Financial Services Niche? - Virtual Assistant Forums

VASandy · #1 (**permalink**) 04-28-2008

Hi,

I was wondering if anyone here specializes in the financial service industry? If so, do you know if you need a license or certification to work in the industry? I currently work at a financial advisory firm and I don't need anything but I'm wondering if its different when I start my VA business?

Thanks,
Sandy

bfergi · #2 (**permalink**) 04-28-2008

I wouldn't think so, as long as you can show the experience and expertise. I mean you can't say you are a CPA if you aren't.

Another Financial question though....
I saw a few VAs websites in my research that stated full bookkeeping services...how do you pay another businesses bills? Do you just tell them what check to write or what? Seemed kinda confusing to me and I was curious about the liability of such work. I have AP/AR and collections experience but not sure if I want to do this kinda work as a VA if it is going to make me have to stick my neck out financially for another company.

The answer is probably going to be one of those things where I have to slap myself on the forehead for not realizing it myself.

~Brandy

Rebecka Melson · #3 (**permalink**) 04-28-2008

Originally Posted by VASandy

Hi,

I was wondering if anyone here specializes in the financial service industry? If so, do you know if you need a license or certification to work in the industry? I currently work at a financial advisory firm and I don't need anything but I'm wondering if its different when I start my VA business?

Thanks,
Sandy

In what capacity? I work in some areas of financial services.

Rebecka Melson · #4 (**permalink**) 04-28-2008

Originally Posted by bfergi

I wouldn't think so, as long as you can show the experience and expertise. I mean you can't say you are a CPA if you aren't.

Another Financial question though....
I saw a few VAs websites in my research that stated full bookkeeping services...how do you pay another businesses bills? Do you just tell them what check to write or what? Seemed kinda confusing to me and I was curious about the liability of such work. I have AP/AR and collections experience but not sure if I want to do this kinda work as a VA if it is going to make me have to stick my neck out financially for another company.

The answer is probably going to be one of those things where I have to slap myself on the forehead for not realizing it myself.

~Brandy

I do full charge bookkeeping. I prefer not to handle clients checks. My preferred method is by using remote access. Normally I set them up in QuickBooks and have them order printable checks. I can then go into their system and select which bills they need to pay so that all the client has to do is go into QuickBooks and print the checks, sign and mail them. If they don't use printable checks then I enter the checks and then go in and fill in the check number and the date they wrote the check.

Some like to use online bill pay. In this case I send them over an A/P report showing outstanding bills, they circle and initial the bills they want me to pay and then I go online and pay them and then record them in QuickBooks. I NEVER pay a bill without prior WRITTEN approval.

VBP · #5 (**permalink**) 04-28-2008

Originally Posted by VASandy

Hi,

I was wondering if anyone here specializes in the financial service industry? If so, do you know if you need a license or certification to work in the industry? I currently work at a financial advisory firm and I don't need anything but I'm wondering if its different when I start my VA business?

Thanks,
Sandy

I specialize in that area. What type of work do you do at the company that you work for?

VASandy · #6 (**permalink**) 04-28-2008

Hi Rebecka and Doreen,

At my job, I manage their Advent Axys database - posting data, reconciliation, client reporting ,etc. I figured that after I get certified in the software, I would offer this skill as my starting point to gain my first few clients. I'm still researching what other services are needed that I could offer virtually.

EmbracingLife · #7 (**permalink**) 04-28-2008

When you say financial service industry.. it made me think of brokers, those that take my money for investments. One I networked with works with Wachovia. These places like Charles Schwab and such have such huge regulations, that I don't even bother. While they are not franchises, independent owners, it's too much of an ordeal to be able to offer assistance. I may be going the wrong way, but just my $.02

bfergi · #8 (**permalink**) 04-29-2008

Originally Posted by Rebecka

I do full charge bookkeeping. I prefer not to handle clients checks. My preferred method is by using remote access. Normally I set them up in QuickBooks and have them order printable checks. I can then go into their system and select which bills they need to pay so that all the client has to do is go into QuickBooks and print the checks, sign and mail them. If they don't use printable checks then I enter the checks and then go in and fill in the check number and the date they wrote the check.

