In a recent interview with Sarika Dhanjal, head of Advice Quality at Progeny asked her how paraplanners can become more involved in the advice process and work better with their adviser. Here are her thoughts:
1. Sit in on meetings where possible and where a paraplanner can’t be in the client meeting, have a debrief between the planner and the paraplanner. It can help the paraplanner understand what was said, and where the planner wants to go with the advice. It’s also the opportunity to ask questions for clarity or where the paraplanner may feel they need further information to personalise the suitability report, for example. This helps the paraplanner to really understand the client’s objectives.
2. Work with advisers to improve the quality of the information they are giving you as paraplanners. At Progeny we have KPIs for the information the planners are giving their paraplanners.
3. Learn to collaborate, by working as a team and all having the one focus which is ensuring the right outcome for the client.
4. And don’t be afraid to challenge if you feel it is in the best interests of the client. Often there is no right or wrong answer. It’s finding a way that is suitable for the client.
5. If you can, sit in on the follow up meeting where the planner presents the report to the client, to see how the client responds to the recommendations. How did they react? Did they feel the recommendations aligned with their goals? Were they happy? What could you have done better for the client? Being there can really help get a better feel for the advice given and its effect on the client.
These tips were first published in an article in the July/August 2022 issue of Professional Paraplanner.
