Paraplanners

There are a number of benefits to employing a paraplanner. The main overall benefit is that they give back client facing time to the adviser. If a paraplanner is integrated into the client relationship he can assist in meeting a number of objectives. He will over and above carrying out technical research and writing suitability reports: 1. Bring his technical knowledge to the table and work as a team with the adviser to come up with the most effective planning solutions for the client. 2. Look for planning opportunities in the client portfolio 3. Manage the client bank to ensure service levels are met. 4. Help businesses to retain clients. If the client has been working with a team they are less likely to move if the adviser leaves. The adviser/paraplanner relationship must be managed carefully however to ensure quality of advice; tight processes and effective communication are key to this. For the ‘New Model Adviser’ employing a paraplanner makes good business sense, freeing up the adviser to present the advice and generate income for the business.

Posted by: Morven Grierson