Paralegals at law firms are similar in scope. The paraplanner function was created to enable financial planners to focus on clients and to help them identify their investment goals. Paraplanning analyses clients’ needs researching and recommending products that meet their needs.
Attitude
As a leader and paraplanner, you should be supportive of others. Be positive and have a positive outlook. Remember that everyone is human!
Be positive in all situations and be passionate about what you do.
Communication
Make yourself available
This works for both sides, so encourage your clients and colleagues to communicate with you from the start. The paraplanner must:
- Keep your adviser up-to-date on the status of cases
- Give realistic turnaround times
- Never over-promise.
The adviser will then be able to manage client expectations.
Take the time to visit clients and talk about business and personal life.
Listening helps understand what is most important to clients and implement new ideas that will help them provide a better service.
Clear Service Standards
Clients appreciate clear service standards. It is essential to keep track of how many clients you are working with at once.
You can then provide consistent service. Clients will feel more confident and relaxed knowing that work is being done well.
Attention To Detail
These include:
Client’s Personal Goals
All information should flow from the fact-find to the suitability reports.
You should check for spelling errors and grammatical errors.
Compliance Is The Most Important Thing.
Do not apply the same label on every report. Be aware of the jargon, and keep it unique! This will be made more accessible by having a solid handover process.
Your final product should be professional. You create your brand, so you need to make sure your work is perfect.
Speed Of Service
Most often, I get asked, “How long will it take?”
It would be best if you were realistic. Set timescales you can follow and communicate. To be efficient and effective in your work, you must be organized.
Do what you can.
Fees
While it’s not essential, it can make a difference in securing a good reputation before charging the earth.
Research companies in your local area. You’re never going to find the right price for all of them.
Consider the cost of your paraplanning services and base it on what you know.
Be Flexible
These times are challenging, and it is essential to adjust to change, mentor and uplift others to ensure that everyone can help one another and the business.
The ability to adapt means asking questions such as: “Where can I add value in what ways?” What do our clients need?
Knowledge
A paraplanner must have good technical knowledge. However, it is more beneficial to have diverse knowledge in different areas of advice. This will increase the number of outsourced paraplanning services you can provide.
Advisors will almost always look for someone with at least Diploma qualifications. Reach out to risk management professionals and create your network.