Paraplanning – How To Make Outsourcing Work For Your Business?

Financial Planning companies have more options than ever to choose the best solution for their business. There are many paraplanning services available in the marketplace.

Many businesses looking to outsource may do so solely to save money on overheads and staffing costs. The outsourcing function can bring many other benefits, which is why there needs to be more discussion.

There are several ways that businesses can ensure that outsourcing arrangements work best for them, whether they are considering or already using a paraplanning service. These are:

  1. Determine The Support You Need

Contrary to popular belief, there are many ways a business could make outsourcing work for them. These are:

  • Paraplanning services can be outsourced to replace an in-house team member.
  • Outsourcing paraplanning services to create technical advice documents. However, the company chooses to keep the SOA preparation functions in-house.
  • Outsourced paraplanning services can be used to manage staff sick leave or overflow periods.
  • An outsourced paraplanning company completes a range of SoAs. These SoAs can be used as training and reference tools.
  1. To Get Things Done Right, Spend Time At The Beginning

We have spoken with advisers who are disillusioned with outsourcing paraplanning services. They claim that it takes them more time to review and correct the advice than if they had done it themselves. This concern indicates that the outsourcing paraplanning service needed more time to get to know the business and the advice style.

Paraplanning support is easy to set up, but both parties must take the time to get to know each other’s business processes. Paraplanning companies should review the most recent SoAs, templates, and compliance guides and should be discussing your preferences and format with you.

  1. Incorporate The Paraplanning Service Provider Outsourced Into Your Team

It doesn’t matter if the paraplanning service provider is not physically located in your office. However, it pays to consider them and include them in your team.

It is essential to keep in touch with your paraplanner, whether they are located within your company or outside. This level of interaction can help build a stronger relationship with your paraplanner and allow them to understand your business better.

  1. Check Out Your Existing Processes & Templates

Outsourced paraplanning services can be a great help to you from the beginning. They will design or rework templates keeping your licensee requirements in view, create standard advice texts and increase efficiency in your work processes.

Outsourced paraplanning services are experts in creating Statements of Advice. They work with many different dealer groups and advice practices. Although they are bound by confidentiality and privacy agreements, they can provide an overview of how business advice documents could be improved.

  1. Regularly Review The Service

Regular review of the service is an essential step to establishing a good relationship with an outsourcing paraplanning service provider. This will allow you to assess the performance of the service and identify areas for improvement.

The service is a partnership. It is in the best interests of both parties to create a smooth and efficient process. Externally, it is crucial to maintain the service’s quality and timeliness.

  1. Outsource Paraplanning Service Can Provide Training For Internal Staff

Your paraplanners or support staff would benefit from additional training and support. If this is not possible, you can hire an outsourcing PJM Paraplanning service provider to offer tailored training solutions to existing and new staff.

Some companies offer general and customised training and development programs in arrears, such as paraplanning Induction Training, SOA production tips, efficiency tips, time and workflow management skills, financial planning tools, and SOA wizards.


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