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Richard Allum's presentation to a meeting of users of Transact's investment platform at events held on 23 and 30 January 2013.
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Paraplanning:Evolution of a profession
Richard Allum
Last ten years
- Pre RDR momentum
- Formal professional standards
- Approach to advice process
- Flight to quality
- Rising popularity of paraplanners
- Significant factor in quality of service
What is a paraplanner?
The role
- Establish client needs
- Collate and interpret client information
- Research and prepare recommendations
- Present solutions
- Review and relationship management
The role
- Prepare and maintain client file
- Prepare recommendations
- Implement recommendations
- Review
Formal standards
Key attributes
- Technical knowledge
- Research and analysis skills
- IT literate
- Lateral thinker and common sense
- Good communicator
- Attention to detail
Increased responsibility
- Guiding advisers
- Due diligence
- Provider meetings
- Justification and suitability
- Increased influence
- Client relationship
Team structure
Advisers
Administrators
Paraplanners
Team structure
Advisers
Administrators
Paraplanners
Team structure
Advisers
Outsourcing
Team approach
Adviser Paraplanner Administrator
Relationship Reviews data Data processing
Presents plan Analysis & insight Support process
Provides advice Prepares plan Implementation
Benefits
- Co-ordinated team approach
- Deliver the process consistently
- Insight & ideas
- Sounding board
- Challenge
- Focus on delivering best advice to client
What a paraplanner adds
Do you need one?
- Sound business case
- What will they add?
- Where do you find them?
- Employ or outsource?
www.theparaplanners.comwww.moneyscopehq.com
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