FAQs on Outsourcing Paraplanning: Everything You Need to Know

Not sure if outsourcing paraplanning is the right move?

This comprehensive paraplanning outsourcing guide answers all your questions, helping you navigate the process with confidence and make an informed decision.

1. What Does Outsourcing Paraplanning Mean?

Outsourcing paraplanning involves hiring an external team of paraplanners to handle essential tasks such as SoA and RoA preparation, administrative tasks, strategy execution, and compliance documentation. This frees up time for financial advisors to focus on client relationships and strategic planning.

2. What are the Advantages of Outsourcing Paraplanning?

Whether you are a solo advisor, or a financial advisory firm, outsourcing paraplanning services has many benefits:

Reduce Overhead Costs: Paraplanning outsourcing provides cost savings of up to 60-70%, which is inclusive of recruitment, infrastructure, employee benefits, training, and account management.
Access to Specialized Expertise: We hire top-tier talent and then provide them with the necessary training. This ensures our clients have access to deep-domain expertise in financial planning and compliance.
Improve Scalability: Easily scale up or down to meet changing demands without the constraints of in-house hiring.
Focus on Growth: By outsourcing paraplanning, advisors can dedicate more time to client relationships and business expansion.

3. What pricing models do you offer?

We understand that every financial advisory business has unique needs and budget considerations. That’s why we offer flexible pricing options designed to provide both value and choice.

Currently, we provide the following engagement models:

Dedicated Associate: This option provides you with a full-time, dedicated support specialist who functions as an extension of your team. They handle a wide range of administrative tasks, research, and document preparation, ensuring efficient and personalized service.
Dedicated Paraplanner: With this option, you gain a full-time, skilled paraplanner dedicated to your business. They take ownership of complex financial planning tasks, from creating comprehensive financial plans and conducting in-depth analysis to overseeing implementation and ongoing reviews.
Pay Per Task: This model offers maximum flexibility, allowing you to pay solely for the specific services you require, as needed. It’s a cost-effective approach that ensures transparency and efficiency, providing access to professional paraplanning services tailored to your budget and current workload.

4. What’s the difference between a Dedicated Associate and a Dedicated Paraplanner?

A Dedicated Associate supports your practice with tasks like updating XPlan, research, review preparation (CSA, fee disclosures, etc.), and implementation (forms, follow-ups).
A Dedicated Paraplanner handles complex tasks such as SoA/RoA creation, administration, reviews, projections, and implementation oversight.

5. Are there any hidden costs or fees?

There are no hidden costs whatsoever.

The cost we provide is based on client requirements and the scope of work. It is all-inclusive of hiring, infrastructure, initial setup, and operations management.

We’ll provide you with a clear breakdown of all costs associated with your chosen service model before you make a decision.

6. What specific paraplanning services do you offer?

We offer a comprehensive suite of paraplanning services, including:

Statement of Advice (SOA) Preparation: We craft detailed, compliant, and client-friendly SOAs that clearly outline recommendations and strategies.
Record of Advice (ROA) Creation: We document the advice given to clients, ensuring you meet your regulatory obligations.
Financial Modeling and Projections: We build clear financial roadmaps using projections and modeling to illustrate future possibilities and help clients visualize their goals.
Ongoing Plan Reviews: We provide regular reviews and updates to existing financial plans, ensuring they remain aligned with clients’ evolving needs and circumstances.
Administrative Tasks: We handle a range of administrative tasks, including paperwork, data entry, and client communication, to streamline your operations.
Implementation Support: We assist in putting financial plans into action, coordinating with relevant parties, and ensuring a smooth implementation process.

7. What’s the process for creating an SOA?

It’s a simple three-step process:

1) Submission: You submit your paraplanning request and documents. We review and accept.

2) Writing SOAs: We update XPlan, complete projections with WealthSolver, validate, and write the SOA.

3) Upload: We upload the finished SOA for your access.

We’ll keep you informed throughout the process and are happy to answer any questions you have along the way.

8. What Paraplanning Tools Do You Use?

Our team of experienced paraplanners utilizes industry-leading platforms like Xplan, Midwinter, and Advisor Logic. The specific tool used depends on the complexity and detail required for each client’s financial plan.

9. Do you have expertise in superfund platforms?

Yes, our team possesses in-depth knowledge of superfund platforms. This expertise allows us to seamlessly implement financial advisors’ recommendations within these complex systems, ensuring high-quality execution for clients.

10. Is Outsourcing Paraplanning Secure?

100%. Information security is our topmost priority.

We are ISO/IEC 27001:2022 certified and our dedicated IT & compliance team ensures full ISO compliance.
We are GDPR, DPA, and the Australian Privacy Act 1988 compliant.
Secure IT infrastructure with encryption, user activity monitoring, role-based access controls, vulnerability assessments, and regular spot audits.

11. How Can the Time Zone Differences Be Managed?

Our teams work the Australian calendar and time zone.

Teams operate across multiple time zones to provide real-time support.
Flexible work arrangements to align with your preferred schedule.
Infrastructure designed for 24/7 operations for seamless collaboration without disruptions.

12. Are There Guarantees or Service Level Agreements (SLAs) in Place?

Yes, we have SLAs in place that define:

Key Performance Indicators (KPIs) to measure service quality.
Clear accountability of deliverables and response times.
Quarterly service reviews to track performance and optimize processes.

13. Will I Still Have Control Over My Paraplanning Processes?

Yes, you will have complete control over how your offshore team operates. We ensure:

Customizable workflows tailored to your business needs.
Dedicated account managers for seamless communication.
Regular reporting and performance tracking to maintain transparency.

14. How Will Outsourcing Paraplanning Impact My Existing Team?

Outsourcing is designed to augment and support existing teams by:

Taking over routine and administrative paraplanning tasks.
Freeing up onshore advisors to focus on high-value client interactions.
Ensuring a seamless transition with minimal disruption.

15. Is Outsourcing Paraplanning Complex to Implement?

Not at all.

Our simplified transition plan includes:

A structured 5-stage transition process with clear onboarding steps.
A dedicated relationship manager who will guide you through the entire process.
Change management strategies to minimize disruption.
Training and ongoing support to optimize workflow integration.

16. How Long Does It Take to Set Up an Offshore Paraplanning Team?

The sourcing and onboarding process typically takes 6-8 weeks and includes:

IT and remote work infrastructure set-up
Recruitment and selection of highly skilled paraplanners.
Induction and industry-specific training.
System integration and workflow alignment.

Outsourcing paraplanning services is a strategic move for financial advisors seeking cost-effective, expert support.

But partnering with the right provider is crucial.

Learn more about us here.