The Role of a Paraplanner: More than back office support

Twenty years ago, the role of the paraplanner simply did not exist. With far less regulation in the financial services industry, financial advisers had the time to focus on client relationships and did not require specialised administrative support. Nowadays, strict regulations and the potential for huge financial penalties mean that paraplanners trained in compliance are an essential element of any successful financial planning business.

At ComplyX, our paraplanners undertake extensive compliance training before they begin their role. Once assigned to a client, they are inducted into your way of doing business to avoid any business disruption.


What can a paraplanner do?

The purpose of a paraplanner is to support the financial adviser with administration and client management, leaving the adviser free to build relationships and grow their business. Once the client’s strategy has been determined, our paraplanners can step into the role of supervision of the portfolio, administration and occasional client contact where necessary.

Not only does a well-trained paraplanner save the adviser time, we have also found that our clients save around $38,000 per year per paraplanner with our services. Our Australian compliance consultants also ensure that all processes and templates are in line with Australian regulations, which is paramount to a successful business in light of the Royal Commission.


More than just back office support

Whilst sound administrative skills are necessary, our paraplanners are more than just back office support. We hire individuals with the skills for research and analysis, good oral and written communications and a strong background in customer service to ensure they can serve both our clients and your clients.


Ongoing client management

We provide a dedicated paraplanner to your business to ensure the best performance over the long term. Our paraplanners get to know your clients’ portfolios and can take over client management once the strategy is prepared.

Once the plan has been signed off, ComplyX paraplanners can research the best way to meet client needs, prepare the plan and portfolio according to guidelines for presentation to the client, organise purchase of assets, monitor the portfolio and handle client enquiries. They can also conduct annual portfolio reviews to ensure your clients’ assets are still in line with their long-term goals.


Next steps

Our goal at ComplyX is to help financial planning practices deliver cost-effective and compliant advice in the best interest of the client. Our paraplanners and support staff have experience working with some of Australia’s top firms, so have a deep understanding of how to support the adviser’s success.

If you are looking to save up to $38,000 per year in your financial planning business, contact us to discuss how our paraplanning support services can help you.