If you are struggling to find in-house paraplanners outsourcing your paraplanning may be the perfect solution for your needs. When it comes to outsourcing there are different solutions to choose from.
1. Outsource to a sole contract paraplanner
You may want to arrange a specific arrangement with a dedicated paraplanner, typically this arrangement comes about when you have been working with a Paraplanner for a period of time and they express interested in wanting to work from home. This can be a good solution if you have a trusting relationship with your Paraplanner and have worked with them for a long period of time. It is important for you to consider the fact that you might loose this one paraplanner at any point in time and therefore be left with no service.
2 Outsource to a Paraplanning service overseas
When it comes to financial advice, using services located offshore can cause many problems, such as language barriers, accountability for work, changes in legislation etc etc. We would highly recommend talking with advisers who have tried this before and get their feedback as they will be able to give the best description of how it worked for them.
3. Outsource to a locally based Paraplanning company
We highly recommend considering locally based outsourcing paraplanning services, this ensures you have people working on your statement of advice requests that operate in the the same time-zones, have English as their primary language and understand the local legislation and in particular FOFA changes.