3 ways we help clients who face a staffing dilemma

Working with an outsourced paraplanning company offers multi-adviser practices several benefits for cash flow, business growth and compliance.

One of the biggest benefits could be the flexibility that an outsourced company can provide. This is because we can move with the demands of your business, and can produce higher numbers of suitability reports or review letters as and when you need them.

This can be done at particularly busy times, or because your paraplanning team is below capacity and needs back-up to cope with the workload. Read on to discover three ways our flexibility helped clients ensure that suitability and the associated research were completed when staffing issues would have otherwise delayed them significantly.

staffing dilemma

  1. Dealing with quiet periods and holidays

Many of our clients rely on us to help fill in when their in-house paraplanners take annual leave. Ironically, that can mean we are even more busy during the quieter periods, when advisers and paraplanners typically go on holiday.

This was important for one client who had seen a significant increase in business just as key members of their paraplanning team were due to be on holiday. This would have resulted in the cases being delayed, which could have been an issue as several pieces of business needed to be written in a timely manner.

As we expect to be busier during “holiday season”, we could help. Because of our ability to take on the workload for the client, the suitability letters were produced and the presentation meetings conducted without delay.

  1. Providing much-needed support when staff leave

A common issue facing paraplanning is the way it is seen as a stepping stone to becoming an adviser.

All too often this results in members of an in-house paraplanning team leaving to join a rival company as an adviser, or switching roles within the practice to become one.

Either way, the result can be the same for multi-adviser companies with a paraplanning team: a high turnover of paraplanning staff that could leave the team below capacity for extended periods of time.

Read more about why paraplanning should be considered a profession in its own right in our recent blog.

One client faced this issue when a team member left at a busy time, which could have delayed key pieces of business being written. In the worst-case scenario, it could have resulted in particularly important business being lost.

This was because the end client was keen to make investments as quickly as possible, and a delay in the production of the suitability letter could have resulted in them going to another financial planner.

As the letter and associated reports were produced without delay, this was avoided.

  1. Taking up slack during busy periods

One client has recently had an unusual staffing situation we could help with.

Because of the acquisition of several practices, they faced a major challenge. There was a severe backlog of business waiting to be written due to staff attrition and holidays, as well as outdated back-office systems in the companies they had purchased.

While the systems were being updated, our client was still faced with an in-house paraplanning team who were struggling with the workload.

They contacted us recently to explain their predicament, and our team of 13 paraplanners were able to help. This was important to our client, as their recent purchases of adviser companies meant a delay in business could have had dire consequences for them financially.

We have now all but cleared the backlog, which, in some cases, went back months.

This highlights how an outsourced paraplanning team can adapt to workflows and help your company if you have a sudden increase of business that could be delayed without additional input.


Get in touch

If you would like to discuss how your business could benefit from outsourcing its review letters, please click here to contact us, or call on 01472 728 030.