Commonwealth creates ‘rent-an-admin’ program

Advisers are matched with an administrative person who acts as a part-time staff member for the duration of a six-month agreement.

Commonwealth Financial Network, a Waltham, Massachusetts-based independent broker-dealer, has launched a program to give its affiliated advisers administrative support on an as-needed basis.

Called the virtual administration program, it pairs advisers requiring support in a range of operational areas with professionals who are trained and employed by Commonwealth. The firms said it will charge advisers a fixed fee for the service based on the number of hours committed.

Advisers participating in the program are matched with a dedicated administrative person, who acts as a part-time staff member for the duration of a six-month agreement, which can be automatically renewed. The assistants work for their advisers in eight-hour segments, up to 24 hours per week. Tasks handled include document preparation, opening and updating accounts, transferring assets, updating CRM and pulling reports, and providing direct support to an adviser’s clients.

“The one-on-one support offers an alternative to hiring part-time staff and eliminates the need to spend time and money on training, human resources management, technology and setup,” the company said in a release.

[MORE: Commonwealth launches program for next-gen advisers]