So, as we come to the last quarter of 2023, you might be thinking about the next 12 months and what working with outsourced paraplanners might mean for you and your business.
With this in mind we have highlighted five important points regarding how we believe we are the go to support to help Financial Planners deliver high quality bespoke financial planning outcomes for their clients in 2024.
Learn to collaborate with our experts and see them as a partner
While in the past paraplanners, or technical analysts as we call them, have largely been hidden from the client spotlight, they are, in the main, every bit as qualified and experienced as advisers to deliver a great client outcome. Involving a paraplanner in meetings also allows you to concentrate on your rapport while we take notes and are on hand to answer any tricky technical questions the client may have.
Having a paraplanner attend the meeting is all good in theory, but if your meetings are all conducted face to face this could be a logistical nightmare. Many advisers now do the next best thing and record meetings or include our paraplanners virtually by video link, as it can be so beneficial to hear the client in their own words. This gives us a clear mental picture of your client that we can use to develop a detailed summary of their circumstances and why a recommendation is right for them.
Top Tip: Recordings can sometimes be long and time consuming for the listener, so why not just record the last 30 mins of a meeting where you round up the meeting and briefly go back over the key points that have been discussed?
Our team use a wide and varied selection of back-office systems
By taking an impartial view of your administration and processes, we can identify ways to make your back-office systems more efficient and robust against an FCA check. Having a streamlined back-office system could also mean happier clients and potential recommendations that lead to new business.
Outsourced Paraplanners can provide specialist technical advice
Whether it’s for defined benefit (DB) pension transfers or long-term care, outsourced paraplanners typically provide specialist technical advice. If you have an in-house paraplanning team, choosing to also work with an outsourced provider enables you to swiftly access specialist information.
An outsourced paraplanner can also provide specialists who could join complex client meetings. This could improve your chances of securing the business, ensure the suitability report is as robust as possible, and ensure work is produced promptly.
Having a centralised system is essential
As we head into 2024, being able to demonstrate robust, repeatable and reliable processes is more important than ever thanks to consumer duty. It’s as important as being able to show your business is consistently providing excellent outcomes for clients and treating them fairly at all times.
Adopting a centralised retirement proposition (CRP), a centralised investment proposition (CIP) and a centralised advice framework (CAF) could help you do this. Our Managing Director Tony Slimmings has written white papers detailing all of the above.
Outsourcing support reduces staffing issues
As paraplanning is often seen as an entry point into financial advice, your business could struggle with a high turnover of in-house staff moving on to become financial advisers. An outsourced team means you won’t have the stress of recruiting new team members, nor will you need to worry about cases being dealt with when members of the team are off ill or on holiday.
Furthermore, you can always be assured that you will have access to high quality and professional outsourced paraplanners.
For us, report writers are individuals who’re fed client information by the adviser that is subsequently transposed into a standard template. This requires little input from the report writer and does little to influence the outcome. Paraplanners like us at We Complement are technical analysts, and as you can see, using a paraplanner for more than report writing could help you generate more business.
Ok, we are a little biased, but we do believe outsourced paraplanners can add a whole new dimension to your business and your client outcomes. If you would like to discuss any of the above points, or how we might help your business in 2023, contact us here or call on 01472 728 030