Paraplanners provide fantastic support to financial advisors. The demand is on the rise and increasing numbers of financial planners are choosing their services, relying on paraplanners to assist with a multitude of tasks including financial paraplanning, portfolio reviewing and report writing.
When looking for a paraplanner, it is important to get it right. Discover the top 5 mistakes you should avoid when selecting a paraplanner.
Interviewing a small number of candidates
When selecting a paraplanner, it is important to collect a wide pool of candidates. When you need help, it can be easy to be taken in by the first person you interview because they will seemingly be able to solve all of your problems. But in reality, you have nothing to compare the interview with. The more candidates that you interview, the better your understanding will be of which paraplanner is best suited for your business.
Failing to conduct in-depth research
No paraplanner is too good for vetting and background checks. Even if they have a fantastic employment history on paper, it is important to verify that their credentials prove true. Conducting thorough research that includes speaking with the candidate’s previous employers will ensure that you work with an honest, qualified and experienced paraplanner that has the potential to bring great results.
Focusing solely on returns
An element of a paraplanner’s role is to assist you with financial planning but it is not all about short term returns. It is essential to select a paraplanner that looks to the long term. Consumers are willing to ride the market rollercoaster if they get off at the end with a smile on their faces.
Hiring based on sentimental relationships
Although it can be tempting to find a paraplanner based on sentiment, it would be a mistake to give them a biased advantage in your selection process. You are looking for a paraplanner to provide a beneficial service for your business, so it is essential to ensure that their experience and personality are a match for your business and goals. Remember, there is more to lose if a financial relationship with your friend or family member doesn’t work out.
Failing to look into outsourcing options
Outsourcing can be a flexible, efficient and cost-effective solution when selecting a paraplanner. With outsourcing, you only pay for what you need, when you need it so you can say goodbye to hiring costs, training costs, leave entitlement, salary expenses and much, much more. Although outsourcing doesn’t work for everyone, it would be a mistake to not look into whether it would be beneficial for your business.
Based in NSW and providing paraplanning services to businesses throughout Australia including Sydney, Melbourne & Brisbane, TNW Solutions are second to none. Creating personalised plans to suit your needs, our paraplanners are knowledgeable, trustworthy and care about providing the best service possible. With affordable packages, get in touch to learn more about our paraplanning services.
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