As you may know, at Corbel Partners, we offer an in-house paraplanning service with nearly 30 employed paraplanners on hand to help our advisers thrive. These individuals know the process inside and out – so we thought we’d ask our Head of Paraplanning to share some wisdom.
Read on to discover our Q&A with Gemma, who sheds light on how advisers and paraplanners can have a productive working relationship.
Q: What’s the biggest barrier to paraplanners getting work done on time?
There is a range of factors that could come into play here. We always endeavour to meet deadlines that advisers give us, but sometimes the following issues arise that slow everything down:
- Missing or conflicting information in the fact-finds
- The adviser not being set up with providers before requesting the paraplanning work
- Provider systems being down or giving incorrect/incomplete information
To put it simply, when we have to phone or clarify information with either providers or advisers, this puts the case on hold. Picking it back up later means refreshing all the information in our minds, causing delays and extra time on cases.
Q: How has paraplanning changed as a profession since the introduction of Consumer Duty?
Consumer Duty has been a positive development for clients, which is what matters most. But on our side, it has necessitated some shifts in the way paraplanning happens.
For example, cases now take longer to prepare, although we make every attempt to engage with time-saving practices and technology. Specifically, Corbel’s in-house platform, Finpath, keeps all the information securely in one place, which helps tremendously.
There are also more checks that have to be done in line with product governance, target market assessments, value for money, and ensuring client understanding. Although important, these steps are time-consuming.
In addition to Consumer Duty, the FCA’s Retirement Income review from March 2024 added further complexity and requirements around making retirement recommendations.
Q: How is the paraplanning profession misunderstood by some advisers?
IFAs generally have a great understanding and respect for the paraplanning profession, with many having worked as paraplanners prior to moving into advice.
However, some do misunderstand our work on certain occasions, such as:
- Advisers sometimes underestimate the technical knowledge that our paraplanners have. Almost all at Corbel are Diploma qualified or above, know how to get answers to queries efficiently, and have a wealth of experience that they can bring to each case they produce.
- Some assume that paraplanners want to hinder the process when they ask for more information or clarification, or when they have to reject a case. However, this is because they have both the client’s and the advisers’ best interests in mind, as well as a duty of care and requirements to ensure advice follows FCA rules and guidelines.
It’s always frustrating for advisers when work is delayed due to technical issues or back-and-forth about key details – but when both sides keep the common goal in mind, it makes everything go much more smoothly.
Q: How can advisers make the most of the Corbel paraplanning service?
Our advisers can use the paraplanning service as much or as little as they like. As it’s charged by the minute at £22 an hour plus VAT, it’s a really cost-effective way of receiving the background support they need to provide independent care to clients.
We also produce a quarterly due diligence package free of charge, containing relevant research that advisers can draw from without needing to ask a paraplanner for help in many cases.
Advisers can also benefit from the free sending and chasing of letters of approval if the case will be going through paraplanning.
They get the best from our service when they:
- Are clear and concise with work requests and fact-finding, which means the cases can be allocated more easily and completed swiftly without having to contact the adviser for further information
- Make use of the comprehensive research spreadsheets for funds and products.
We’re accepting applications from advisers
Do you want to join a network that protects your independence and helps you run your advice business in the way you choose?
Email hello@corbelpartners.co.uk or call 01925 637891.
Please note
This article is for general information only and does not constitute advice. All information is correct at the time of writing and is subject to change in the future.