A big part of our work is being the intermediary between the Paraplanner and the Adviser.
Our service is very subjective. What looks right to you may be the opposite to me so rather than it being about who’s right and wrong, it’s more so about, ‘where in the process does this fall over?’.
Input = output
One of the most important stages, of the onboarding process, to invest your time is getting to know each other. Before any work is started, it’s important to set clear expectations, including understanding what is important to the Adviser, identifying any areas of particular concern or improvement.
But this isn’t just a one-way street.
For a Paraplanner to complete their best work, the Adviser too needs to invest time, especially in the initial stages. Approach it with the same expectations of bringing on a new Paraplanner in house. Consider, what they would need to know about the SOA production process, what do you have in your head that would help the Paraplanner? Or what niggly things do you often come across when writing/reviewing an SOA.
I’ve complied some items below on things both parties should be considering when starting a new relationship:
How do you produce the SOA? i.e. what is your actual process?
How do you like things formatted?
What is the template like? i.e. does it need a lot of customisation?
Do you have examples of recent SOA’s?
What are the pain points of the process?
What areas of the SOA do you really value extra attention?
This is a give take scenario and the most effective outsourcing relationships are where you will get out what you put in. So, take the time to really set clear expectations for your Paraplanner.
Be patient and communicate your feedback clearly, especially in the early days and over time you will ‘reap what you sow’.