The relationship between financial advisers and paraplanners is a cornerstone of effective financial planning services.
Optimising this collaboration and creating a robust working relationship is key to enhancing great client outcomes, so here are three simple strategies that advisers can consider.
Bring the client to life
The foundation of a productive relationship lies in great communication. Providing additional and personalised information in meeting notes and fact finds, including client goals, values and concerns, helps to bring the client to life for paraplanners. This, in turn, empowers them to align their research with the client’s unique circumstances.
Building a collaborative relationship fosters a shared commitment to delivering exceptional client service
Factors such as health concerns and legacy aspirations, for example, influence risk tolerance and financial-planning strategies, enabling paraplanners to offer the most suitable recommendations and helping to ensure that a financial plan resonates on a personal level.
Comprehensive, personalised notes also reduce the need for extensive follow-up, enabling paraplanners to proactively address client priorities. For instance, early retirement might be an aspiration, but what does ‘early’ mean to this particular client and what are their ambitions once retired?
In addition, detailed notes underpin seamless client interactions, allowing a paraplanner to pick up with confidence in their adviser’s absence, reinforcing trust and reliability, and reducing a client’s sole dependency on the adviser.
Clear communication and expectations
As well as detailed client information, advisers need to ensure they supply complete and precise instructions, such as defined timelines, deliverables and priorities. This ensures that expectations are clearly defined and enables a paraplanner to prioritise their tasks effectively.
It is really important that paraplanners are encouraged to feel comfortable to ask questions
Regular check-ins between adviser and paraplanner — whether daily or weekly — ensure alignment and allow for prompt resolution of potential issues. It is really important that paraplanners are encouraged to feel comfortable to ask questions, seek clarification and be able to challenge, when required.
A paraplanner is not simply there to take orders, so building a collaborative relationship fosters a shared commitment to delivering exceptional client service.
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Although paraplanning has traditionally sat more behind the scenes, this is increasingly starting to change. Including paraplanners in client interactions can offer firms a strategic advantage, as well as giving them real-world exposure to the advice process and the opportunity to refine their technical and interpersonal skills.
By attending meetings, paraplanners can gain a deeper understanding of the client’s needs, concerns and goals, and this reduces the workload of the adviser in making the detailed notes that their paraplanner would ordinarily require.
Including paraplanners in client interactions can offer firms a strategic advantage
Direct involvement in meetings also enables paraplanners to clarify uncertainties or technical queries immediately and offer solutions, reducing the need for follow-ups. These real-time contributions streamline the advice process and speed up putting the final touches to recommendations.
Clients value seeing a unified team working on their behalf and can witness first-hand the breadth of knowledge and experience at their disposal, which helps to build confidence and trust.
By fostering strong communication, encouraging professional growth and integrating paraplanners into key processes, financial advisers can help to unlock the full potential of this partnership. Increased collaboration not only recognises the value and expertise within paraplanning but also streamlines operations and enhances the quality of client service.
Michael Brown is a paraplanner at Progeny
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