Like most advisers, you may often find yourself pressed for time, with seemingly not enough hours in the day to effectively run your practice and position your business for growth. On average, advisers report spending just 60 percent of their time in client-facing activities, with the rest divided between administrative activities, investment management, and training/professional development, according to Cerulli Advisor Metrics.

But if you could choose, would you rather spend more time with clients, building stronger relationships and looking for opportunities to increase assets under management? Some advisers are doing just that by turning over the labor-intensive tasks of investment management — everything from establishing an asset allocation and implementing strategic portfolio decisions to providing risk management and ongoing oversight — to a third-party firm.

1. You solve capacity issues.

Dick Power, founder and owner of Power Plans