Some like to use online bill pay. In this case I send them over an A/P report showing outstanding bills, they circle and initial the bills they want me to pay and then I go online and pay them and then record them in QuickBooks. I NEVER pay a bill without prior WRITTEN approval.

Thanks, this explains it the virtual bookkeeping to me. How much does Quick Books run? I have Quicken 2005 that I use for my home finances and my computer came with MS Accounting (which I have dabbled in but still learning). Is QuickBooks the most common that clients use?

Although the billpay method you explained works for me. Makes sense and gives you some fall back if they say they didn't authorize a payment or such. How about deposits? Do you accept deposits for them?

THanks,
Brandy

VagabondetteVA · #9 (**permalink**) 04-29-2008

My first marketing campaign will go out to members of the financial services community - particularly to Independent Financial Advisers and the moving on to CPAs, EAs and other independent financial pros.

I'm a Financial Planner so I know the kinds of documents/reports they need to provide to clients - and how long it takes to prepare them. That'll be my first focus.

I won't need licensing for anything that I'll be doing

VBP · #10 (**permalink**) 04-29-2008

Originally Posted by VagabondetteVA

My first marketing campaign will go out to members of the financial services community - particularly to Independent Financial Advisers and the moving on to CPAs, EAs and other independent financial pros.

I'm a Financial Planner so I know the kinds of documents/reports they need to provide to clients - and how long it takes to prepare them. That'll be my first focus.

I won't need licensing for anything that I'll be doing

I had thought about becoming a Para Planner and being certified through the College for Financial Planning. There is a definite demand in this area and with your knowledge and background, you will no doubt be able to ascertain the needs that they have.

When I was researching the industry, I surveyed a bunch of independent agents in the north east part of the US and the general consensus was that if an assistant had knowledge or previous experience int he industry, that was an added plus. They were not inclined to want to reinvent the wheel and provide fundamental training etc.

VagabondetteVA · #11 (**permalink**) 04-29-2008

Originally Posted by VBP

the general consensus was that if an assistant had knowledge or previous experience int he industry, that was an added plus. They were not inclined to want to reinvent the wheel and provide fundamental training etc.

That's my experience as well. I've worked for 5+ years in the investment/planning industry as an independent adviser as well as working for a "big name" mutual fund company. I think I can provide a lot of experience that would help a lot.

Thanks for the support!

Rebecka Melson · #12 (**permalink**) 04-30-2008

Originally Posted by bfergi

Thanks, this explains it the virtual bookkeeping to me. How much does Quick Books run? I have Quicken 2005 that I use for my home finances and my computer came with MS Accounting (which I have dabbled in but still learning). Is QuickBooks the most common that clients use?

Although the billpay method you explained works for me. Makes sense and gives you some fall back if they say they didn't authorize a payment or such. How about deposits? Do you accept deposits for them?

THanks,
Brandy

QuickBooks will be one of the most common programs used. I wouldn't buy it until you need it though. I have it and do use it for clients, but must of my clients have different versions so I access them via remote.

I do not accept deposits. The client deposits their income and then sends me copies to record.

Gems Virtual Office · #13 (**permalink**) 04-30-2008

You should never except deposits for anyone. Right now there alot of scams going on where they want you to cash checks, take out your percentage and then forward the balance to them.......don't even think about doing something like this.

As Rebecka said....have them make any deposits and then just send you the copies to record.

bfergi · #14 (**permalink**) 04-30-2008

Originally Posted by debs5

You should never except deposits for anyone. Right now there alot of scams going on where they want you to cash checks, take out your percentage and then forward the balance to them.......don't even think about doing something like this.

As Rebecka said....have them make any deposits and then just send you the copies to record.

I was thinking about scams, that is what prompted me to ask the question. Well back to figuring the services I will offer. That seems to be my hard spot.

~Brandy