I was recently asked for my thoughts on the future of Paraplanning and the impact FASEA will have on the community.
Put simply, without Advisers, there are no Paraplanners and although FASEA doesn’t directly affect Paraplanners, there will be a flow on. There are predictions that there will be “mass exits” of advisers from the industry which can is likely to result in two outcomes for Paraplanners.
1.Work temporarily increases – this is coming off the sale of client books and change in licences will all require short term, project work.
2. Onshore work decreases – the costs to service clients is only increasing and offshore outsourcing can be more cost effective if you work with the right team.
Since starting in this industry, I have seen Paraplanning moving from primarily in house to a significant portion of the market (43%+ is the latest estimate) moving to outsourcing in some form. As a sub sector of this industry, we need to keep adapting, keep improving our value proposition and not standing still in an ever-changing environment otherwise, we are going to find ourselves in a situation of redundancy.
So how do we do this?
There are so many answers to this question, but one of the most important things we can do is improve our skills to become more valuable to the adviser. Think like an adviser. A lot of them are business owners or work in medium sized teams. They wear many hats including managing the team, balancing the books, sourcing more clients, oh yeah and servicing their existing clients.
If you were run off your feet with all of these tasks, what could you do to get the adviser thanking their lucky stars you’re on their team?
Become irreplaceable. You know all of those pesky back office processes, review them, revitalise them, find more effective ways of achieving the same outcome. An example, some advisers love to hate typing up meeting file notes. Cool. Get them to do a quick voice message, email it to you and get it transcribed and filed into your CRM. Go one step further and get that file note to trigger a series of tasks.
This is just a simple example but there are so many ways to help our adviser brothers/sisters out. We are all in this together and right now, they need our help. So, get your magnifying glass out and go over your systems to find those hidden gems.