While many independent financial advisors know what it takes to run a thriving business, they often feel bogged down in the details of trying to do everything themselves—from administration and compliance to business development and servicing clients.

There are only so many resources available to an advisor (time, people, technology, technical skills) that allow them to work on those things that add the most value to their clients and their businesses. Adding to this challenge, clients are increasingly demanding customized services and expertise that go far beyond investment management.

Complicating matters, an advisory business is not getting any cheaper to run. The efficiency and cost savings that technology and experience should bring are not being realized by advisors. Both real costs and relative costs are growing.

A different approach is needed. Today's advisor must evolve to meet the realities and demands of tomorrow's business. Increasingly, advisors are making the decision to outsource.