Paraplanning is an integral part of the financial planning process, designed so that financial planners are able to spend less time on analysis and report writing, and more time with clients.
Over recent years, paraplanning has increasingly become seen as a career path in itself, rather than merely a stepping stone into advice. This is especially apparent with the likes of the CII and LIBF now offering dedicated qualifications aimed at paraplanning.
With this new niche within the planning process, along with the knowledge and experience that is needed to fulfil the role successfully, salary expectations, and ultimately the cost to companies have risen significantly.
During these unprecedented times, with social distancing rules in place, companies are increasingly focused on reducing costs and improving cash flow. By outsourcing this element of your business, you are able to receive all the benefits of an in-house paraplanning team, with none of the associated costs. There are no recruitment costs or salary to pay, no pension or national insurance contributions. You only pay for the services you require, when you require them.
As the UK begins to lift social distancing restrictions, and the country cautiously returns to a new form of normality, we are expecting an increase in the need for financial advice. Whilst this will come as welcome news to many in the industry, the demand on paraplanning and admin resources will increase drastically. Having access to highly qualified, experienced paraplanners as and when required will help elevate the pressure on your business until the market returns to normal.