Unlocking the Potential of Support Teams in the Age of AI
The demands on financial advisors are increasing. Today’s clients expect broader advice and tighter turnaround times. Many seek holistic planning that extends beyond investments, covering everything from estate planning to insurance coverage and tax optimization, as well as behavioral financial guidance.
The massive transfer of wealth is adding further complexity, as large estates are being divided across multiple heirs, each with their own diverse priorities and needs. Clients now span multiple generations, many of them digital natives, seeking personalized, “always-on” service. Additionally, the advisor population is aging and the talent pipeline is limited, making it difficult to address growing client needs.
Fortunately, artificial intelligence and digital tools are increasingly easing administrative workloads. Not only does this directly help advisors, but it can also create opportunities to rebalance responsibilities, shifting administrative staff into expanded roles.
As support staff enhance their skills and gain credentials, they can take on more of the ongoing client relationship management, portfolio rebalancing and planning, money movement, and goal tracking tasks. This enables advisors to devote increased energy to growth-minded pursuits such as new client acquisition, networking and community engagement.
From Task-Based Duties to Impact-Driven Deliverables
Historically, support staff have been viewed through a narrow lens—often referred to as “admins” or “assistants.” However, their potential for impact is growing. As AI tools cover an increasing array of administrative tasks—such as scheduling, client onboarding and reporting—support staff are freed to redirect more of their focus to higher-value work.
Today, many support team members are stepping into roles that improve practice management and deepen client relationships. Some are moving on to become operations leaders, compliance managers and client experience specialists. Others are pursuing registrations that allow them to handle even more sophisticated tasks, effectively serving as junior advisors and extending the reach of advisory teams. This helps alleviate pressure on advisors while also fueling team members’ professional growth.
The potential time savings are substantial. A poll conducted at Osaic’s ConnectED conference revealed that 46% of advisors spend between 25% and 50% of their time on tasks that don’t directly grow their business—and another 23% spend even more than 50% on the same. By shifting more relationship management, portfolio rebalancing and goal-tracking duties to trained support staff, firms can reclaim that time for activities that drive visibility, referrals and growth.
To help maximize their potential, it’s important to ensure support staff members have access to training and education that keeps pace with the evolving industry.
Building and Developing Strong Support Teams
Leveraging support staff to create a competitive advantage requires intentional effort. Advisors should approach their hiring and development as strategically as they approach client acquisition and retention. These practices may help boost those efforts.
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Hire with foresight. Building a high-performing support team begins during the hiring process. When filling open positions, look beyond administrative skills to identify qualities such as adaptability, service orientation and a growth mindset.
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Invest in training. Encourage and empower administrative team members to pursue courses and certifications, such as the CFP Board’s registered programs or FINRA courses. There might also be learning opportunities to develop expertise in functions such as compliance, operations, and financial planning. Further, consider establishing pathways, such as stretch assignments that prepare these team members for advanced roles. To guide their journeys, create coaching and consulting programs that aid their learning while also strengthening business performance.
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Introduce development opportunities. Providing access to industry councils, peer networks and communities where support teams can connect with like-minded professionals can be invaluable. It fosters an environment for sharing expertise and collaborating on value-added solutions while helping team members feel confident in their professional growth.
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Recognize and reward contributions. Fair pay, career-building programs and inclusion in succession planning can deepen staff engagement, nurture loyalty and promote client continuity.
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Adopt technology that drives efficiency. Leverage modern tech stacks that offer the latest tools and shortcuts, such as AI notetakers, meeting planning assistants and message automation. Be sure to extend firm-wide training opportunities and widespread access to encourage tech tool adoption.
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Enact a culture shift. Elevating support staff may require active efforts to change the way they are perceived. When these team members are treated as essential contributors rather than background administrators, it enhances their visibility and spotlights their accomplishments. This helps drive expectations for even higher performance, with the potential to deliver greater outcomes.
Elevating Support Staff to Maximize Impact
In an era of accelerating change, heavily powered by AI, advisors have an opportunity to amplify their productivity, enrich client experiences and drive long-term growth — not by doing more themselves, but by empowering their teams to do more.
By investing in their support teams’ professional development, advisors may unlock a new capacity for mutually beneficial outcomes and long-term success.
Recognizing that support team members offer value beyond their traditional roles and empowering them with information, opportunity and recognition elevates their potential to enhance client relationships, drive productivity and support growth.