Wealth management firms are increasingly leveraging the resources and expertise of third-party service providers to fulfill their compliance oversight functions, according to a new industry whitepaper. A perfect storm of an evolving investment and regulatory landscape, altered worker expectations and challenging economic realities is helping to propel this trend, according to the white paper’s author, Sander Ressler, Co-owner and Managing Director of Essential Edge Compliance Outsourcing Services.
Ressler’s analysis of this research finds that workers’ increased expectations for flexibility and autonomy have transformed the workplace and how individuals perceive the idea of work itself. The resultant rise in the gig economy has given companies greater access to the expertise, experience and skills of a greater number of specialists. He points to one specific area where the impact of outsourcing can be felt immediately: branch examinations.
He explains, “Assuming an in-house branch inspector takes 10 road trips of one week each, hiring outsourced compliance inspectors would allow a firm to keep their team in the office rather than paying them for travel. The inordinate amount of time an inspection takes can be turned to more productive purposes.”
Ressler concludes, “An outsourced branch inspection team enables firms to gain hundreds of hours of productivity by keeping employees in offices and off planes during business hours.”
