Paraplanner is a title that implies that financial planners have a less important role than paralegals. Paraplanners can be a valuable part of financial planning, making them more accessible and cost-effective.
As financial professionals and planners, your job is to talk with clients and develop strategies and ideas that can help them achieve their goals.
Paraplanners can also be found on the other side. They can ensure that your financial strategy is technically sound enough to withstand any complaint or investigation and help you be more productive.
Paraplanners who have gained more experience and knowledge can now move on to become advisers; this will probably mean that your remaining paraplanners won’t be as experienced. This could increase the chance of missing key compliance points, making it harder to produce suitability documents and increasing the cost of the company’s time and recruiting costs.
Find out three ways paraplanning could benefit you as a financial professional.
- Reduce Financial Planning Business Costs
We see paraplanners being hired by financial professionals all the time. Your company may use Paraplanning Services to hire trainee planners.
As the paraplanners become financial professionals, they must be replaced and trained. Both are costly and time-consuming.
This could be solved by recognizing paraplanning as a professional career within your organisation. Instead of having high turnover among paraplanning employees, you could give them a structured career path. This would offer job security, professional advancement, and consistent, high-quality business support.
These outcomes can be achieved by outsourcing your paraplanning.
Recently, one of our clients informed us that they had decided not to recruit paraplanners anymore because they don’t want to pay for their recruitment costs.
Because we work with businesses that can create long-term relationships and eliminate the need to rehire, this issue is not a problem.
- Get Consistent, High-Performance Results For Your Business
Paraplanning is a tool to help colleagues transition into financial planner positions.
This is because it takes out the paraplanners who understand the technical aspects of financial planning and leaves it to their less experienced and less knowledgeable colleagues.
This can increase the risk of a mistake being committed or a critical point being overlooked because of inexperience. In turn, your business may suffer from lacklustre technical support.
Paraplanners, such as Paraplanning Hub, have high levels of knowledge and experience. This will ensure that you get consistent quality advice and support.
- Paraplanners May Be a Great Addition To Your Financial Planning Team
Paraplanners should be considered professionals. This means financial planners may view them as part of the advice team. You can also outsource paraplanning services.
You and your company can reap the benefits of this by inviting paraplanners into client meetings.
Paraplanners make technical notes, while financial planners focus on building relationships with clients.
The client will appreciate that the paraplanner can point out key points, nuances, and details during the conversation. Therefore, the suitability note will be in sync with his wishes.
It is possible to have a post-meeting conversation with the financial planning professional. The conversations are shorter as the paraplanner understands the client’s goals and motivations and the strategy of the financial planners. This makes the transition between the initial meeting with the presentation meeting much more manageable.