Back Office Solutions will use the data you gather from your clients, take the client summary and goals, and develop reports or plans in your existing format. However there may be options for creating plans more efficiently, as Back Office Solutions works with your process. There will also be “packaged” plans that have a determined output and format for less complex plans.
The focus of Back Office Solutions is to provide individualized financial planning support at the critical level in the financial planning process of analyzing data and developing a plan. Usually this process involves using some type of financial planning software, or proprietary spreadsheet to analyze the gathered data.
Back Office Solutions has an encrypted, off-site, daily backup of its complete data files. We also protect your data with the use of firewall and virus protection software. Back Office Solutions is committed to staying abreast of the latest technology to keep a virtual office running as efficiently as possible.
The services for that are provided to each client will be highly individualized. Typically the cost for working with Back Office Solutions will decrease as we become more familiar in working with you in your system. The typical cost for working with Back Office Solutions is detailed below.
Step 1: Getting Started $549
Help advisor set up technology to work with Back Office Solutions, including consulting on which technology to use.
Step 2: Data Entry $140/hour
This includes the data entry for submitted financial plans. The price per plan can range depending on the complexity of the plan and the tools being used. Data entry in an advisor’s proprietary spreadsheet typically takes longer than working in an industry standard software program.
Step 3: Plan Analysis $140/hour
Back Office Solutions has the ability to analyze a person’s financial situation and develop reports using software that matches the advisor’s desired output, develop projections, and create scenarios to achieve client goals. This step is tied very closely with the previous step as data entry typically allows Back Office Solutions to see the intricacies of a financial situation well enough to begin analysis.
Step 4: Plan Writing $140/hour
Back Office Solutions has the writing abilities to complete your comprehensive financial plan in the plan writing stage. At this point Back Office Solutions works closely with the advisor to make sure that the information that will be presented to the client is clear to the advisor and that focus is placed on appropriate planning areas.
Step 5: Plan Presentation $140/hour
Typically Back Office Solutions is not involved in this step. However, when requested, Back Office Solutions can be part of the client presentation, (virtually) along side the advisor, as an expert in certain financial planning areas. For example one client wanted to understand their Social Security claiming options and Back Office Solutions meet with the client and advisor over the phone to explain these options to the client.