“I have worked with Richard and Paraplan Plus for several years now and am happy to recommend their services.”
Richard Mumford, M&M Financial Services
We really enjoy answering questions about our company and paraplanning in general. There are quite a few and so we have grouped them together as follows:
If you can't find the answer to your question below, please feel free to ask us.
What is an outsourced paraplanning service?
What sort of adviser uses ParaPlan Plus?
Who provides and is responsible for the advice?
What areas of advice do you cover?
Do you provide advice to members of the public?
What's in the information pack?
Do we have to sign up for the monthly retainer or can we use you on an ad-hoc basis?
What information do you need from us to produce a report?
How do we submit information to you?
Can we have our logo on the reports and can the reports use our corporate colour scheme?
How do we know the information we send is secure?
What do you do with the information we send you once a report has been prepared?
Can reports be changed once issued?
How long will it take to get a report back and what will it cost?
What product and service areas do we cover?
Who chooses the products and funds recommended within a report?
What qualifications are needed?
Make sure your client's data is safe?
Can you rely on the outputs from a paraplanner's software?
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What is an outsourced paraplanning service?
At ParaPlan Plus, our definition of a Paraplanner is not someone who gets quotes from insurance companies but a highly skilled individual capable of analysing a client's circumstances, researching the market and producing a quality report including specific recommendations. An outsourced Paraplanning service provides this level of support at a time it is needed and at an affordable level.
What sort of adviser uses ParaPlan Plus?
Our clients include IFAs, Financial Planners and Tied Advisers ranging from sole traders to regional practices and network members. In most cases we become the paraplanning team for a business but we also work alongside existing paraplanners and administrators to give extra support.
Who provides and is responsible for the advice?
Although we can provide much of the research and write the reports, we are not regulated or authorised by the Financial Services Authority and therefore you, as the adviser, are ultimately responsible for the advice. However, we run the company and produce our reports as if we were.
What areas of advice do you cover?
All the main areas of advice with the exception of mortgages and private medical insurance.
Working remotely means that we do not often get the chance to meet the advisers we work with. You will be made very welcome at our offices in rural Oxfordshire to meet the team at any time; we are in the middle of a beautiful orchard! Unfortunately we are unable to come to you as this would take up valuable report writing time!
Do you provide advice to members of the public?
No.
What's in the information pack?
More information on our services and fees and a sample report.
Do we have to sign up for the monthly retainer or can we use you on an ad-hoc basis?
We only accept new clients for our core paraplanning service on a retainer basis. Our training and consultancy services are provided on a bespoke basis.
You will receive an invoice at the start of each month for your retainer which is paid by standing order. At the end of each month another invoice will be produced showing all the work we have done for you during that month and how much is due to be paid. You can pay us electronically (please) or by cheque of you prefer.
What information do you need from us to produce a report?
Everything you would need to create the report. A copy of your Fact Find and relevant policy information for 'hard' facts, and any meeting or file notes for 'soft' facts. A covering note explaining the client's current situation, their objectives and what direction you want to go in is useful. We assess all cases upon receipt and aim to contact you within 24 hours to obtain any missing information and agree in which direction you want the report to go. Having worked with a wide range of advisers for many years we know that people work in different ways and that is why we have developed our own process to ensure that things run smoothly.
How do we submit information to you?
Ideally we prefer to receive information electronically via the ParaPlan Plus Hub. However, we are flexible and understand that sometimes this is not possible or practical and so we can accept information via email, fax, post or over the phone.
Can we have our logo on the reports and can the reports use our corporate colour scheme?
We are big fans of corporate branding and personalisation and wherever possible our reports will include your logo, colour scheme, house font and any standard text about your company and proposition. We always try to make the reports as personal to you as possible.
How do we know the information we send is secure?
We are registered under the Data Protection Act and comply fully with its provisions.
The ParaPlan Plus Hub is password protected for your security based on SSL 128-bit encryption. SSL stands for Secure Socket Layer, but what it really means is that the data sent between the Hub and your computer is safely encrypted from prying eyes. It's the same technology that online banks and e-commerce sites use to keep your credit card information safe.
What do you do with the information we send you once a report has been prepared?
All data we receive is stored electronically and backed up daily using the servers from Amazon. If you would prefer, the data can be deleted although most of our clients like the reassurance of a full copy of all the information being held within our date and time stamped audit trial just in case they lose theirs!
Reports are issued via the Hub system as PDF files to ensure compatibility across computers and operating systems.
Can reports be changed once issued?
We are all human and sometimes even we make mistakes which we will correct free of charge. We will also make minor changes to a report at your request. More substantial changes can be made if requested although we reserve the right to make an additional charge.
How long will it take to get a report back and what will it cost?
This will vary for each case. We will send you a New Case Confirmation via the Hub system showing who is managing the report and what each part will cost. If we have sufficient information to do so at this stage, we will confirm the date on which the report will be sent to you.
What product & service areas do we cover?
Let's start with the areas we don't cover; basically mortgages, group risks and larger group pensions. Other than that we cover all product types including pensions (funding, at retirement and transfers), investments, personal protection, business protection, estate planning. We also provide reviews, financial plans, lifetime cash flows and other types of forecasts.
Who chooses the products and funds recommended within a report?
We never forget that the report is for your client and we will follow your instructions in this respect. In practice most advisers like to take advantage of our market knowledge and systems and we work together to decide the most suitable recommendations. However, ultimately it is your decision - you are paying and we will do whatever you tell us to!
A paraplanning service can provide research and report writing, technical support, administration and specialist support such as group pension administration. It is important to be clear about what you want and what each service can provide.
What qualifications are needed?
There are no qualifications needed to be a paraplanner (yet) but you should ensure that your paraplanner is sufficiently qualified to be able to provide the level of support you require. We would suggest that the Diploma is a minimum but that Advanced Diploma as well as Chartered or Certified status is desirable. Any paraplanner dealing in pension switching or transfers should have the G60 qualification.
In most cases, definitely. A paraplanner should be happy to provide references or testimonials and we are not talking about 'an IFA from Bognor' saying how great they are. If an IFA is not prepared to add their name and company to a reference then what is it worth?
Make sure your client's data is safe?
This should be one of the main ares for you to satisfy yourself on as you have responsibilities under the Data Protection Act, TCF and simple common sense. Make sure that your paraplanner is registered under the Data Protection Act. Ensure that any data is sent by secure electronic methods and is also stored and backed up correctly.
Can you rely on the outputs from a paraplanner's software?
If a paraplanner is using proprietary software it is essential that they have a special or amended licence to allow the outputs to be used by a third party, i.e you. This applies to software such as Defaqto Engage, Synaptic Research, O&M Pension Profiler, Selectapension and Financial Express Analytics. If the licence has not been amended, you cannot use or rely on the outputs. These amended or special licences cost more than a standard licence - you should get confirmation that any software can be used for you and your clients.
Yes, this should not only cover the financial issues but also cover all the issues raised above. Some contracts may have a lock in or notice period and you should make sure that you are happy with this.
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Coming soon.
Coming soon.
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Your first point of contact:
Richard Allum, 0845 125 9644
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