Financial Planning is the heart and soul of many financial advisors’ practices, and as such, outsourcing it to your paraplanner can be a difficult decision. The advisor doesn’t have much trouble deciding to outsource tasks like account paperwork, internal projects, managing the CRM, or other administrative tasks - this way, the advisor can focus on the heart of the business, like doing financial plans, connecting with the client, and other focal aspects of the advisor’s practice.
This blog post will cover a few ways an advisor can start to outsource financial planning to a paraplanner without feeling like they are losing control.
Pick Specific Areas
You don’t need to offload the whole financial planning process right off the bat, especially if you just started working with the paraplanner and don’t feel completely comfortable yet. Think of specific responsibilities you can transfer first, such as a specific expertise with regards to financial planning. The advisor can also have the paraplanner input specific areas, like stock options, housing, living expenses, or other areas that the advisor feels comfortable releasing some control over.
Make Sure Connections are Connected
Many advisors use financial planning software and like to make sure the client connects their data, which is a great way to improve efficiency. The advisor can have the paraplanner assist the client with connecting their accounts, and ensure the connections are classified correctly. This is an easy way to save the advisor some time during the financial planning process.The paraplanner should be well versed in maintaining the financial planning software, so this shouldn’t require too much direction from the advisor. The paraplanner could also send the web site invite and welcome email to the client to help the client understand their next steps. Combining the emails with the connections will save the advisor considerable time during the initial phase of the financial plan.
Give a Specific Client Scenario
This can be challenging, and the advisor might not know how to go about it. Instead of the advisor researching a way to complete this in their financial planning software, they can delegate it to the paraplanner. The scenario doesn’t have to be complicated, and the paraplanner can do it while the advisor works on other aspects of the financial plan with the client.
In Conclusion
Even if the advisor never feels completely comfortable outsourcing the entire financial plan to the paraplanner, these are a few ways the advisor can slowly begin outsourcing, save time, and work with new clients. This is essential to making sure the advisor’s business continues to grow and enables them to serve more clients along the way.
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