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We believe in giving advisers the best-suited paraplanner and tools in order to ensure their paraplanning is as streamlined and cost-effective as possible.
For this reason, when you get started with our service, we will select a paraplanner for your business based on:
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Making the Choice
Years of ExperienceThe range of experience for our contract paraplanners is from 2 years to 12 years. This indicates how long they have been completing Statement of Advice documents (or previously using Financial Plan templates). As well wanting a paraplanner with more experience, advisers have stated that they also want diversity of experience in their paraplanning staff.
Company Work HistoryAnother way to assist you in choosing your paraplanner is for us to look at their work history. If you are a MLC adviser, you would love to find an experienced paraplanner with experience working for someone in the MLC group. You may not mind if the paraplanner has worked for Apogee, Godfrey Pembroke or Garvan but you will need someone to know exact details, like how to compliantly complete the fee tables in the SoA.
Location (state)Some advisers prefer to meet their outsourced paraplanner initially or meet with their paraplanner once per week to discuss strategies for the coming week. By selecting the paraplanners location, these additional needs can be catered for.
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Software ExperienceSoftware experience is one of the key indicators of whether a contract paraplanner will be suited to your business. More than 90% of the contracts we establish use paraplanners with specific software experience. The predominant request we receive is for Xplan paraplanners but COIN paraplanners & Midwinter paraplanners are also popular.
Cost per hourAlmost all paraplanning companies use the model of charging for SoAs on a per-plan basis. We prefer to charge on a quoted hourly rate. In our experience, advisers can save up to 10% more as paraplanners become accustomed to templates and build further efficiencies into their process. We allow each paraplanner to nominate their hourly rate to order to give additional options to cost-sensitive financial advisers.
Turnaround TimeOur paraplanners have standard turnaround times of 4-5 business days. For most businesses, this is an improvement on their current arrangements and suits their need to ensure their client stays engaged in the financial planning process.
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