Here we look at what to consider when considering Paraplanning solutions and assume you were to consider PJM Paraplanning for your Outsourced Solution.

PJM Paraplanning for your Outsourced Solution

• Access to several paraplanners – PJM’s Paraplanning team have nearly 100 years financial services experience between them

• Highly qualified Paraplanners – Access to Paraplanners who are either Chartered / Fellowship level

• Reassurance all cases have been reviewed by at least two Paraplanners to ensure they are accurate and compliant

• PJM do not charge a retainer fee – Advisers pay a fixed fee for the work completed as opposed to a salary. Advisers are not committed to a minimum number of cases to be able to work with PJM neither do they need to commit for a minimum term

• PJM Paraplanning take responsibility for ensuring our paraplanners receive ongoing training as well as remaining compliant

• With remote working and online meetings, advisers are able to access several highly qualified paraplanners which may not be possible if employing a local face to face paraplanner

• Best of both worlds – our team can integrate with the advisers team where the adviser has the benefit of an onsite admin/paraplanning team but can use our expertise for highly technical cases or simply to help cope with demand

• High level of Technical Support provided free of charge

• For smaller businesses, employing a paraplanner may not be feasible, this is where our service comes in. We can support advisers so they can concentrate on advising clients and not having to write suitability reports

• Whilst not having control of an outsourced paraplanner in the same way as an employed paraplanner – we can usually adapt to our clients needs and prioritise when required to ensure advisers can meet their deadlines

• High quality reports are our priority since advisers are only likely to use our service if they are happy with the quality, accuracy, content and speed that cases are completed

Employing a Paraplanner

• The paraplanner can be developed by the advisers business ensuring they adopt the business processes – an employed role provides the employer with more control over the paraplanner

• May mean access to a limited number of paraplanners depending on the size of the paraplanning team

• Level of experience and qualifications will be driven by the cost of the paraplanner

• Highly experienced and qualified paraplanners usually attract high salaries as well as employee benefits and holidays funded by the employer in addition to high recruitment costs

• Lead in times whilst the paraplanner undergoes training and development may mean it will take some time for the paraplanner to get up to speed and become productive

• Technical Support provider by the paraplanner will depend on their experience and qualifications

In Summary

Outsourced and Employed roles are both viable solutions depending on the needs of the advising firm.

The Outsourced solution provides access to a highly qualified and experienced paraplanning team at a reasonable cost which is dependent on the volume of work required and relieves the advising firm of the costs and responsibilities of hiring an employee.

By contrast, an Employed role will provide the advising firm with more control over the paraplanner in terms or processes and priorities adopted in exchange for the usual high salary this role typically demands.

Whilst an Outsourced Paraplanner may not be sat in the adviser’s office, remote working is now a common occurrence in any paraplanning role and PJM Paraplanning are able to work efficiently and closely with any adviser remotely, as well as prioritising cases where needed to ensure the advisers meetings are not unduly delayed.

For a free discussion regarding your paraplanning requirements:-

Please contact Peter Mason, Director on 07490 060478.