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IFA Industry News
Understanding the Role of Paraplanning in Delivering Quality Financial Advice

Understanding the Role of Paraplanning in Delivering Quality Financial Advice

Being a successful financial adviser requires exceptional attention to detail and a deep understanding of compliance. But as a one-person business, the challenge of managing every task can be very overwhelming.

Fortunately, there's a solution that can help: a paraplanner. In this blog, we'll explore how a paraplanner can help you offload your responsibilities and provide your clients with the best service possible, so you can focus on what really matters - growing your business.

What is Paraplanning?

Paraplanning is a specialised service that provides financial advisers and specialists with a trusted, professional way to divide their workload. Paraplanners are highly qualified professionals who take on a range of higher-end finance-related tasks, saving you the time necessary to focus on client-facing activities.

The benefits of Paraplanning

Why hire a paraplanner? One of the most significant benefits of outsourcing the 'back end' work in financial advice is the time and space it gives you to focus on your clients. Not only does this help you to improve satisfaction, but it also leads to more thorough and high-quality work with less risk of errors. A paraplanner can help support you through one of the most time-consuming parts of financial advice services, giving you the freedom to build your client base and provide a comprehensive service.

The Paraplanning Process

As professionals working behind the scenes within your business, paraplanners largely go unseen when it comes to client-facing activities. However, a strong line of communication between yourself and your paraplanner is essential for meeting your client's needs and goals, even if your client doesn't actively see this process at work.

Skills and qualifications for successful paraplanning

Paraplanners use analytical skills in their everyday work and require a strong attention to detail and in-depth subject knowledge to deliver the results you need for your clients. As a role that requires excellent precision and understanding of financial planning software, an ideal paraplanner is a person with good technical skills, is highly organised and can work effectively between multiple clients based on your schedule and goals.

The future of paraplanning

Paraplanning services are increasingly in-demand within the financial advice industry as more and more businesses recognise the benefits of hiring for this specialised service. As paraplanning becomes more mainstream, technological advancements will streamline their processes, enabling financial advisers to access reliable information to support financial planning more quickly than ever before, improving client satisfaction.

Choosing the right paraplanner for the job

How do you pick the right paraplanner? Starting by researching their experience and skills can help you to find a specialist who is suited to your business requirements. In many cases, outsourcing to an experienced professional gives you the most benefit, with none of the building up and onboarding required for hiring in-house

Specialist outsourced paraplanning services

If you want to save time and enhance the quality of your financial advice, paraplanning is the best place to start. To find out more about how we can help you with specialist outsourced paraplanning, get in touch with our team at facilit8 today.

Take the first step towards building a thriving and
stress-free financial advisory business

Book a call with the facilit8 team today

Telephone: 01656 507398