Paraplanning services Australia is the future of financial advice

Posted by Rajiv Partap Singh on May 8th, 2018

Paraplanning is a specialized service and independent financial adviser needs to concentrate on their competencies and offer service accordingly. It does not matter whether the adviser is having expertise in building client rapport or deliver complex and innovative solutions to financial planning conundrums, or even if they are having the unique capability of offering comprehensive explanations of difficult and technically challenging concepts, It is not a mandate to become an expert paraplanner.

Outsource paraplanning services Australia can help you by shouldering the responsibility and ownership of time-consuming tasks that are difficult to comprehend on the part of a financial adviser. Most financial advisers will acknowledge that the disposal of a professional paraplanner renders much convenience.  One needs to understand the term professional in this context. It refers to an individual who has chosen paraplanning as a career. Moreover, they do not have any inclination towards becoming an administrative assistant or a trainee financial adviser.

A qualified paraplanner can help in efficiently dealing with routine paper works, administrative chores giving the financial adviser to attend important affairs for the time being.  Hence, the IFA should only be concerned with making informed decisions in relation to business structuring and incorporating a professional paraplanner.

One can choose from the following three alternatives:

Employing a full time professional: One can hire a dedicated paraplanning specialist under the payroll of the company and offer salary and perks. In this regard, mention could be made to pension, temp cover, health care, pay for holidays. Other benefits can include inductions and training, phone line, and computer system.  

One may consider using administrative assistants for the post. Even if they are not having the qualifications or skill sets.  Else, consideration can be given to the provision of allowing every trainee adviser to work as a paraplanner for a brief period of six to twelve months. You may replace them with new ones as they grow to become a valuable member of the administrative team.

The best way forward is to outsource paraplanning tasks to third-party service providers. Hiring a dedicated and professional paraplanner can offer several benefits. You need to give emphasis to hire one that has a chartered financial planner capable of writing reports, recommendations, and scrutinize them.

To put in a jest, outsourcing paraplanning work can render multiple benefits. These could be experienced in the form of consistency, cost savings, professionalism, and time efficiency.  In addition, you can have the flexibility of several hiring options. You can choose to pay on a per case basis that will be saving humongous overheads of full-time employees.