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Why Is Outsourcing Paraplanning Better Than Having It Done In-House?



Surprisingly, only 8% of paraplanning is outsourced. Because smaller financial practices can use Outsource Paraplanning Services to save time and allow them to focus on their business development and writing, this is a significant percentage. Multi-adviser practices with large staff tend to have paraplanning in-house. However, outsourcing could also be a time-saving option for multi-adviser practices. You can now focus on business development and not managing the large staff.

These are some other positive reasons for outsourcing. Read on to find out if your business might also benefit from them.

1. Paraplanners Are Easy To Recruit And Keep.

Advice firms use paraplanning Services to enter financial advice.

This means that money flows into the business, not from it.

2. Outsourcing Offers A Level Of Experience That Can Lead To A High Salary.

PJM Paraplanning has a team that is incredibly knowledgeable and has a wealth of experience that other advice firms may not be able to match.

Two Chartered-level managers are responsible for this and other experienced staff members. No matter how much experience each person has, we take our profession seriously and seek every opportunity to improve our skills.

We deal with many cases each week, so we have a broad knowledge base that covers everything from simple ISA top-ups to complicated pension transfers. This is a benefit for our clients. However, if a company offered my team an in-house position, they could be paying a substantial salary that could impact a company’s bottom line.

Outsourcing allows you to have extensive knowledge and experience without paying a significant wage. Outsourcing also allows you to access a wide range of experience and knowledge, regardless of the reason for a business’s downturn. You don’t have to pay for paraplanning staff.

3. Quality Will Be At A Minimum As Good As In-House Staff

We love what we do and work with great people. This ensures that you will receive high-quality service both now and in the future. You can rest assured that the work we produce will be of the highest quality and stand up to scrutiny from the FCA and business assurance teams.

4. Paraplanning Is Not All About Us – We Offer Many Other Services As Well

You’ll see that our role is to streamline systems if you have read our latest case study.

This will reduce costs and increase efficiency and mean that the advice and administration surrounding it are likely to be more robust against complaints and FCA investigations.

We also provide feedback to clients, whether it’s the directors, compliance officers, or firm administrators. This has been highly beneficial as it highlights areas that need strengthening, helping to streamline the client’s system.

5. Holiday And Illness Coverage Is Not An Issue

You won’t have to worry about your in-house staff taking vacations during busy periods, covering sickness, or replacing those who are sick.

We have never had a situation in which many complex cases slowed down the production of other casework or delayed important presentation meetings.

It doesn’t matter how busy you may be: the work will still be completed on time.

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