MLC, a prominent financial services company, is set to revolutionize its paraplanning services by introducing a new referral panel model for its advisers. This move marks a significant shift from its current centralized approach facilitated through ThreeSixty. Scheduled for implementation in October, the revamped paraplanning system aims to offer enhanced flexibility and customization tailored to individual advice businesses within MLC’s network.

Greg Miller, the general manager of MLC Advice Solutions, expressed that the forthcoming paraplanning model will empower advisers with personalized services, including the possibility of on-site visits by referral partners to collaborate with advisers in refining their strategies. The Paraplanner Academy, initiated in 2005, will also undergo expansion to provide a more accessible platform for advisers through a tailored training program encompassing technical and practical elements.

With the financial planning landscape facing succession planning challenges, MLC has witnessed a surge in the utilization of its Academy and Statement of Advice (SoA) coaches. In response to the evolving industry dynamics, MLC anticipates a continued uptrend in adviser engagement with these resources. Moreover, in a recent development, eJobs Recruitment Specialists joined forces with a financial planning firm to establish Paraplanning Australia, a specialized outsourced paraplanning service catering to independent financial advisers and dealer group practices.

Paraplanning Australia, led by Trevor Punnett, boasts a team of experienced paraplanners and over 70 contracted professionals, with ongoing training initiatives through its Paraplanning Academy. As economic conditions tighten, financial practices are reassessing their staffing strategies, prompting a growing interest in outsourced paraplanning solutions. MLC is committed to collaborating closely with advisers to identify their specific requirements and align them with suitable consultants from the referral panel.

The evolving landscape of paraplanning services underscores the industry’s responsiveness to changing demands and the increasing need for tailored support mechanisms for financial advisers. By embracing a more decentralized and customizable model, MLC aims to empower advisers with the tools and resources necessary to navigate the intricacies of modern financial planning effectively. This strategic shift reflects a broader trend within the industry towards greater specialization and individualized service offerings to meet the evolving needs of clients and advisers alike.