How to Staff Up In a Pinch – Without Any HR Costs

Admin Solutions Case Study: Karen Winslow

Karen Winslow is an LPL advisor out of Portland, Maine who has run her practice, Wintergreen Financial Group, for more than 30 years. A seasoned and heavily credentialed advisor, Winslow has mentored many over the years. Her approach is guided by trust, deep knowledge, and planning and care for her clients.

Down a Staff Member

When Winslow ran into staffing challenges that are plaguing small businesses across the nation over the last two years, she was at a loss for what to do next. She still had one staff member left on her team but the volume of operational work was far too much for one person. “I immediately needed to hire someone and I wasn’t able to put that whole package together quickly. I started looking at Admin Solutions as a quick fix. I had no idea I would end up doing it long term!”
 

She quickly saw new operational advantages.

Admin Solutions matched her with an admin as soon as she signed up. Winslow immediately realized this was no ordinary administrative assistant. “She already knew all the LPL systems and had a whole lot of contacts at the home office as well. In fact, she’s become a really good resource for anything at LPL with her knowledge base.”

Winslow felt so confident with her new admin that she assigned her virtually all the operational and back-office tasks she and her one staff person were doing themselves. “I just pass it all off to her,” Winslow notes.

The tasks a dedicated and experienced Admin Solutions admin could handle include client-facing tasks. These tasks include:

• Opening new accounts
• Account transfers
• Move Money requests, including ACH checks, Required Minimum Distributions and wire transfers
• Corresponding with clients
• Helping clients get set up on LPL technology

Admins can also cover meeting coordination, calendar management, and updating client information. Quarterly, admins can complete tasks from tax prep, to annual reviews, account and CRM cleanup, and client reporting.
 

Her match became a permanent member of her team.

Winslow’s admin has become a seamless part of her team – and the results have been meaningful for Winslow, her staff, and her clients. Time consuming operational details, tasks, and troubleshooting are virtually eliminated, meaning her staff has time to focus on other high-value tasks to support Winslow’s practice. “Now my local staff person uses her [Admin Solutions staff member] as well to get anything done operationally at LPL because she has all the contacts. It saves us a ton of time. And, it gives my local staff time to focus on marketing, or other areas of my business that are not so operational.”

Winslow also added that her valuable time has been freed up with Admin Solutions. “I started my business from the ground up. I know how to do it all, but my time is best spent with a client planning and advising, which is really where I want to be. My Admin Solutions person can now do all the operations, paperwork, and what I call the ‘headache’ of running a small business.”
 

Winslow’s Advice to Other Advisors

Winslow noted that during the Great Resignation, Admin Solutions worked. In an environment where it’s hard to hire people, Winslow noted that Admin Solutions became more permanent than she expected. “They definitely offer a good solution to the current hiring situation,” she said. “Take a look at your business and see where you’re spending your time that might not be so efficient. Also think of the number of hours that you spend doing operational stuff. If that could be passed off, how much more valuable would your time be during the week?”

^{The views and opinions expressed by the LPL Financial Advisor may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. For financial professional use only. 1-05355527}