Adviser Feedback – Do you use a paraplanning service? Why/ why not?
"We do not use paraplanners. Having already invested quite a deal of capital into training, software and systems we are reluctant to utilise the services of paraplanners.
In our case, we have adequate staffing and our plans are specific to each client and include a lot of current information. A competent employee who can combine compliance work and plan construction makes life easier for us and avoids fragmenting our client services by outsourcing.
Besides, at a cost of around $300.00 to $500.00 per plan and advances in software, we wonder if the cost is warranted.
In addition, if a plan is required even for the transfer of small superannuation assets, I cannot imagine we could ever justify spending several hundred dollars to create a plan in exchange for say $50.00 worth of commission."
Wayne Barber CFP
Maximum Wealth Strategies
Sydney
"No we don't use paraplanners. The reason for this is that the advisers themselves take full responsibility for the plan.
Instead of paraplanners, we have a task force of strategists. We believe that individual paraplnners are not as good as internal strategies.
Our staff understand and use the investment strategies. So the staff know more than paraplanners. Indeed they write the plans. We don't outsource. There is no need."
Tony Kincaid
Managing director
Supermaster Investments
Melbourne
"We do have paraplanners but they are based in the city, not in my office. I don't use them that often, only when I'm flat out or snowed under. I try to organise my time.
I have an assistant that can help me with other things. When we are flat out, we use the paraplanning services so that we are not losing business if we didn't get the job done."
Rhonda Lane
Financial Planner
St George Bank
Sydney
"We have paraplanners in the office. There are a number of differences in the way we structure the business. I have a personal assistant and she also does plans for me.
Our paraplanners are all in-house we do not outsource. We feel that we are a big enough firm that we don't need outside help.The only people who would use outside help would be a small firm, who may need the extra help."
<I>Greg Curry
AFPA Snr
Morgan Stockbroking
Brisbane.
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