The fact that just 8% of Paraplanning is done by outside parties may surprise some. One of the reasons for this is that many smaller financial practices make use of outsourced services to save time and free up more of their resources for focusing on business and marketing writing.
Find out how your in-house team might profit in five ways from working with a paraplanning team that is outsourced.
1. Utilising Outsourcing Allows For The Acquisition Of Specialised Expertise
It is not uncommon for outsourced paraplanners to possess a remarkable degree of experience and expertise, which many advisory firms may have difficulty finding inside their practice.
At PJM Paraplanning, for instance, we have two Chartered-level managers and other highly experienced staff members who are always available to address complex issues or queries.
The best part is that this does not come with the additional expenditure of paying for an expert paraplanner who possesses specialised knowledge and may demand a big compensation.
2. Insurance For Vacations And Illnesses Is Never A Problem
You will never need to be concerned about in-house team members taking time off during a hectic period, covering sick days, or leaving the company. Regardless of the level of difficulty of the situation, the outsourced team is always ready to pick up the slack and ensure that the letters verifying appropriateness are issued without delay.
Because of this, you can continue writing the business rapidly and effectively.
3. We Protect Our Client’s Reputations By Providing Them With Consistent Feedback
We give frequent feedback to all of our customers about the quality of the information submitted to us and how it might be improved. For instance, if a customer sends us fact-finds lacking information, we communicate this to the client and explain why the information is necessary to complete the task.
Not only does this mean that subsequent letters will have a lower chance of being delayed as we hunt advisers for missing material, but it also means that your suggestions will have a better chance of standing up to a complaint.
4. The Quality Will, At The Very Least, Be Comparable To That Of An In-House Team
The majority of paraplanners consider their work to be a vocation. As a result, they take great satisfaction in maintaining their technical expertise to the highest possible level. Everyone here at PJM Paraplanning has a genuine passion for paraplanning, which is why our knowledge of compliance concerns is unparalleled.
This indicates that our appropriateness letters will always, at the very least, be on a level with those produced by your staff.
5. It Is Not Difficult To Find Qualified Paraplanners Or To Retain Them On Staff
One of the challenges many firms that provide financial advice confront is the perception that paraplanning might serve as a gateway into the financial advisory 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 anything like this were to happen to you and your company, the fact that you already have an outsourced Paraplanning Services team would save you from the worry of trying to find new employees as soon as possible. Not only may this save you money on expensive recruiting fees, but it could also keep you from making a hasty choice that you will later regret.
