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Skill Shortages in Paraplanning Apr 9, 2019

Demand for both advisers and paraplanners in increasing as the Hayne Royal Commission starts to push for cultural change. Further, new educational requirements for financial advisers are kicking in during the first half of 2019.

Additional compliance and remediation roles have been created as a result of the commission; resulting in a paraplanning skill shortage.

Paraplanning is vital for accountants, financial advisories and banks, but if your legal firm or departments works with the financial sector, or manage the finances of your clients, having access to paraplanners is also important.

So, who is a paraplanner?

A Paraplanner is adept at the processes involved in administering financial records for a client. An individual with financial planning and investment experience who can help legal professionals reduce the cost of employment and administrative cost by providing financial and administrative services.

Outsourced paraplanners can help with

  • Handling compliance issues
  • Analysis of statistics
  • Research
  • Report writing
  • Specialist regulatory and technical advice
  • Analysis and development of client solutions

So why hire a paraplanner?

Outsourcing a paraplanner will improve the financial effectiveness of your firm through:

I. Improved flexibility

Outsourcing paraplanners translates to improved business flexibility. This is because paraplanners have the expertise to handle resources based on workload.

II. Saving Time

Outsourced paraplanners work within a given schedule and utilize every second to deliver the best financial plans to the clients within the limited timeline.

III. Saving Money

Paraplanners are professionals with the expertise to help you save as much as you can. For instance, paraplanners do not have annual appraisals but work within a fixed price. They are also hired only when their expertise is needed.

IV. Access to a specialized pool of talent

Outsourced paraplanning gives you access to a variety of skills which might not be available with an in-house paraplanner.

Do you think you might need a paraplanner? SBA Legal can look at your business and advise on your requirements for outsourced paraplanning. We have individuals and teams available to any sized business.


The positives of paraplanners


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