Paraplanning Zooming through 2020
In a previous blog by our Managing Director, he discussed how he was first introduced to dedicated technically qualified paraplanning support over 24 years ago whilst working as a financial planner at the accountants PwC. Once encountered he was forever hooked!
He found that the biggest benefit of having dedicated paraplanning support was to release him from the need to write notes and complete a fact find whilst also exploring the clients’ financial planning needs. With a paraplanner present, he was free to focus on the client and then have someone to discuss the financial planning needs and potential ideas with later.
24 years on many advisers still do not have dedicated paraplanning support and many still view it as a ‘report writing’ service. Whilst it is useful to have the report writing duties removed from the life of a financial planner, we believe this is only scratching the surface of the benefit of having a paraplanner present in a meeting.
At Paraplanning Hub we have always encouraged our advisers to have an open dialogue with their dedicated paraplanner and include them in the advice and solution process. We also encourage the use of freely available tech like Zoom video meeting software to allow their dedicated paraplanner to be present at the main initial planning meetings with new clients. What we did not expect at the beginning of 2020 was for video meetings to become the ONLY choice for face to face contact!
We now believe video conferencing is the way forward and many will not return to face to face meetings with many of their clients. We still do not believe advisers are getting the best out of this technology.
For example, it is very straight forward for the paraplanner to view, participate and take notes during the meeting leaving the adviser free to focus on the client’s words and body language. As well as freeing up the adviser this brings further advantages including the ability for the paraplanner to have better knowledge and understanding of the client when constructing the file as well as participate in the formulation of a financial plan.
Firstly, the administrator will set up the meeting, co-ordinating diaries between you, your paraplanner and the client, sending out all attendance information and ensuring there will be no technology hitches on the day.
A 15-minute pre-meeting catch-up with your paraplanner, to agree the key objectives for the meeting.
Your paraplanner attends the meeting, being as involved as you require, and takes full meeting notes.
A follow-up debrief, agreeing next steps.
Your client records are updated, plus meeting notes uploaded, by the administrator.
Once you agree the meeting notes, the paraplanner will then begin the research and suitability process on your behalf.
As this service is included as standard in both of our offerings and the time savings it offers we really encourage you to take advantage of this.
Is your paraplanning Zooming through 2020?