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09Jun

Guest Blog – Insight from an Outsourced Paraplanner

9th June 2020 Victoria Hicks Acquisitions News, Uncategorised

By Edward Spencer DipFA – Founder & Owner at Para-dox Paraplanning

The role of the paraplanner has certainly evolved over the years, but the reliance and importance of the paraplanner has most probably been the biggest change. Amongst the vast majority of IFA and financial planning practices across the country, the paraplanner has become an integral part of the team.

City & Capital Guest Blog - Ed Spencer

The definition of a paraplanner can vary considerably throughout the profession, and I’ve witnessed this first hand having worked at three different companies throughout my career so far. Some roles can be more administrative-based, some can be a purely report-writing function, whilst others involve a more client-facing function.

There are many words that I could use to describe a paraplanner, but in my humble opinion, I think the role of a paraplanner has remained consistent throughout the years which is to be facilitators to IFAs and financial planners.

What do you mean by that?

By this, I mean a facilitator of saving the most important currency to any financial planner – time.

Of course there are many other factors that comprise a high-quality paraplanner, such as being the technical soundboard that can help negotiate the rough terrain of our ever increasingly regulated industry.

It is the very skills that each paraplanner acquires and develops, that enable financial planners to save time. Less time researching products and funds, less time scouring key features documents, and less time writing suitability reports, leading to more time spent with their clients.

That is why, as the owner of an outsourced paraplanning company, one of the biggest benefits we can provide to financial planners is saving their time. Not only by writing suitability reports, but by using our collective experience to streamline existing processes, methods of working and taking on some of the more time-consuming responsibilities.

The future of paraplanning

The paraplanning market, like any market, is ever-changing and evolving.

Demand for paraplanners is constantly growing whilst the supply of employed paraplanners is arguably decreasing. The significant increases in paraplanner salaries in recent years could be perceived as an indication of this.

With the introduction of graduate financial adviser schemes and junior financial adviser roles, these have fast-tracked a number of individuals straight to advisory roles whom would have potentially tried their hand in the paraplanning world.

Combined with a number of paraplanners working in the outsourced market, such as myself, the gap between demand and supply of employed paraplanners could grow further.

I have no doubt that research and fund selection will be automated, as we already have living examples in the industry that this is possible.

A question that I often ask myself is: Will paraplanning ever be fully automated? As an enthusiast for technology, I would perhaps like the answer to be yes. But, in my opinion, the answer is no, not entirely.

In my opinion, the human skills and input required to understand, discuss and then write a bespoke, personal and compliant suitability report are unlikely to be replicated using AI, at least for the foreseeable future.

Why outsource?

Outsourcing your paraplanning isn’t for everybody. Some financial planners value the ability to sit face-to-face with their paraplanner and discuss matters. This model works for some, however the benefits of outsourcing should not be overlooked.

There are clear cost savings to outsourcing your paraplanning. It can alleviate paying large annual salaries for paraplanners – which, as mentioned earlier in my article, are continuously on the rise – there is no sick pay, holiday pay, pension contributions, employee benefits etc etc; you get the picture.

Despite this, outsourced paraplanning may have a reputation, for some in the industry, of being an expensive alternative.

That’s why when I started Para-dox Paraplanning, I wanted to create an approach that was built from my experience of working with financial planners in the industry and what their preferences and needs actually are.

I designed an outsourced paraplanning approach that is adaptable, on a pay-per-report basis and has low fixed-priced costs. You should only ever pay for what you need, so we wanted a service that reflects this but without sacrificing any quality.

Most importantly, I circle back to my point about time, which is where the greatest value can be added. Our service has been designed to free-up financial planners precious time, by onboarding responsibilities of obtaining client information, liaising directly with internal compliance departments, as well as the general task of writing a bespoke suitability report.

How has Covid-19 affected your business?

Pleasingly, we have maintained our high-levels of service throughout the pandemic so far and have even seen a rise in new clients coming on board, which is certainly a positive sign.

Our structure was already on a remote-basis, which meant that we could continue as usual when the initial affects started happening. There was very little adaptation that we had to make as a company, which allowed us to continue uninterrupted.

In the financial services market as a whole, we haven’t seen too much reduction in the level of financial planning activity which has been extremely positive and reflects the resilience of our profession.

Having seen more financial planners using a virtual approach to advice, I personally believe that this is one of the greatest benefits that the current situation has produced. I think the industry will benefit from these technological advancements, albeit a bit forced, not to mention some of the environmental benefits that it will bring.

For a business that aims to be run virtually, which is pertinent to most outsourced functions, it is an exciting time to be in the profession and I think it has triggered a number of firms to review their current internal systems and processes as well as allowing more familiarisation with the concept of outsourced paraplanning.

