you outsource to free up time for high-impact activities?

Well, according to a recent Cerulli Associates white paper1, the most outsourced services for a practice include:

·         Tax planning (40%)

·         Trust Administration (34%)

·         Risk management/insurance (33%)

·         Estate planning (28%)

·         Bill pay (18%)

·         Concierge services (17%)

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Cerulli notes that many advisors even charge a separate fee for all these services.

So, when aiming to make your practice more efficient, the goal isn't to outsource every service. But rather to supplement what your team lacks.

The Crucial Role of Content Marketing in Financial Advisory Practices

A big deficiency in many practices is the lack of content generation and marketing.

For instance, according to a Broadridge study2, only 23% (less than one-fourth) of financial advisors have a defined marketing strategy.

Other key points from the study were:

·         75% of advisors with a defined marketing strategy are confident that they will meet their practice growth goals over the next 12 months.

·         This is compared to only 41% of advisors without a defined marketing strategy who are confident that they will meet their practice growth goals over the next 12 months.

This shows how important content marketing is for growing a practice.

So, what’s the problem?

Well for starters, it’s incredibly difficult coming up with consistent and quality content that boast a personalized and thought-provoking angles.

In fact - according to AdvisorFinder3 - nearly 50% of advisors are posting the same canned content on the same seasonal schedule.

A major reason for this is the significant challenges posed by time, ideas, and compliance (as if advisors don’t’ already have their hands full).

·         Keep in mind that most advisors are not marketers, nor do they need to be.

Using generic content often fails to engage potential clients effectively because it lacks the personal touch and specificity needed to resonate with their unique needs and goals. Financial advisors who rely on cookie-cutter content miss out on valuable opportunities to connect with their audience on a deeper level.

That’s why, according to Independent Advisor Alliance4, 28% of practices outsource content marketing.

  • Or rather, only 28% do. . .
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By leveraging the skills and knowledge of marketing professionals, you can potentially boost your online presence, reach a wider audience, and effectively convey your value proposition – which is helping clients and growing your AUM.

·         In an era dominated by digital marketing, crafting a compelling online presence is crucial for independent financial advisors (IFAs). Outsourcing marketing services can help establish and maintain a strong brand image, develop effective online campaigns, and navigate the ever-evolving landscape of social media. Specialized marketing agencies provide expertise in content creation, search engine optimization (SEO), and digital advertising, ensuring you stay ahead in the competitive financial industry.

Thus, content marketing is just one area of importance worth outsourcing if you deal with time and scale constraints.

But there are many more areas that financial advisors seem to lack and should look at outsourcing instead. . .

So, Why Many Wary of Outsourcing?

While outsourcing services may offer many advantages, there are still financial advisors who hesitate due to several reasons – some being:

·         Perceived Cost Concerns: 35% of businesses avoid outsourcing due to fears of increased expenses, overlooking potential long-term cost savings through improved efficiency.

·         Security and Data Privacy Apprehension: 63% of companies worry about data security issues when considering outsourcing, a concern heightened for financial advisors handling sensitive client information.

·         Control and Quality Assurance: Many businesses, 63% in fact, fear losing control over critical functions and worry about maintaining service quality when outsourcing essential tasks.

·         Lack of Trust in Providers: 42% of companies hesitate to outsource due to mistrust in service providers, a critical consideration for financial advisors reliant on trustworthy relationships.

·         Regulatory Compliance Complexity: In the heavily regulated financial industry, 49% of companies cite concerns about staying compliant when outsourcing, reflecting the complexities advisors face in navigating regulatory landscapes.

While these decisions ultimately rest with you and your team, it's crucial to carefully consider the benefits and drawbacks of outsourcing, especially if your practice lacks scale and time.

But remember, holding back from exploring outsourcing solutions could potentially hinder long-term growth.

Outsourcing presents a strategic opportunity to enhance core competencies within your practice. Whether focusing on tax planning, trust administration, or content marketing, outsourcing allows advisors to capitalize on specialized expertise while dedicating more resources to operational efficiencies and client satisfaction – which can lead to increased AUM.

Addressing these challenges effectively enables advisors to streamline operations, boost revenue, and prioritize strong client relationships.

So, are you ready to streamline your financial advisory practice and enhance client satisfaction?

Dunham can help.

We have the expertise in:

·         Content Marketing

·         Trust, Estate, Tax Planning

·         Investment Management

·         And More

Discover how we can help you so that you focus on what matters most—providing exceptional financial advice.

Contact our Business Development Team today - via email or phone at (858) 964 – 0500 - to explore tailored solutions for your practice.


1.      White paper - Top-Performing Teams - 2024 | Cerulli

2.      Only 23% of Financial Advisors Have a Defined Marketing Strategy, According to Broadridge Study | Broadridge

3.      Content Marketing for Financial Advisors is Broken (

4.      Unlocking Efficiency: The Power of Outsourcing for Financial Advisors - Independent Advisor Alliance


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