What are some of the benefits of outsourcing your firms work to a paraplanner.
You know those times when you start to wonder if you have enough time to do something to grow your business successfully? What happens if you have a major life event and you don’t have anyone to help you keep your practice going?
These are just some examples where outsourcing a paraplanner can help you. Most of the time, the outsourced paraplanner you hire will work part time for you and do the work you need done at your firm. This helps cut down on costs and allows you to have someone know how your business operates to help you out if you want to do something fun or if something does happen to you.
Of course, planning for a life-altering event is not the only reason to outsource some of your work to a paraplanner. The main reason is to have an employee that has the knowledge and values your firm’s mission to help you deliver exceptional service to your clients.
Even though most of the time the paraplanner works in the background this doesn’t mean that we do not affect how your clients perceive you. This is evident from helping you create that financial plan to doing the custodial paperwork. All of these tasks and more will be seen by your client so you need to have someone with the expertise and care to make sure your clients perceive you in the best possible light.
Paraplanners will also be able to make suggestions on your workflow or help you streamline your business. We will get to know how your business operates and how you like to operate to help you find the best possible way to serve your clients. We are talking with our colleagues or going to workshops to learn about the best ways to specifically work with financial advisory firms. An outsourced paraplanner has that incentive to keep learning new technologies to help their clients (advisors) run their practice better, because we want to support our clients in the best possible way.
Why not hire someone fulltime?
You definitely can hire a paraplanner fulltime to help your business grow. However, with an outsourced paraplanner, your firm’s employee costs will be lower. You won’t have to pay for the overhead costs like office space, office equipment, and employee benefits. In addition, the advisor is paying for the productive work only when outsourcing, and not the unproductive work. According to a 2016 article in Inc., the average employee works just three hours of productive hours a day. That means you are paying for the extra five hours of unproductive hours that your employee is sitting at their desk.
Also, outsourced paraplanners love what they do and enjoy helping their advisors exceed. They are not looking to do something else but are looking to support their clients the best possible way they know how. Through this passion, paraplanners develop the expertise in working in the same proprietary software and custodial accounts as the advisor, so training your paraplanner should take little to no time at all. We have worked with many different advisors who work in a variety of specialties or niches, so we know how to assimilate with your unique organization quickly.
In Conclusion
Outsourced paraplanners can help an advisor in many areas of their practice from operations to financial planning and anything in between. Also, you can find outsourced paraplanners that specialize in creating financial plans, operations, or working with specific advisory practices like working specifically like working with the medical field, divorce-related planning or any other specialties that advisors focus on. These specialties help the advisor and paraplanner get up to speed faster and help them add that extra value.
Outsourced paraplanners are not just someone you hire to do some work they are also your employee. Manny paraplanners value the work their advisor does, and want to ensure that their clients’ practices succeed. Paraplanners enjoy learning about the advisors’ successes, as this means the paraplanner is doing their job correctly. They are an integral part of the advisors’ practice, and the outsourced paraplanners work in due kind.
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