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21Feb

Leeds can – and should – attract the best financial talent in the country… here’s why

21st February 2020 Ruth Harrison-Davies Uncategorised

Yorkshire is home to many diverse economies and welcoming communities – none more so than in the city of Leeds.

Working in such a welcoming part of the region that thrives on inclusivity can be inspiring, alongside the creative, hardworking and passionate people within it.

With top-of-the-class universities attracting thousands of individuals to its campuses each academic year, Leeds comes alive time and again as a new wave of diverse talent descends onto the area – bringing with them excitement and dreams of achieving success in such a buzzing city.

There were perhaps a few eyebrows raised when Channel 4 announced last year that it was to build a base right in the heart of the city, but not for us at City & Capital. If anything, we were wondering why it hadn’t happened sooner!

We’re privileged to be part of the largest legal and financial centre outside of London, which is equally becoming an important and exciting centre for entrepreneurs, start-ups, investment and tech.

Just creeping into the top 10 biggest cities in the UK, and at the centre of the government’s Northern Powerhouse regeneration project, there’s no doubt that we truly believe Leeds is alive and kicking with an array of exciting opportunities for financial services talent.

So, let us bring a little bit of what we love best about our Yorkshire home directly to you…

Food

Whether street food, Mexican, Chinese or pub grub is your thing, you’ll find a superb place to stop off in our wonderful county. A huge pull has to be the variety of Michelin-starred restaurants – and you can’t go wrong with The Star Inn in the quaint village of Harome. It’s based on the edge of the Yorkshire Moors and caters for all dietary needs.

For the best sweet treats, check out Temple Coffee and Donuts (and prime your Instagram profile ready for that killer shot!). And finally, our favourite weekend venue is a lovely little vegan café in the Leeds suburb of Horsforth called The Greenhouse. Plant-based nutrition and a fresh menu – it continues to draw us back in!

Shopping

The largest covered market in Europe, Kirkgate Market first launched Marks & Spencer in 1884 and is today filled with more than 800 diverse stalls that attract over 100,000 people through its doors each week – so, what’s not to love?

In Leeds you really can ‘shop until you drop’ – with a wide range of shops to suit all styles and budgets. We love the array of gorgeous old arcades (remember to look up when you’re inside!)

We also have the very modern Trinity Centre, which is filled with a range of high street brands and the Trinity Kitchen, where you really are spoilt for great food choice. More recently came the award-winning Victoria Shopping Centre – we think this has got to be one of the most beautiful shopping destinations in the country!

Live music

We’re home to a huge music scene – whether it’s revelling in the mud mayhem at Leeds Fest or watching some of the best global talent at the First Direct Arena! Or, if you’re into more intimate gigs, shows or comedy acts taking centre stage, check out the events on offer at the O2 Academy and at the Brudenell Social Club.

Drink

A favourite bar of ours is at the ‘top of town’, a cocktail and rum venue called Mojo. It’s stylish but laid-back and a fabulous place to sit out and enjoy a chilled drink on a summer’s evening – with some amazing music for accompaniment!

We’d also recommend visiting the neighbouring local towns – especially Otley, Chapel Allerton and Headingley – if you’re wanting a traditional Yorkshire pub, as well as plenty more options. We’ve enjoyed seeing the recent revival in Meanwood’s nightlife and the new vigour surrounding areas such as Crossgates, which are becoming local hotspots for a great night out.

Shows

While we might not be in the centre of London, our theatre scene can compete with the best of them! There are some amazing curtain-raising productions showcased at Leeds Grand Theatre, the Playhouse, Opera North and City Varieties.

Sport

Whatever the ‘goal’, you’re spoilt for choice in Leeds – we truly believe it’s the ‘home’ of football, rugby, cricket and golf! And, for those who prefer to be on two wheels, there are some scenic cycle routes to peddle through, as well as challenging hills that have been famously climbed by world-class stars during the annual Tour de Yorkshire race.

Coming back home

Alongside the out-of-work attractions, security and opportunity are vitally important. Leeds comprises several towns and suburbs rolled into one – each with distinctive characteristics and regional pride running throughout.

There’s a great opportunity for young professionals to get onto the property ladder, with prices still lower than many of the other big cities. Alongside the regeneration of the city – and some of the suburbs – it can present many memorable moments, stability and prove to be one of the soundest investments to make.

We are proud to call Leeds our home – could this be yours too?

If you’re looking towards Leeds to kickstart your financial services career, recruit for top talent or acquire business, get in touch with us to discuss your needs HERE or call the office on 0113 457 6701.

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