What are the benefits of outsourcing your Paraplanning requirements to NPS?
The main advantage of outsourced Paraplanning from a cost perspective is accountability. You are able to convert your variable costs into fixed costs which can be easily monitored.
Depending on the circumstances of your business, costs associated with in-house Paraplanning may include:
• Annual leave
• Sick leave
• Workers Compensation insurance
• Public holidays
• Payroll tax
• Computer software
• Computer hardware
• Physical workstations
• Additional rent
• Ongoing training and education
• Re-training costs associated with staff turnover
By outsourcing with NPS you replace these variable costs with a fixed cost which is attributable to each advice document you provide. This means you won’t lose touch with your actual Paraplanning costs and have the ability to accurately include these costs in business forecasts.
• Peaks and troughs
NPS does not charge retainer fees. You only pay for the services you use, ensuring that costs relating to reduced business (as a result of economic conditions or Adviser leave) are eliminated. Alternatively, if you experience a spike in business during peak times, you do not have to worry about sourcing additional staff.
These are important factors in the Financial Planning industry which can be seasonal in nature.
Using NPS will provide you with access to efficient Paraplanning and feedback on best practice techniques and strategies being employed in the financial planning industry. You will also have access to strategy consultation through a fresh set of technical eyes which may add value to both your clients and business in certain circumstances.
However, the main efficiency based advantage of an outsourced Paraplanning service through NPS relates to continuity of service. In addition to general attrition, the “apprenticeship” nature of the role of paraplanner often leads to high staff turnover. The negative impacts of turnover are exaggerated in a lot of cases by the timing of the departure. For example, it is common for a quality employee to leave at a time when the culmination of education and training should be providing Financial Planning businesses with a competitive advantage through Paraplanning efficiency and technical expertise.
We have experience providing advice documents to a number of different advisers, across different Dealer Groups and client demographics. This allows you more time to focus on your core activities such as meeting with clients and/or referral partners.