5 Benefits of Partnering with an Outsourced Paraplanning Firm

Paraplanners are an essential powerhouse of financial planning practices.

Did you know? On average the national average salary for a paraplanner in Australia is around $77,000 (Source: March 2020 Glassdoor data) and it doesn’t stop there, other costs can include superannuation, payroll tax, management costs, training costs etc.

How can an outsourced Paraplanner help you?

An outsourced paraplanner will help you, financial planners, build a strong relationship with your clients, they buy you more time to spend with your clients.

In this article let’s discuss 5 benefits of partnering with an outsourced paraplanning firm versus hiring a paraplanner in house.

1. Flexibility

Using an outsourced paraplanning firm enables you to enjoy more flexibility in your business model. Why? Because you get the full flexibility to allocate skilled resources accordingly based on your workloads and priorities. This is often not the case with an in house paraplanner.

2. Access to a Broader Skillset

Outsourced paraplanning also gives you access to a broader skillset. A multi-skilled team of paraplanners would all possess different skill sets and are experts in various technical areas, making them invaluable resources.

3. Save time

Time is the foremost important factor in all our lives, the success of an individual depends on how you manage your time efficiently. We understand the fact that priorities and stressful deliverables are a never-ending part of financial planning practices, giving you less time to do what you should be doing. Despite being scarce with time, why spend more time hiring, firing, training and managing your in house paraplanners? When the outsourced paraplanning firm could provide you with well-trained resources and manage them accordingly, buying you back chunks of time.

Why not spend this time to do things which you love to do? Helping more clients achieve financial freedom, spend more time with your family and enjoy your favourite steak for dinner.

4. Compliance

I know what you are thinking, “Yes” I agree, we are all fond of the word compliance. Think about the number of times your paraplanner and you have stressed yourself to ensure that your advice is compliant.

Partnering with a Quality focused outsourced paraplanner, would ensure that your decisions are backed up with expert technical research and presented in a comprehensive and compliant way. Making your advice fit for purpose and helping you get through your compliance.

5. Business Synergies

Building a client-partner relationship with a reliable and trustworthy service provider like SAKS Financial Services would enable you to overcome your stress and hassle of running and growing a financial planning business. A Multidisciplinary focused firm could help you from technical paraplanning, financial administration to streamlining business processes efficiently and in a more cost-effective way, allowing you to focus on building client relationships and revenue-generating activities.