SoA Project Delivery Strategy

Are you a SME, Manager or Director who is responsible for your company’s Statement of Advice (SoA) project delivery strategy?

A recent study by Harvard Business Review revealed that on average, Projects go over budget by 27 percent of their intended cost, given the vast amount of money associated with Projects, this has a huge financial impact on an organisation.

On average, one in six projects saw a budget overrun of 200 percent (Harvard Business Review). This amount is significant. So then, why do so many companies spend little or no investment in outsourcing their projects?

In my experience it comes down to these four factors:

1. The outsourced market is now a little crowded and it is hard to distinguish between quality providers.

2. Maintaining SoA productions in-house and scaling up with more headcount leaves an organisation with more control.

3. There is a perception that a lot of work goes into the ‘pre-outsourcing’ stage and thus is it really cost-effective to outsource?

4. Lack of understanding on the value an external outsourced paraplanning firm can offer, the additional layer of compliance and governance this can provide.

Imagine the ability to outsource the delivery of your SoA’s that helps you deliver to your client on time, on budget and to the quality you desire. Every time. Contractually agreed. Projects often deliver additional income and profit for an organisation, so their success is critical for any organisation. Better yet, the results of any Project are all measurable through our careful planning of budget, forecast and aligning it to actual costs incurred and also ensuring a realistic schedule, that is meticulously managed. We were recently contacted and asked if we could deliver 550 SoA’s over an 8-week period. We had to deliver to 90% no reworks and 90% within our service level agreement – we had 2 weeks to scale as required. This is unheard of in the industry and we successfully delivered across all areas.

We are outsourced paraplanners at ComplyX. Over the past 8 years I have worked as a Senior Paraplanner, Financial Adviser, Fintech Product Manager and a Practice Development Manager. These back-office and client facing roles have shaped my experience to successfully build an outsourced paraplanning company which we have run for over 5 years now. We have helped our clients to reduce their cost to serve (and reduce their fixed cost exposure), have an additional layer of compliance and governance around their advice process, and importantly have allowed our clients to scale up quickly and deliver advice to their clients. All through the delivery of a successful partnership.

We love working with organisations by helping them deliver to their clients, it is rewarding to see our clients continue to grow and succeed based on outsourcing their back-office.

To learn more about how we continue to deliver successfully on outsourcing projects, within budget and to the quality you desire. Please contact me at: [email protected]