Quantum Paraplanning and Support understands that every business is unique and requires a tailored approach to their work and difference services.
In this week’s Friday Five we outline five services offered by Quantum Paraplanning and Support.
Quantum has a dedicated team of paraplanners who will complete a compliant advice document ranging from Record of Advice (RoA) through to complex Self-Managed Super Fund advice with gearing.
We understand that advisers would rather speak with their clients than sit behind a computer and complete insurance quotes or Wealthsolvers. Quantum can assist by completing these for you and upon completion discuss your strategy and rationale with you.
CSO / Admin support
Finding staff or the time to complete admin tasks such as review appointment preparation, phoning product providers, uploading documents to xplan can be challenging. Quantum has a dedicated CSO team that can take complete these tasks enabling the adviser to continue to see clients in the knowledge that the admin is not building up on their desk.
Loan Processing and Para-Broking
As advisers develop their service offering to cater for their clients’ needs, so does Quantum. We have created a team of Loan Processors and Para-Brokers to provide further assistance to our advisers and welcoming new brokers to Quantum.
Referral to – Your Financial Planning Manager
Your Financial Planning Manager is an outsource expert in the Financial Planning industry who can assist your business with creating growth, efficiencies and improving client engagement.
Five reasons why using Onshore Paraplanning compared to Offshore Paraplanning may benefit your business.
Quantum Paraplanning and Support is proudly 100% onshore here in Australia.
We do understand the decision to use onshore paraplanning versus overseas paraplanning depends on various factors and considerations such as cost and quality.
Here are five reasons why you might prefer onshore paraplanning.
Communication and Collaboration
Working with an onshore paraplanner allows for easier communication and collaboration. You can interact in real-time, have face-to-face or virtual meetings, and discuss complex financial matters more effectively. This can lead to better understanding, faster turnaround times, and a smoother working relationship.
Knowledge of Local Regulations
Onshore paraplanners typically have a better understanding of local regulations and compliance requirements, for example they are familiar with the specific laws, tax codes, and financial regulations in Australia. This knowledge ensures that the Statements of Advice provided are compliant and tailored to your clients specific needs.
Cultural and Market Understanding
Paraplanners based in Australia will have a better grasp of the local culture and market dynamics, they are more attuned to the needs and preferences of your target clients. This understanding can lead to more relevant and effective Statements of Advice that align with your clients’ expectations and goals.
Data Security and Confidentiality
The information you handle, data security and confidentiality may be critical considerations. By using an onshore paraplanner, you can potentially mitigate some risks associated with data breaches, privacy laws, and regulatory compliance, as they are subject to Australian data protection regulations.
Reputation and Trust
Financial Planners may have more confidence and trust in the Statement of Advice as they know that this is constructed locally. This is supporting local talent and the expertise can positively influence your reputation and business relationships.
That being said, offshore paraplanning also has its advantages, such as potentially lower costs. Ultimately, the decision should be based on your specific needs, budget, risk tolerance, and the importance placed on local knowledge and communication from your business.
Quantum Professional Support is a trusted provider of Financial Planning Admin and implementation work for business’ across Australia, but why should you outsource your Financial Planning to Quantum?
Outsourcing your Financial Planning Admin can provide several benefits for your business, including:
Outsourcing to Quantum Professional Support can increase your efficiency and productivity by allowing you to focus on core business functions such as seeing clients. This can lead to increased revenue and profitability for your business.
Outsourcing to Quantum Professional Support can result in significant cost savings compared to hiring and training full-time staff. You can save money on salaries, benefits, office space, and other expenses associated with maintaining an in-house team.
Access to specialized expertise
Quantum Professional Support can provide access to specialised expertise and technology that you may not have in-house. This ensures you benefit from the experience and knowledge of a team of experts who specialise in Financial Planning admin, without having to invest in their training and development.
Improved accuracy and compliance
Financial planning admin requires a high degree of accuracy and compliance with regulatory requirements. Outsourcing this function to Quantum Professional Support can help ensure that your Financial Planning admin is accurate and compliant.
Outsourcing your Financial Planning admin to Quantum Professional Support allows you to scale up or down quickly and easily, depending on your business needs. This can be especially beneficial for businesses that experience seasonal or cyclical fluctuations in demand.
Overall, outsourcing your financial planning admin can provide your business with a range of benefits, including increased efficiency, cost savings, access to specialized expertise, improved accuracy and compliance, and scalability.
By outsourcing your financial planning admin to Quantum you can focus on your core business functions and achieve greater success in your financial planning business.
