THE ROLE AND PURPOSE OF PRECISION PLANNING
The role of a para-planner (personally I prefer the term, co-planner) is often not a clearly defined role. Different Financial Advisors has differing requirements from their co-planners. Ultimately the goal of a co-planner is to free up as much of the Financial Advisor’s time as possible so that they can concentrate on sitting in front of clients. As you know, a big part of a Financial Advisors business entails administration, research, staying up to date with legislation and regulatory changes, compliance with these changes and requirements, meeting with clients and servicing client portfolio’s, report writing and proposal preparation. These are all time consuming.
The demand for skilled co-planning is greatly due to the Retail Distribution Review (RDR). The change has led to typical advisors placing much more focus on their service and value proposition and therefore needing extra support with anything from report writing to technical analysis and other key tasks. Outsourcing might seem a much more attractive solution than retaining a full time employee, but this is dependent on each Advisor’s needs.
Outsourcing the co-planning role allows you to free up your time to concentrate on advising and generating additional revenue. By working with me, you have access to a high level of experience, competence, and technical ability without incurring the costs of taking on a full-time employee. I am resourceful and can work very closely with your administration team. I will basically assist in the pre-appointment work and then your administration team manages the post-appointment work. You will minimise your costs as you only pay a fee when you require my service.
IN SUMMARY THE BENEFITS ARE:
- Only pay for those elements of the service that you require
- Services delivered with a timely turnaround and high levels of quality
- Don’t need to incur the costs of a full-time employee
- Free up more of your time for remunerative client facing activities and concentrate on building your business
- Feel reassured that the report is up to date in terms of taxation, legislation and compliance directives
- Provide a professional report which can be tailored to reflect your house style and personal preferences
- Your preferred tools or templates can be used.
- Not just remote. Ability to travel for face to face.
- Able to integrate with existing para-planning or administration teams.
- Services can be ultimately tailored to meet your individual needs.
- Creates an additional layer of quality checking on the work that is presented to your client.