Outsourcing your paraplanning needs: a simple guide

Written By Andrew Ford

You have many options when it comes to getting your Paraplanning needs sorted out. You can choose to do this yourself in-house or have it outsourced to a specialized Paraplanning firm, which would comprise of well-trained / experienced Paraplanners.

Having your Paraplanning needs outsourced to a specialist could result in multiple benefits to you. A few being; This would save you a significant amount in operational costs, save you a chunk of time and provide you with a fully compliant advice document. 

Let’s look into those benefits a bit further. If you were to carry these out in-house, you would have to spend time looking out for a suitable candidate to fill the role of a Paraplanner. Once obtained, you will have to provide the employee with training in order to bring them up to par with the licensee’s standards in terms of compliance and so on. The employee will have to be provided with office space and relevant technological resources, such as a laptop or PC. Further to this, you will have to factor in leave requested by the employee and mandatory holidays. All of these things mentioned wouldn’t be of concern to you if your Paraplanning needs were outsourced.

When outsourcing, you will have further options to choose from to suit your needs. You will have the option of choosing a dedicated Paraplanner or have your requests charged on a transactional basis.

A dedicated Paraplanner will act as your very own employee. However, the training and remuneration will be handled by the outsourcing company. Having your requests charged on a transactional basis simply means that you will only pay for the requests prepared by the Paraplanner.

Which model you choose, completely depends on your workflow. If you as an adviser has a steady line of SoA’s that needs to be prepared on a weekly basis, the dedicated model would be the best fit for you as this will be more cost effective, and having an individual dedicated to you will ensure a tailored document prepared to your preferences. 

Under the transactional model, you will not have to worry about managing your workflow as this will be handled by the Paraplanning firm.

Please don’t hesitate to contact us for further queries on how you should manage your Paraplanning needs.

Andrew Ford
Marketing expert Andrew Ford, the founder of Social Star, has discovered the secret of ‘Powerful Branding’. With a fire for unleashing people’s inner brand and developing business models to generate profit from an individual’s passions, Andrew leverages ground-breaking digital and social media marketing techniques to create digital strategies for clients to attract maximum opportunities. Having established a strong name for himself in the field, Andrew blends traditional business techniques with now-necessary tools for entrepreneurs to achieve scale, quality, and influence in their niche. Andrew’s comprehensive business background and qualifications consist of a Bachelor of Business (Marketing) (RMIT 2003), a Graduate Certificate in Management (MBA Executive Program, University of Sydney 2005), and a Masters of Entrepreneurship and Innovation (Swinburne University 2011). Continually on the cutting edge of his own education, Andrew has tested his marketing theories in forums such as the BCG Business Strategy Competition, which he won in 2005 against all Victorian MBA schools, and the Venture Cup Business Plan Competition (Swinburne University 2003), which he won in the Masters category. With experience working at Hewlett-Packard, Sensis (Telstra) and IBM, Andrew also has mentored dozens of junior staffs to help them achieve their professional goals. Meeting and influencing high-profile public figures helped Andrew to realise just how many professionals require more understanding and control of their public brands or appearance, and need help with the skills to use the many amazing free tools at their disposal to generate success. At Social Star, Andrew consults with clients to uncover their personal brand – both where it is today and where it can be tomorrow – and refine and define how that should be displayed in social media in order to attract their perfect target audience. Andrew mentors his clients to rapidly grow their business’ audiences, resulting in larger potential client bases and higher revenue. Applying formulas that integrate over twenty years of Andrew’s business experience and fifteen years of formal business education, Social Star specialises in building clarity and velocity for clients’ brands using the ‘Understand, Build and Leverage’ methodology. ‘Having a Personal Business enables people to have an authentic, congruent connection with their valued clients and partners, using their brand as the bridge,’ says Andrew. ‘I’m highly driven to work with the new breed of entrepreneurs and small business owners – people who have a passion for making the world a better place. Traditional business models are stepping aside as people follow their innermost dreams and my role is to see them operate within their values while creating wealth. Some people think you have to sacrifice what you love to be successful in your business, yet it is actually the opposite. Follow your passion and success will come.’ Lecturing at Swinburne University from 2009 to 2011 on brand dynamics and digital marketing, presenting at numerous conferences, and consulting to hundreds of clients, Andrew has seen his philosophy work that if you follow your unique path, based on your skills, experience, values and goals, you will automatically attract the opportunities you desire and achieve the success you deserve. Living his mantra, Andrew has created a successful business and attracts high-profile clients including musicians, athletes, authors, models, entrepreneurs, professionals and small business owners, helping them find their ‘why’ in their business and fulfilment in their lives. Business for Andrew is more than work, it’s personal. Running a personal business means that he is able to fulfil all of his values rather than separating his life from work. It supports his two boys while providing social opportunities, educational development, fitness opportunities, spiritual fulfilment and many valuable friendships. Social Star has now become the vehicle for Andrew to crystallise his mission in the world, to help people love what they do, supporting his ‘why’, that if more people loved what they did, the world would be a better place.
http://www.andrewford.com.au/
Previous

How to create a great lifestyle business for Financial Planners