Paraplanning Could Be A Powerful Profession That Can Help Financial Professionals


Paraplanners are often referred to as “paralegals” in the legal world. This implies that their role is less important than financial planners. Paraplanners are essential in financial planning. They can help make financial planning more efficient and less costly.

As financial planners and financial professionals, you will be the ones who meet with clients to create the strategies and ideas that help them reach their goals.

Paraplanners are on the other end of the financial advice coin. They play a crucial role in ensuring that your strategy is strong enough to withstand any investigation or complaint. Paraplanning can be seen as a way to get into professional financial planning, which is one of the greatest challenges.

Paraplanners often start their careers by doing much of the technical legwork for the partner of a law office.

Paraplanning Services can be seen as a step-stone for financial planning professionals. This can lead to high turnover, which can hurt the performance of your paraplanning team.

The paraplanners in your team may have less experience if they are more experienced paraplanners. This could lead to missed crucial compliance points and suitability reports taking longer to prepare, which can increase company costs in terms of time and recruiting costs.

Financial planners who see it as a career can reap significant benefits for their company and themselves.

Continue reading to learn three benefits of paraplanning for financial professionals.

1. Financial Planning Companies Can Reduce Costs

Financial professionals often spend money on paraplanners. Paraplanning is a way to recruit trainee planners, as we have already explained.

As paraplanners move up to become financial professionals, replacing them and possibly training them is necessary. Both of these costs can be costly in time and money.

Paraplanning could be viewed as a career that can last a lifetime within your company. Instead of high turnover in paraplanning staff, you could offer a structured career path for them that would provide job security, professional development, and consistent, high-quality support for your business.

You can also outsource your paraplanning requirements to achieve these results.

Recently, one of our clients told us that they have decided to stop hiring paraplanners because they are sick of paying for the recruitment costs. They want to see them move on to financial planning.

We eliminate this issue by working with you. Our goal is to build long-term relationships with businesses that reduce the need for repeated recruitment costs.

2. Your Business Will Benefit From Consistent, High-Quality Results

Paraplanning can hurt the quality of technical support provided to colleagues moving into financial planning roles after they have gained their knowledge.

This is because paraplanners with a solid understanding of the technical aspects and financial planning are gone, leaving the job to less experienced and more knowledgeable colleagues.

This can increase the chances of making mistakes or missing a key point due to inexperience. Your business will suffer from a lack of consistency in technical support.

Paraplanners such as Paraplanning Hub, who have a lot of experience and knowledge, can be a great resource. They will provide consistent advice and support over the long term.

3. Paraplanners Can Be A Valuable Part Of Your Financial Planning Team

Paraplanners can be seen as professionals, meaning that financial planners will often see them as part and parcel of the advice team.

Paraplanners can be a great asset to your company by being invited to client meetings.

  • While the paraplanner provides technical information, financial planners can focus on building a rapport with clients.
  • The suitability letter will be tailored to the client’s wishes because the paraplanner can highlight key points and nuances often overlooked during the conversation.
  • A post-meeting conversation can be held with the financial advisor. This is possible because the paraplanner thoroughly understands the client’s motivations and goals and the financial planner’s strategy. This allows for a more efficient transition between the presentation and initial meetings.
  • Paraplanners and financial planners will have fewer conversations since there is no need to check back.
  • Ideas can be shared and issues quickly resolved by having another knowledgeable, experienced professional at the meeting. If there is ever a complaint or investigation about the recommendation, this could make it more solid.

These benefits are not the only ones that clients will appreciate. The financial planner will also bring a technical specialist who will help them understand their needs and work closely with them to deliver the plan.

Get In Touch

Contact PJM Paraplanning if you are a financial advisor and want to discuss the cost savings and benefits of working with our paraplanners.


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