Many people view paraplanners as a one-trick pony. While it’s true that paraplanning can be a relatively standard service, creating a collaborative partnership with your paraplanning team can mean giving them more responsibility within your business. Let’s look at five tasks you can outsource to your paraplanner to free up your time, recapture your energy, and start to scale your practice.


#1: Paraplanning

 

The process of creating financial plans can be time-consuming. Your paraplanner can take the weight off your shoulders by creating your client's financial plans for you. A quality paraplanner should be familiar with systems such as eMoney, Right Capital, and Money Guide Pro. They should:

1. Check to ensure client data was entered correctly and if any client information is missing.

2. Help with creating scenarios based on the client’s goals/needs.

3. Provide a summary or have a meeting with you (advisor) to go over the client's financial situation before the meeting.

 

#2: Custodial Paperwork and Back-Office Work

 

Don’t get bogged down in back-office work! Your paraplanner can help you manage account paperwork for opening new accounts, transferring money, and more.

 

#3: Internal Projects

 

Your paraplanner can act as a pseudo-employee for your firm by helping you complete internal projects. Consider having them help transfer data from old to new systems (for example - in your CRM or financial planning software), create reports, or document processes.

 

#4: Manage CRM

 

If you and your paraplanner work together in an ongoing capacity, they may be able to assist you with CRM management. Adding prospects and clients, reviewing your calendar to ensure you have what you need for client meetings, and managing your sales pipeline all fall under this umbrella. 

 

#5: Automating Processes

 

As a business owner, you need to ensure your business is streamlined to achieve maximum efficiency. Your paraplanner can assist you in automating business processes to create a scalable practice. This might mean:

1. Reviewing or adding information to the letter you send clients with their billing statements.

2. Creating a process or automation for onboarding new clients, as well as creating and delivering their financial plan.

3. Standardizing meeting processes, including note-taking, makes plan creation more efficient and detailed.