top of page

Recent Trends in Paraplanning Outsourcing

Not sure whether to outsource Paraplanning or not? This blog can help you decide. Paraplanning is definitely a new concept in the financial planning industry. But the demands are skyrocketing for a good paraplanner. Moreover, companies are choosing to outsource paraplanners for all the good reasons. But before going deeper into paraplanning outsourcing and why you should do it, let me tell you what paraplanning outsourcing is.

What is Paraplanning Outsourcing?

Financial planners assign administrative, back-office, and clerical work to junior-level personnel through paraplanning. These operations may involve compiling financial reports and creating customer bills, and they can be carried out either in-house or through outsourced services. Paraplanning Outsourcing is delegating these tasks to someone outside of the organization. They do everything which an in-house paraplanning team does, but with more expertise and efficiency. Let me tell you HOW?

Why You Should Not DIY Paraplanning?

Paraplanning is a core part of any organization's financial planning activities. A paraplanning team takes care of the important administrative tasks which are essential for business. Definitely not a piece of cake. Paraplanning must be done by a team of expert paraplanners. As this task includes a lot of technicalities. Your paraplanning is not a DIY project.

While DIY paraplanning may be beneficial in the short term for cost savings, it may have big implications in the long run. As your organization expands, so will the complexity of paraplanning. A trained paraplanner will devote his or her entire attention to your company's or your client's finances.

Paraplanning can be handled by an in-house team, or it can be outsourced. While it’s great to have an in-house paraplanning team, outsourcing paraplanning comes with a bucket of advantages. Let’s have a look at the advantages of paraplanning outsourcing.

Pandemic Accelerated A New Trend in Paraplanning Outsourcing

We are presently in the middle of one of the most transformative times in recent history. Every business, small or big is going virtual. People right now are not looking for a concrete process. They are looking for experts who can work exclusively for their business needs. In the past 2 years, Zoom calls have increased by 2,000 per cent, while Microsoft has seen a 775 per cent growth in video calling via its Teams software.

We have no hesitation in saying that the pandemic will transform the way we work. And paraplanning is no exception. Outsourcing your paraplanning is the most effective approach to grow your business, but not your workforce. It saves time, money, and provides the same efficiency (or more) as an in-house team.

How Financial Adviser Are Turning A Fresh Eye To Outsourcing?

A financial planning firm is quite demanding. For each client, they must conduct extensive research, write reports, and provide good evidence for their recommendations. All of these tasks take a significant amount of time. This may lead to not being able to handle multiple clients simultaneously. As a result, the leaders have a very short period for business growth.

Outsourcing paraplanning is becoming more popular among financial advisors. This allows them to spend more time getting to know the customer, discussing their business, and cultivating a strong business connection. As it is important to understand a client's needs before making any financial plans for their business.

In the UK alone, 11% of paraplanners work as outsourcing firms or own one. The most noticeable point here is that outsourced paraplanners are more experienced as compared to in-house teams. 41% have worked for over a decade as compared to the in-house ratio, which is 16%. In Australia, outsourced paraplanners are happiest in their role. And surprisingly in the US, 93% of paraplanners say they would like to continue working from home post-pandemic.

Massive Opportunities In The Future

Many people believe that traditional paraplanning is dead. If that is true, what does the future of paraplanning outsourcing look like? We are on the verge of a financial sector revolution, including paraplanning. A typical paraplanner needed to be physically present in the workplace. They needed to communicate with the clients during meetings and presentations. But things have changed since then. A virtual paraplanner can communicate with customers via Zoom sessions or simple text messages.

The function of a paraplanner is expanding and will likely continue to do so in the future. Improvements in technology, particularly during the pandemic, have also made it much simpler for paraplanners to take on more client-facing tasks. With paraplanners being more involved in the delivery of advice, the difference between an adviser and a paraplanner is slowly fading away.

Paraplanning Outsourcing in India

Paraplanning outsourcing in India is quite a new concept and very few people know about it. But there is a significant hike in expert paraplanning freelancers in India, especially during the last five to seven years. Clients from countries like Australia, the UK, and the US prefer to work with Indian paraplanning outsourcing companies for all the good reasons.

  • Reduced Costs

  • Increased Success Ratio

  • Excellent Team Support

  • Improved Client Satisfaction Rates

  • Better Time Management

When it comes to paraplanning outsourcing options in India, several advisers have engaged paraplanners. Advisors believe that there is a tremendous opportunity for paraplanners in the rising finance industry. While advisors recognize the need of recruiting paraplanners, many still prefer to work alone, particularly those who do not have a huge setup. However, many advisers are still unaware of the concept and benefits of paraplanning outsourcing. I am confident that paraplanning outsourcing would flourish in India during the next decade.

Why Outsource Paraplanners from India?

Outsourcing is not a new idea. Yet, paraplanning outsourcing is still in its early stages. However, the major reason for outsourcing is to save money and time. It enables enterprises to obtain high-quality services at reasonable prices. Many countries are not concerned about pricing when it comes to outsourcing from India. Accounting businesses seek to outsource to India for a variety of reasons, including:

  • Lower cost

  • Better performance

  • Super talented people

  • Uncompromised data security

  • Niche-based expertise

  • Scalability & reliability

  • The latest technology at use

We are one of India’s leading paraplanning outsourcing companies. We work with your company as if we are part of the team. Our professionals and specialists will go along with your techniques, systems, and compliance standards. You can get in touch with us HERE to book a free consultation call.


Recent Posts

See All
bottom of page