Qld-based paraplanning business acquired
Contract Paraplanning Services (CPS) has been acquired by two new owners looking to drive further growth in the business.
The firm offers outsourced, contracted-based paraplanning services that enable financial advisers to spend less time on administrative work and focus more on servicing new clients and managing relationships.
Hayley Knight established the Cairns-based CPS in 2013 and has served as its director for 11 years.
Two advice professionals, Clinton Weekes and Chloe Weekes, have now announced their acquisition of the business and will take over as CEO and COO respectively.
Clinton Weekes holds over a decade of experience in the financial advice profession, including six years spent as a self-employed paraplanner and three years at MLC Advice as a financial planner and principal owner.
He also previously worked at Commonwealth Bank as an adviser and at Colonial First State as a paraplanner.
Meanwhile, Chloe Weekes brings 15 years of client service management expertise to the new position, including as an advice associate at MLC Advice.
The pair said they are looking to position the business for a new era of growth and innovation by continuing to deliver its paraplanning services while also expanding its capabilities.
“This acquisition is a thrilling opportunity for Chloe and me. Having been involved with CPS since 2018, I’ve gained a deep appreciation for the business’s reputation in the industry,” Clinton Weekes said.
“Our mission is to build on this strong foundation, introducing fresh, innovative approaches while ensuring our clients continue to receive the same outstanding service they’ve come to expect.”
Chloe Weekes remarked: “With Clinton’s deep industry insights and my extensive background in client service management, we’re confident in our ability to drive CPS’ growth and deliver even greater value to our clients.”
Money Management spoke with Knight last year regarding the incorrect assumption that paraplanners are less qualified than their financial adviser counterparts.
“This misconception often arises due to lack of understanding of the role and the lack of formal education requirements for paraplanners,” she said last October.
“They have the same technical knowledge as the adviser, yet also have an in-depth understanding of the CRM and back-office processes.”
Research from the 2023 Australian Paraplanner Survey, produced by the Paraplanner Hub and support service platform Tanngo, also revealed that just 21 per cent of paraplanners hope to become an adviser, demonstrating the overwhelming majority who are satisfied with their current position.
AUTHOR
Jasmine Siljic
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