“Having previously worked for a financial adviser’s practice and now as an outsourced paraplanner, I know that there are many benefits for outsourced paraplanning.
Working on an outsourced basis, I believe, requires far greater knowledge and understanding of the industry as a whole. Why? Well generally, I feel an in-house paraplanner will focus on working on cases that are part of a centralised investment proposition or have had some sort of platform due diligence carried out, meaning you generally use the same providers and strategies regularly.
However, being outsourced allows us to work for a wide range of advisers up and down the country that specialise in all areas of financial advice. This means that on any given day we could be working on a case where a new SSAS is being set up, monies are being invested into VCT/EIS investments or dealing with defined benefit pensions, including running TVC reports and cash flow analysis. This would be in addition to your more standard mortgage, life cover, pension and investment cases.
This allows you to build up extensive knowledge and experience which advisers can find very helpful. I am often asked for my thoughts on their cases, even running them by me before they decide how they wish to proceed with the case/advice.
Given the knowledge and experience we hold, we are able to push back on advisers if we think there are issues with the case or if we feel the advice is unsuitable for the client. This could be invaluable to an adviser to help them get a third party perspective.
As we deal with so many providers, we are quick to find out the latest offerings or updates to products which can help advisers who maybe are not as aware of developments in the market.
Outsourcing can help to save advisers a lot of time, which they can use to see more clients (or spend more time on the golf course!) – due to us having a top-quality data gathering team, that can deal with providers and chase all the required information on cases from start to finish. Therefore, given the adviser provides sufficient information about the client, we can take care of the full process providing them with a suitability report at the end.”