Paraplanning is a well known role within the Financial Services industry for the technical expertise it brings to Financial Advisers, but what is Para-Broking and how could it benefit you and your business?
A Para-Broker use their technical expertise in Mortgages and Lending and take the Fact Find, file note and supporting information from the Broker and discuss the scenario with multiple lenders to discover the most suitable outcome for the client based on their goals and objectives.
How could this benefit you and your business?
Quantum understands that Brokers prefer to spend their time seeing clients and networking. We have designed a service that aims to maximise a Broker’s time for these pursuits.
Our team of CSOs will integrate into the Broker’s business, with their own email address, ensuring that after the initial meeting and File Note is written by the Broker, our CSOs can engage with the clients to collect all relevant documents.
Once all documents have been received, our Para-Brokers will discuss the scenario with multiple lenders to find the most suitable product and commence the credit analysis, serviceability assessments, pricing, loan comparisons and product and policy research.
After consultation with the Broker to gain approval for the deal, our loan processing team then enter the deal into Applyonline, produce the compliance documents and track it through to settlement. During this time, our CSO team will keep the Broker and client up to date with the progress of their loan.
Could this help you?
Whether you are a single-practice Broker or a larger firm with support staff, utilising a Para-Broker could assist in freeing up your time so you can see more clients, build your business or finish at 5pm!!
To discuss if this is suitable for you and how it may work within your business, please contact Chris Cleaver on 0452 622 210 or firstname.lastname@example.org
As a Financial Planner, your role is to build relationships with new and existing clients. All too often, do you find yourself getting stuck with back-office administration, compliance and advice implementation which takes you away from your income producing role, seeing new and existing clients?
Using Quantum’s outsourced staff to fulfil the time-consuming file preparation, advice research and implementation, as well as general administration, can be a great way to free up your in-house staff to work more closely with you and to focus on your clients.
Outsource staff provide a more cost-effective approach because during quieter times when they may not be required, there are no mandated wages to pay. Furthermore, there are none of the standard costs in employing staff such as; computers, annual leave, bonus, sick leave and superannuation.
The last couple of years have been volatile for the Financial Planning industry, coupled with the introduction of education requirements and the adviser exam as well as the introduction of fee for service and annual advice agreements. Now is the time to simplify and grow your business through outsourcing your time-consuming tasks.
All admin, Pre-SoA and Paraplanning work completed by Quantum is completed in Australia.
Let’s have a positive start to 2022 and discuss how outsourcing can benefit you and your business.
The Financial Planning Industry has gone through a huge overhaul over the last few years with estimates indicating the number of Financial Planners will drop below 16,500 this calendar year and below 10,000 within three years. For those who remain, it means the ratio of advisers to Australians will change to almost 1 to 1,500 this year providing ample opportunities to grow successful businesses.
Following on from the royal commission, licensees are no longer able to subsidise their fees to advisers with vertically integrated investment costs. With this in mind, we now see advisers looking at ways to reduce their overheads and remove themselves from a vertical integration model, providing more freedom within their advice.
We are seeing more Financial Planners actively looking at new licensees as well, which can provide them greater freedom to make recommendations in their client’s best interest whilst reducing their overheads.
What do you need to consider before changing licensee?
The chances are your current licensee won’t make it easy for you to change because they do not want to lose your business.
You will be required to ensure you have all your client files up to date, they will need to be digitalised, audited and checked by your current licensee prior to leaving. Your new licensee will probably also require you to have everything digitised, allowing them to carry out their own due diligence.
Roadblocks to changing licensee?
There’s a good chance you have all that information in paper files stored on your desk or filing cabinet or if your records are digital, you hold them across Dropbox, Google Drive, or various hard drives.
The thought of taking time away from seeing clients to scan and file documents on your licensee’s preferred platform is unappealing and may be enough for you to consider changing licensees. After all, you must continue to service clients and will want to spend your evenings and weekends with your family!
Can I change licensee and continue to see clients?
As a business, you need to remain profitable and continue seeing clients throughout the year. By outsourcing the administration requirements, you will be better equipped to change licensees and continue growing your business.
Quantum can work with you and your current licensee to ensure that your files are digitalised and saved on their preferred platform ready to be audited. We can liaise with your licensee and inform you of any developments that need to be completed such as signatures from clients or missing information, allowing you to focus on continuing to service your clients throughout the transition period.
Quantum will quote a fixed fee based on an agreed scope of work allowing you the certainty to budget.