Choosing a Contract Paraplanner
For this reason, you are able to search our site to find paraplanners based on:
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 History
Another way to assist you in choosing your paraplanner is to search based on 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.
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.
Software 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 task
Almost all paraplanning companies use the model of charging for SoAs on a per-plan basis. We allow each paraplanner to nominate their task rate to order to give additional options to cost-sensitive financial advisers.
Our paraplanners have standard turnaround times of between 3 and 7 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.