The Paraplanning Hub has increased its workforce in response to a “boom” in business, according to founder Tony Slimmings.
Former IFA Slimmings started offering freelance paraplanning services in early 2017, before scaling up and launching The Paraplanning Hub, based in Castle Eden, Hartlepool, in December 2019, offering financial administration and paraplanning support primarily to single adviser firms on a nationwide basis.
Since launch, Tony says the turnover of the business has doubled and he has added five new team members across the UK, four of which have joined the company since the COVID-19 pandemic began.
The new roles include a practice manager, an administrator, two paraplanners and a systems analyst.
Tony says: “I decided to expand the business last year as I believe the market for end-to-end support service for financial planners is significant, based on my time in financial services and having been a one person financial planner myself.
Explaining the roles he has created in the firm, Tony says: “My aim is to free myself from day-to-day paraplanning and operational duties, to allow me to concentrate on building the business, although the paraplanners will report directly through me initially to ensure a consistent level of service.
“Having a practice manager frees me from the majority of the day-to-day operational matters, increasing my time for clients.”
Despite having scaled-up a business during the upheaval of the coronavirus pandemic, Tony says he is positive that the crisis can offer opportunities for growth and he is already planning further expansion.
“Personally, the pandemic created an amazing opportunity to provide a remotely-based outsourced service that is more cost effective [for advisers] than employing people.
“I’ve found a simple, straight-forward way to scale the business and support more clients, and ideally we will double in size again in the next 12 months. It’s early days, but I want to grow the business over the next five years to be a market leader in outsourced financial planning support.
“The pandemic has taught me that it’s important to remember that opportunities exist, and always will – regardless of what the world is throwing at us.”
Tony was the Professional Paraplanner cover star in our May 2020 issue.
More information on The Paraplanning Hub can be found HERE.
