The fact that outside parties do only 8% of paraplanning may come as a surprise to some. One of the reasons for this is that much smaller financial practices use outsourced services to save time and free up more of their resources for focusing on business and marketing writing.
On the other hand, larger multi-advisor practices typically have their in-house paraplanning departments. Larger businesses and the in-house planning teams of those businesses may benefit from the use of outsourced Paraplanning companies.
Find out how your in-house team could benefit in five ways from working with a paraplanning team that is outsourced.
- Utilising Outsourcing Allows For The Acquisition Of Specialised Knowledge
It is common for outsourced paraplanners to have a degree of knowledge and expertise that many advice companies may find challenging to locate within their practice. For instance, paraplanners have highly qualified staff members on hand at all times to address any issues or questions, no matter how challenging. The best thing is that it will only add to your expenses by requiring you to pay for a skilled paraplanner who has specialised knowledge and may demand a high salary.
- Insurance For Vacations And Illnesses Is Never A Problem
You will never need to be concerned about members of the in-house team taking time off during a hectic period, covering sick days, or leaving the team. Regardless of the level of difficulty of the situation, the outsourced Paraplanning Services is always ready to pick up the slack and ensure that the letters verifying suitability are produced without delay. Because of this, you can continue writing the business quickly and effectively.
- Maintain Clients’ Reputations With Consistent Feedback
Paraplanners frequently share the quality of the information provided and suggestions for improvement. When a client sends incomplete fact-finding, a paraplanner will alert the client and explain why the information is required to finish the work. It also implies that your advice will have a better chance of withstanding a complaint. While a result, not only will subsequent letters be less likely to be delayed as they pursue advisers for missing information.
- The Quality Will Be Comparable To An In-House Team
Most paraplanners view their line of work as a career, and as a result, they take great pride in keeping their technical proficiency at the greatest level. One of the reasons why paraplanners have the best understanding of compliance-related difficulties is because they all genuinely love paraplanning. As a result, their suitability letters should be comparable to those written by the internal staff.
- Finding And Retaining Qualified Paraplanners Is Easy
One of the challenges that many firms that provide financial advice face are the perception that paraplanning can serve as a gateway into the financial advice industry. Because of this, there is a potential for a high team member turnover rate within in-house teams because paraplanners can eventually advance to the role of financial adviser. If something like this were to happen to you and your company, the fact that you already had an outsourced paraplanning team like PJM Paraplanning would relieve you of the stress of finding new employees as soon as possible. Not only could this save you money on expensive recruitment fees, but it could also keep you from making a hasty choice that you will regret later.
Conclusion
If you use a paraplanner for tasks other than providing suitability reports, your company will be able to produce more revenue while also maintaining its reputation.
