Paraplanning  

Hybrid advice would save paraplanners time

Hybrid advice would save paraplanners time

Paraplanners have said a hybrid advice model would help them save time on key advice processes.

According to a poll at an event by Wealth Wizards, 100 per cent of respondents stated hybrid advice implementation in businesses could help paraplanners save time on areas such as client onboarding, completion of fact finds, diagnosis and recommendation, and suitability report writing. 

In addition to this, 91 per cent said they believed their senior management would either be very likely (29 per cent) or somewhat likely (69 per cent) to consider a hybrid advice model for their business.

The poll, which asked 86 paraplanners, was taken at the end of a presentation by Wealth Wizard’s head of advice Nick Hall, in which he explained how hybrid advice worked within an advice business.

Hall said: “Paraplanners are right in the thick of the issues faced by adviser firms – such as incomplete fact finds, slow onboarding of clients with communications going back and forward to obtain the information required, writing long, repetitive suitability reports and systems not talking to one another.

“Hybrid advice, utilising self-serve capabilities, automation and digital services, can cut through the inefficiencies that are being suffered at present and make paraplanners’ lives a lot easier.”

He explained by digitally onboarding clients, including the use of chatbots to help them through the process, clients can be guided to the type of advice they need and the data can also help build the suitability report.

User case studies show 95 per cent of clients who undertook a fact find digitally completed it pre the first meeting allowing the adviser and paraplanner to focus on the soft facts, dreams and aspirations of the client, according to Hall.

“For paraplanners, using an algorithm to self-populate a suitability report, can significantly reduce the time to produce a report aligned to the advice firm’s policies,” he said. “It can help to cut out repetition and make the report more streamlined, easier to read for the client whilst also being compliant under FCA rules. 

“As the results of our poll show, paraplanners were quick to get how removing these time-consuming tasks alone could massively impact their working day and allow them to focus on the aspects of their role that deliver the most value for the client and their advice firm.”

sonia.rach@ft.com

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know