What an exciting time to be working on contract paraplanning contracts! We're happy to say that we're getting a large number of advisers each day asking about how they can outsource their paraplanning. I can either see this as a compliment to our business or the building industry-wide acceptance of contract paraplanners working remotely in Australia. The trends that we're seeing are:
More pressure on Statement of Advice Turnaround Times
The increased pressure to deliver SoAs with a fast turnaround time has been great for our business. With a track record of 10 years of providing Statements of Advice in 5 business days, advisers love being able to get their "financial plan" delivered fast enough that the client remains engaged. Many dealer groups have been struggling to find on-site staff and provide training quickly and this has lead to many Australian financial advisers looking for Australian paraplanning services that can assist on a contract / freelance basis.
More transparency in fees required
It is no secret that our paraplanning service runs lean and this leads to us being able to provide close to the lowest fees in the industry. Advisers aren't paying for excessive administration staff, sales people and other costs. They just pay for experienced paraplanners, working from home or their office, delivering quality Statement of Advice reports. We don't hide our fees or charge for faster turnaround times and have loved adviser feedback on how this is good for their business.
Qualified paraplanners are a must!
All I keep hearing from advisers is that they have tried outsourcing paraplanning and it didn't go well. Almost always the key factor is under-qualified paraplanners completing SoAs that aren't compliant. I sleep better at night knowing that our paraplanners are qualified, have more than 4 years experience and are experts in Xplan, COIN, Midwinter, Visiplan, ANG and other software programs.
All in all, it's an exciting month for us as we rely on our systems, our referrals from existing advisers and the standards we have in place to keep building quality Statement of Advice documents. Thank you for the support and your valuable feedback!
Rich Peterson
Rich Peterson
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