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Advice for paraplanners looking to set up their own business

28 April 2019

Kat Mock has just launched her new outsourced paraplanning company, Unity Paraplanning. She has this advice for fellow paraplanners looking to make a similar move.

First, I think outsourced paraplanning will continue to grow.The amount of work involved in financial planning has increased so much in recent years, in terms of everything firms now need to do, how much they have to research, what information is available and what they have to communicate with the client, all of which takes time. I think for some firms, outsourced paraplanning offers a flexible solution – for both the planner and the paraplanner. It’s not for every firm but overall, I can only see demand for outsourced paraplanning continuing to grow.

For anyone who is thinking of setting up their own outsourced paraplanning firm, the most valuable piece of advice I can give is talk to other people who have done it before. Talk to them and be really open to what they have to say – both the positive and the negative things. It’s very easy when you’re excited about starting something to look at everything through rose tinted glasses.

Listening to what people are telling will help prepare you for what you are about to do. It can really help clarify whether you will be comfortable working in this way and whether you really want to do it or not.

I significantly lent on friends and colleagues for their help and input when making my decision. Use resources like the Powwow to ask questions and talk to people. I found that people were more than willing to help me; you’re never more than a phone call or email away from someone who has done it before.

People are so willing to help – because they know what it’s like to go through the process and have those feelings of excitement and trepidation. They will be able to provide you with valuable insight and resource in less time than if you tried to work it out for yourself.

Finally, be brave. There comes a time when you need to stop thinking about it and just do it. If in doubt, start the process. Once you’re starting to put things together, if only in preparation, then there is less time to worry and you’ll soon know if you’re willing to put in the hours and make a go of it.

Read the full interview with Kat in the May issue of Professional Paraplanner


Professional Paraplanner