Compass Retirement Solutions

Case Study / Financial Planning

How Compass Retirement Solutions gets 20x ROI with MyOutDesk

Compass Retirement Solutions is a leading financial advisory firm specializing in retirement planning and asset protection for baby boomers, businesses, and families. Ranked among the top 5 financial advisors nationwide by Retirement Advisor Magazine in 2017, Compass combines industry expertise with personalized service to develop comprehensive strategies that safeguard wealth and ensure sustainable retirement income. Their client-centric, adaptive approach addresses unique financial challenges in today’s complex economic landscape, positioning Compass at the forefront of retirement planning solutions.

Challenges Faced

As Compass Retirement Solutions experienced rapid growth, they encountered several operational hurdles. The expanding client base significantly increased administrative demands, stretching team capacity and challenging service quality maintenance. Key personnel found themselves bogged down with administrative tasks, detracting from core advisory services.

Talent acquisition posed another challenge, with difficulties in finding skilled professionals for specialized financial tasks locally. This was further complicated by the need to balance staffing requirements with budget constraints.

Moreover, Compass faced the prospect of integrating a remote workforce, particularly virtual assistants, into its established business model. Initial skepticism about this approach highlighted the need for an innovative solution that could address immediate operational needs while supporting long-term strategic growth.

Roles Onboarded

MyOutDesk was able to find critical talent for talent to relieve the administrative burden for Compass Retirement Solutions

  • Inside Sales Assistant(s)
  • Administrative Assistant(s)
  • Executive Assistant(s)

The Scaling Timeline

Q4 2019

1 ISA, 1 ADMIN HIRED

Compass Retirement Solutions needs assistance with handling leads, qualifying leads on weekends. Weekend lead follow up is eating up his advisors time and slowing down their ability to handle high value clients.

Q1 2020

1 ISA, 1 ADMIN HIRED

With successful implementation of the first 2 VAs, Compass Retirement Solutions is ready to onboard more and start growing their business with more aggressive lead follow up, email monitoring, and assistance to US Advisors.

Q2 2022

4 ADMINISTRATIVE VAs HIRED

With growing business comes more opportunities. Compass hires four more Administrative Assistants to help handle the workload and save his US team valuable time.

Results

Compass Retirement Solutions leverages MyOutDesk Virtual Assistants for prospecting as well as pre-qualification of prospects. This saves his team countless hours of work and lets them focus on their real job: advising qualified prospects ready to take advantage of their expertise.

Moments after a lead comes in, MyOutDesk VAs are on the phones qualifying the lead and booking time on advisors calendars.

For Compass Retirement Solutions, many objections that they originally had with Virtual Assistant Services were simply not relevant. In fact, they found that in general many VAs work harder than staff in the United States. As they settled into routine day to day operations more opportunities opened up for work to be done by Virtual Assistants rather than on-shore.

Experiencing MyOutDesk Virtual Assistants had another effect as well: Why not allow some US staff to work remotely in addition to staff overseas? Compass Retirement Solutions will be going national in the next few years thanks to the learnings provided by having Virtual Assistants as part of their team.

Between Q4 2019 and Q2 2022, MyOutDesk was able to add 8 Virtual Assistants and increase the average case size of Compass Retirement Solutions from 325,000 to 850,000.

+525k

Average Case Size

8

Virtual Assistants Hired