4 surprising reasons why seeing a paraplanner as a partner is good for business

The value of outsourced paraplanning companies is now probably more recognised than ever before. Paraplanning has gone from being a “nice to have” to an essential service, which most advice companies rely on to produce high-quality suitability letters.

Today, the title “paraplanner” probably hides many other roles that can help a financial practice save time and prosper. Gone are the days when paraplanner’s only responsibility was to write suitability letters.

Today they can help streamline back-office support and train your administrative team in making the business more robust against complaints. They can sit in on client meetings and provide specialist technical advice, often making outsourced paraplanners a valued partner to a multi-adviser business.

Read on to discover four ways working in partnership with an outsourced paraplanner could boost your business.

  1. Provide specialists who can help with complex cases

Outsourced paraplanners typically provide high-quality suitability letters for a range of financial products, including pensions, investments and protection products. That said, some can also provide specialist technical advice for more complex cases, such as DB pension transfers, long-term care or AIM investments for Business Relief.

While most multi-adviser practices will deal with more complex cases, some more regularly than others, having a specialist paraplanner on the team could be expensive. This is because their level of qualification and experience is likely to warrant a higher salary, which could be a significant drain on your business’s bottom line.

Besides the cost element of having a specialist, the company will also need to be providing a steady flow of complex cases, which may be difficult to achieve.

Working in partnership with outsourced paraplanners who have specialists in their team means businesses can assess the knowledge they need on an “as and when” basis. Whether they have two complex cases every month or every year, it doesn’t matter.

The specialist can also be on hand to join client meetings, helping provide key technical input while learning the client’s circumstances and why the recommendation is being made.

If you would like to learn more about the benefits of including paraplanners when you speak with clients, read our recent “4 powerful reasons why virtual paraplanners improve client meetings” blog.

why paraplanner as a partner is good for business

  1. Deal with the ebb and flow of your business

An outsourced paraplanning company is like a reserve team you can call on when you need to. This means that if you have an unexpectedly high number of cases, you can call on your paraplanning partner to step up.

Typically, you will not need to worry about a backlog being created and delays in presentation meetings and business being written. As long as your paraplanning partner has the manpower to cope, it will handle the extra workload and help you write the business in a timely fashion.

It’s not only when companies have a sudden influx of business though. The ability to help get cases through compliance in a timely manner could be vital if an advice company’s paraplanning team is below full capacity.

Whether this is because of holidays or members of the team leaving, a shortage of in-house paraplanners can be a headache that a partner can soothe.

  1. Help develop improved back-office systems

Outsourced paraplanners are typically so much more than producers of reports and suitability letters.

This is because paraplanners not only concentrate on technical expertise, but also on consistency and regulation. This means they can help advisers create systems within their business that help meet the standards expected by the regulator.

By working in partnership with the outsourced paraplanner, your company can develop streamlined systems that will reduce the time to process cases, while at the same time ensuring high standards.

This means business could be written more quickly and be better able to stand up to scrutiny by the FCA.

  1. Provide training that could help increase business

While this may come as a surprise, paraplanners can help train advisers in how to better use fact-finds. This could then help advisers identify areas where a client may need help, that might have otherwise been missed.

As well as increasing the business potential of an adviser, it could also mean the recommendations they make are safer. This reduces the chances of a complaint being upheld by the FCA.

If you would like to learn how providing training could help your company write more business, read our recent blog.


Get in touch

While it may not always be obvious, professional paraplanners represent real value thanks to the support they provide, especially when they work in partnership with advice businesses. If you would like to learn more about how we could work hand in hand with your company to help it thrive, please contact us online or call on 01472 728 030.