When it comes to choosing a paraplanner for an Australian financial services business, there is no one-size-fits-all answer. It ultimately depends on the size and scope of your business, as well as the calibre of talent you require. Both in-house and outsourced paraplanners have their own benefits and drawbacks, and we’re going to explore them in this guide today!
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What is a Paraplanner?
Before digging into this debate, let’s take a step back and explain what a paraplanner is. A paraplanner is an individual who provides administrative support to financial advisors. This support generally includes research, data analysis, preparing technical documentation for client meetings and evaluating products and investments on the market.
What are the Benefits of In-House Paraplanners?
Having an in-house paraplanner offers some distinct advantages. First, you’ll be able to provide consistent, high-quality customer service since the paraplanner is familiar with your business operations. Second, in-house paraplanners often will have a more intimate understanding of the regulatory environment and compliance within the company. Finally, having an in-house paraplanner can save time and money because, whenever you need help, the person is in the same room (or at least instantly reachable with no obligations elsewhere!).
What are the Drawbacks of In-House Paraplanners?
Unfortunately, despite the positives, there are some drawbacks to having an in-house paraplanner. The biggest issue is finding the right person for the job – as this can be a time-consuming and expensive process. Additionally, if the paraplanner leaves, it can take some time to find and train an equally qualified replacement. Do you have the resources to go through the recruitment process?
What are the Benefits of Outsourcing Paraplanners?
Conversely, outsourcing a paraplanner can offer many advantages. For starters, you have access to a wider pool of talent so you can find the right person for your business – for example, the paraplanning services by TNW Solutions are extensive. Plus, it’s more cost-effective since you don’t need to provide any benefits or pay for training and recruitment. Furthermore, you save time since you don’t need to go through the recruitment process and can hire someone quickly when needed.
What’s more, scaling up (or down) is easier since you’re not tied to any long-term commitments. Generally, outsourcing gives you the flexibility to increase the hours when needed and reduce them during downtimes. When you hire an expert in the business, you’re stuck with their salary regardless of how much work they have.
What are the Drawbacks of Outsourcing Paraplanners?
In truth, there aren’t too many. The main one is that the paraplanner may not be as familiar with your business operations because they’re based outside. Also, there can be communication difficulties since it all needs to be done remotely. However, choose the right business and you can overcome these two challenges.
Summary
As you can see, both in-house and outsourced paraplanners have their own advantages and drawbacks. All in all, it’s up to you to decide which option fits your business best. If you have enough work, then you may want to go the in-house route. If you just want access to an expert’s skillset when you need them, then outsourcing might be the better solution. Consider your options carefully and make an informed decision for your business.
To save resources, more businesses are now choosing the outsourcing route to get their paraplanning needs fulfilled. The good news is, there are plenty of experienced professionals in the outsourcing market who can offer you reliable services without having to commit long-term.
A final thought: if you’re not sure which is the right option for you, then consider consulting with a professional paraplanning company to learn more about how they can help. After speaking to a professional, it might be easier to see exactly how they will fit into your business’s operation!