Jenny Smyth, marketing specialist for the Verve Group, celebrates ways paraplanners bring more than festive cheer to an advisory business.
It’s that time of year when you see firms frantically trying to finish cases and sign reports off before the festive break. Requesting extra resource to wrap everything up (ha – it’s a wrapping present pun) means that this is a particularly busy time for both admin and paraplanners alike.
But much like the busy magical elves they are, it’s not just about frantic action while counting down to the big day, paraplanners and their admin counterparts have their heads down every day, getting the best options to complement the recommendations given by advisers, creating engaging reports and yes – holding on the phone to providers for hours and hours. I wonder who has the best hold music? Maybe that’s a poll for next year… But I digress. Paraplanners (and admin!) are important all year round – not just for Christmas. Let me show you why:
They give the gift of time
Paraplanners and admin can take on all the jobs that advisers don’t necessarily have the time to do. They can provide the research, write up the report, chase providers for information and so on while advisers spend more time with the client or on aspects of their role that only they can do. Meaning advisers can allocate their time wherever it makes most sense.
They can be an extra source of knowledge
Paraplanners get involved in a variety of cases, and if they are outsourced, a variety of adviser firms! This means that they have a lot of experience with products, investments and platforms across a wide range of client solutions. They may know of a product that fits better with a recommendation made, so would be a good resource to sense check advice before it is discussed with the client. Sometimes this may just mean agreeing and underlining the original recommendation given, other times it may lead to an outcome for the client that is better for their circumstances. (Insert Consumer Duty plug here…)
They can make reports engaging
To be frank, we all know that financial services jargon and general language used are not the MOST exciting or engaging for a majority of clients. How many shiny, glossy brochures get handed out to clients and remain forever unread, languishing in a bottom drawer or box file labelled ‘finance’? This is a particularly salient point with the release of (say it with me now) Consumer Duty. Advisers have to ensure that a client has read AND understood the information that they have been provided – and it does not count if advisers just hand over a 500-page document from a product provider. The information has to be translated in a way so that it is relevant and understandable for the client. This is where the paraplanner can help. They have experience in making sure any report is written at the correct level with the correct content to ensure the client will at least read and understand the important points. A lot of paraplanners particularly enjoy the writing aspect of the role, so make sure that advisers have access to that skill and really ramp up client engagement with their advice.
I could really write a whole 12 Days of Christmas list (but with fewer birds) about how paraplanners and admin really support and enhance advice firms, but I will leave you with the final point – paraplanners are incredibly busy all year round, but they are a resource that could be used for much more than reports and research. Paraplanners don’t just do great work in the festive rush; they’re for life – not just for Christmas.
[Main image: nathan-anderson-e_NxSDJB_74-unsplash]
