Who do you trust enough to delegate paraplanning responsibilities to?

Outsourced paraplanning – in simple terms ‘paraplanning’ is a function that every financial adviser is responsible for, given that they are the one who has given the financial advice. Many financial advisers have taken the decision to delegate this function to a ‘paraplanner’, either in-house or outsourced.

Delegating the ‘paraplanning’ function has many benefits to a financial adviser, not least they can spend more time with their clients. It is important to clarify, however, that the financial adviser is still personally responsible for evidencing suitability. Consequently, choosing the right person to delegate this task to, is very important.

‘Paraplanning’ has many variations and requirements and it’s not just about the written suitability report (although this is an important part).

For an advice file to be suitable the following should be considered:- ..Continue Reading.