A third-party paraplanner is a professional who provides support to financial planners. They work with financial advisors and planners to create SOAs, as well as offer other financial planning services. If you are looking for help managing your clients, it might be worth considering working with a paraplanner.
What is a Paraplanner?
A paraplanner is a professional who works with financial planners to provide support. They specialise in SOAs, which are Statements of Advice that help clients understand their investment choices and how they fit into the overall financial plan. In addition to creating SOAs, paraplanners also offer other services such as research, data analysis, and report writing.
What Does a Third-Party Paraplanner Do?
Third-party paraplanners provide independent advice and services to financial planners. This means that they are not employed by the planner and have no vested interest in recommending particular products or strategies. Instead, they can focus on providing objective advice to the client based on their needs and circumstances. If not, it could be a simple case of compiling SOAs for planners.
Financial paraplanning with TNW Solutions and others can include creating Statements of Advice (SOAs). These documents outline recommended investments and strategies to help clients reach their financial goals. Paraplanners are responsible for researching, analysing, and presenting appropriate investments that meet the client’s needs; they must also ensure all relevant regulations and laws are adhered to.
The paraplanner may also work with the client and their adviser to review existing investments and develop strategies for improvement. They will often use sophisticated software programs to compile data, create reports and graphs, analyse financial statements, and draw up comparisons between products from different providers.
A third-party paraplanner can offer peace of mind to a client, as they are independent of the adviser and will not be influenced by any vested interests. They can provide an impartial opinion, ensuring that the client is presented with the best possible advice.
Benefits of Paraplanners for Advisors
Why would a financial adviser hire a paraplanner? For one, it can free up time for the adviser to focus on client-focused activities such as developing relationships and providing advice rather than spending hours preparing paperwork. A paraplanner can also provide specialised expertise and knowledge in areas where the adviser may not have enough experience or resources.
As they can often work remotely, paraplanners can provide a cost-effective solution for financial advisors that don’t have the budget to hire additional staff. Finally, having an external paraplanner ensures that all client advice is up-to-date and accurate, providing additional peace of mind.
For advisors, the biggest point is the saved time. A paraplanner can take on the bulk of the research and paperwork, freeing up advisors to focus on other aspects of their job. This means that client meetings are more efficient and beneficial, allowing time for activities such as developing relationships and providing advice rather than spending hours preparing paperwork.
Overall, a third-party paraplanner is an invaluable asset for advisors, allowing them to focus their time on the aspects of their job that matter most. They provide an efficient and cost-effective way to provide comprehensive financial advice while ensuring client satisfaction. For any advisor looking to make their practice more successful, having a paraplanner as part of their team is worth considering.
When looking for services, it is important to find an experienced and reputable third-party paraplanner who understands the nuances of financial advice. They should have a good track record and a deep knowledge of the industry. Furthermore, they should be sensitive to the needs of clients and work in line with your financial planning philosophy!
