Over time, financial advisors have realised that increasing amounts of time are being spent on administration duties and less time is available to spend with both existing and potential clients. This is where selecting a paraplanner can be advantageous.
A paraplanner’s role, in short, is to offer support and to free up a financial advisor’s schedule so they can better concentrate on their clients and business. The outcome? A productive, efficient and timely operation that is free from late finishes, excessive workloads and excess stress.
Here are 5 ways paraplanners can help financial advisors manage their time.
Managing Statement of Advice Requests
Paraplanners are trained to manage Statement of Advice (SOA) requests, and this forms a regular part of their daily duties. Financial advisors can check in with their paraplanner each day, passing on any SOA requests with confidence, safe in the knowledge that they will be completed before the given deadline date.
Creating and Managing Financial Plans
An essential aspect of a financial advisor’s role is to create and manage financial plans. A great proportion of time is spent doing so which limits their productivity elsewhere. By selecting a paraplanner to assist, an advisor’s time can be focused on their clients.
Conducting Necessary Research
The task of keeping up with the industry can seem never ending for a financial advisor and seeking the assistance of a paraplanner is a great way to stay up to date. Paraplanners can track tax and legislation changes, detailing how and what clients will be impacted as well as providing researched recommendations on financial products, investment funds and more.
Providing Assistance with Client Meetings
It is important that a financial advisor attend client meetings with comprehensive documentation including reports, recommendations, quotes and more. This documentation can be prepared and validated by a paraplanner, saving the advisor both time and stress. Having access to a paraplanner during client meetings is also highly advantageous. Not only can they assist with queries through research when a financial advisor draws a blank, but they can also prepare any follow up tasks and action any correspondence.
Assisting with General Administrative Duties
Let’s not forget the time that a financial advisor spends on administrative duties. The phone calls, emails, paperwork and more. With a paraplanner to take care of the minor, basic queries, a financial advisor has time to spend on the more complex cases. This improves customer satisfaction without the advisor feeling under pressure.
Outsourcing Provides a Flexible Service
When a financial advisor is in need of occasional support, outsourcing is the perfect solution. By choosing to outsource, there are no hiring charges, no training costs, no leave entitlement, no salary expense and more. Financial advisors can receive temporary support for a length of time that suits them, providing great flexibility.
In Australia, financial advisors choose us here at TNW Solutions. Our qualified, knowledgeable, experienced paraplanners are here to provide Statement of Advice requests in a timely manner and assist with the workload of advisors. Want to find out more? Get in touch today.
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