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Looking to join an outsourced paraplanning company or setting up your own?

How I would describe the outsourced paraplanning role to someone looking to join or setup an outsourced business of their own.


Here we have two completely different roles, so to describe them as one is not possible.


I would ask, what’s your poison?


It takes the right kind of person to run a business, especially an outsourced paraplanning one – not only are you expected to carry out the role you have trained for as a paraplanner, but you will also be required to play HR, Marketing and Finance roles too. There will be times you have to deal with difficult situations or work horrendous hours. However, it is also the perfect time to create something amazing. You set the standards for the business, a soldier for the regulatory board and the creator of beautiful letters to be presented to adviser clients. I would not describe the role as lonely because it is down to you to surround yourself with the right people – you could build up a team or a network of individuals to turn to for support. So, when I say it takes the right kind of person, I mean you have to have the determination to succeed, the drive to keep up with the industry, the ability to always be kind, professional, methodical but also thick skinned.


Joining an outsourced company is probably the easier leap for someone who may have ambitions to start up their own business in the future. However, it is also perfect for Paraplanners who want to step away from working with one adviser and expand their knowledge or purely focus on paraplanning. By joining an outsourced company, you will most likely have the support of a team and will be exposed to lots of different clients and financial solutions. You will not have the pressure of running a business and will simply get paid to do what you do best – paraplanning. Joining a company may also mean that you remain employed, if going self-employed makes you nervous or it could be self-employed, and you will get the opportunity to earn based on your own capability to turnaround work efficiently. Be in control of your own destiny, I like that.


Ultimately as part of an outsourced paraplanning company either if we setup our own or join a team, we provide a service to financial advisers, so they spend less time on admin and more time client facing. A valuable resource that can also help a financial adviser’s business to grow. We are their ‘go to’ for advice and their assurance that the advice provided is compliantly documented.


Written by Ashley Wiltshire




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