Offshoring is currently the best way forward for financial advisory firms in Australia grappling with the implications of rising costs given Australia’s concerning economic outlook for 2025.
This is mainly due to the significant cost arbitrage that offshoring offers.
One of the leading destinations for paraplanning outsourcing is Sri Lanka, offering a substantial 60-70% reduction in all-inclusive costs.
To put things into perspective:
- Onshore paraplanner (Australia): AUD 80,000 – 90,000 annually (base salary alone).
- Offshore paraplanner (Sri Lanka): AUD 30,000 – 50,000 annually (all-inclusive: infrastructure, setup, employee benefits, and operations management).
Here’s a side-by-side comparison of the cost of onshore employees to our offshore paraplanning services at H Connect International:
1. Eliminating High Recruitment Costs
Recruiting onshore paraplanners involves extensive processes, including job advertising, recruiting, interviewing, and background checks, which contribute to significant expenses.
At H Connect International, we eliminate these costs entirely by sourcing the best candidates for your firm—professionals who align with your technical requirements and company culture at no additional cost.
Your offshore team will operate as a seamless extension of your onshore operations.
2. Lower Base Compensation
Australia’s labour market is both competitive and expensive, with base salaries being a significant overhead.
By offshoring, you gain access to top-tier talent from a market that offers lower labour costs without compromising on expertise or quality.
Our strategic location enables us to deliver best-in-class professionals for a fraction of the cost.
3. No Infrastructure and Set-Up Expenses
Setting up an onshore paraplanner includes providing workspaces, hardware, software, IT solutions, and other operational essentials—leading to substantial infrastructure costs.
We take all these requirements off your plate.
Our dedicated IT and compliance teams manage every aspect of the work environment, ensuring seamless operations with ISO/IEC 27001:2022 compliance and full adherence to GDPR and DPA 1988 (Australia).
4. Comprehensive Training and Development – At No Cost to You
Training new employees involves initial onboarding, technical courses, and ongoing upskilling—expenses that accumulate over time.
Not with us.
We take care of all training needs through our dedicated Training and Development Lead, who maps out a structured pathway for each employee with zero involvement from your end.
Our in-house LMS (Learning Management System) provides technical training, cultural awareness modules, and transition management programs to ensure smooth integration into your operations.
Additionally, our partnerships with ACCA, CIMA, CMA, and CPA provide our workforce with exclusive workshops and training opportunities, with no cost to you.
5. Reduced Ongoing Costs
Hiring an onshore paraplanner comes with additional ongoing costs such as:
- Penalty rates and overtime pay
- State payroll taxes
- Workers’ compensation insurance
- Paid Time Off (PTO)
- Superannuation contributions
By outsourcing, your offshore paraplanning team adheres to Sri Lankan labour laws, with all employee benefits managed by our in-house HR team. Additionally, all employee benefits are managed, including well-being, team engagement, and day-to-day requirements.
Conclusion: The Smart Financial Move
The total cost of an in-house full-time paraplanner in Australia is 1.25-1.4 times their base salary.
By switching to offshore paraplanning services, you achieve 60-70% cost savings while ensuring operational efficiency, high-quality service, and seamless integration with your onshore team.
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