The program was unveiled at SFA's inaugural Administrative Education Conference in Atlanta, GA, and is centered around skills in areas including operations, communications and compliance.

Speaking to Family Wealth Report in a little more detail about the program, Clive Slovin explained that “administrative professionals” refers primarily to advisors’ administrative assistants, as well as other professionals with similar roles - such as office managers and/or client service associates.

Many of these professionals, particularly those who interact extensively with clients, hold securities licenses and registrations. They generally support one or more advisors in helping the business run smoothly, managing processing requirements for clients and the firm, as well as with record-keeping and other duties.

When asked what forces he thinks are contributing to the increasing complexity of the day-to-day running of advisory practices, Slovin highlighted how many investors are shouldering the responsibility for their retirement planning and trying to understand how global developments affect their financial plans.

“This growing complexity is reflected in our advisors’ operations...,” Slovin said. “Regulatory burdens on advisory practices add another element to these operational challenges.”

In many practices, administrative professionals have come to function as the de facto chief operating officer, and are therefore often viewed as key contributors to a firm's success, he said.

“In many cases, are being asked to assist with practices’ marketing activities, client service policies and implementation,” Slovin explained. “They are also being tasked with serving as the first line of defense in preventing financial abuse of elderly clients and monitoring cybersecurity safeguards.”

He added: “These professionals demonstrate a willingness every day to 'wear multiple hats,' taking on new challenges to suit their respective practices’ needs, and possess in-depth familiarity with the technology that supports advisors’ businesses.”

But they need a “centralized resource” of guidance on the various challenges they face in their practices. “They also need a forum to discuss these challenges with their peers, in order to identify best practices that can help them respond as effectively as possible to the expanding demands of their roles,” Slovin said.

Specifically, in the area of operations, the SFA's Administrative Education Program focuses on document processing and client onboarding, as well as on strengthening administrative professionals’ understanding of technology needs.

In communications, it aims to develop skills in client communication and retention, marketing, and driving positive results through all avenues of client contact.

In compliance, the program is designed to help administrative professionals keep all their actions within regulatory requirements and guidelines, as well as understand the process for efficiently acquiring approvals for transactions and client onboarding.

On top of regular webinars, conference calls and presentations on these topics from SFA subject matter experts, vendors and sponsors throughout the year, the program also facilitates the sharing of best practices among administrative professionals through in-person meetings.