FAQs

What does Outsourced Paraplanning involve?

Outsourced Paraplanning is a way of obtaining Paraplanning support without the expense or commitment of a full time paraplanner. You can vary the level of support you receive, depending on your work levels, and do not have typical employee-associated expenses such as NI, holiday cover and pension contributions.

How can it benefit my company?

The biggest benefit of Outsourced Paraplanning is freeing up time to spend with your clients instead of doing paperwork. Getting the experience of a highly qualified paraplanner and assistance with managing your processes are additional benefits.

What information do you need? How will I provide it?

For compiling suitability report, we will need everything that would normally be required for compiling; Factfind, meeting notes, details of existing holdings etc. For other paraplanning needs, such as research or plan/fund analysis, the info needed would be different, be we can discuss all cases to ensure a smooth procedure. Information can either be emailed over or placed in a folder which sits on your desktop and is shared with me. This folder is backed up and a very secure way of sharing information.

What areas of financial planning do you cover?

We can produce reports and provide paraplanning support on all areas of financial planning including investments, pensions, protection, tax planning, EIS and VCT schemes.

What is the turnaround time for reports?

This will vary depending on the type of report, whether research is required etc. Once all information has been received, the anticipated timescale for you to receive the report back is 5 working days. Obviously, if we are awaiting additional information from insurance companies etc, this will increase the total timescale.

How are reports sent to me?

Reports will be emailed to you in Word format. We find that most IFAs prefer this as it allows them to make any minor amendments to the report or add a personal touch to their clients.

Who provides the advice?

Para-Sols are not authorised or regulated by the FSA. The IFA remains responsible for the recommendations and advice given.

In the case of fund and/or product provider selection, we are happy to make recommendations to the adviser. However, the final selection is the IFA’s.

How much does the service cost?

Most Outsourced Paraplanning services charge either a monthly retainer fee or a fixed fee per report. Here at Para-Sols, flexibility is one of our key advantages and we therefore offer a range of charging options. Just contact us for further information.

Can you incorporate my company branding?

We want to offer as personal a service as we can, and make the reports as reflective of your company as possible. We are therefore more than happy to incorporate company logos and branding. We will also adapt our fonts and styles to match your company image, thus ensuring consistency throughout your correspondence with your clients.

In addition, and in contrast to many other outsourced paraplanners, we will always try to arrange at least one face-to-face meeting, preferably at your offices, so that we can get a feel for the company and its style to assist in preparing documents reflective of your image and to maintain professionalism between you and your clients.

Is the information I send you secure?

All the information you send us is completely secure. We are registered under the Data Protection Act 1998 and we run a paperless office meaning all information is stored in password protected and daily backed up PCs.