8 Steps to Successfully Outsource Your Paraplanning

8 Steps to Successfully Outsource Your Paraplanning

 1. Define and share

First and foremost figure out what your team wants to do (or can do), what they don’t want to do and what you need to outsource.  Make sure your internal team is on board and supports outsourcing paraplanning – it’s important your team does not feel threatened and understand that the outsourced paraplanners are there for them.  Having a clear idea of exactly what you want the outsourced paraplanners to do engages the right service level and expectation.

Know how your team is doing it now and how that will integrate with the outsourced paraplanning service.  Provide the outsourced team with the same resources as your internal team so that continuity and quality can be achieved as quickly as possible.

2. Know how you will be looked after

Understand exactly how the outsourced paraplanning service will be delivered and how the business is structured so you know who your primary contact person/s.  Know who is doing the work and who the representative/s are for escalations.  Ask the outsourced paraplanning service the question ‘Do you outsource?’  Make sure that there is transparency as some outsourced paraplanning services will offshore their paraplanning and administration to reduce their overheads.

3. Have the same end game

Are both businesses measuring success the same?  One plan, one goal ensures that a true partnership can flourish and that the outsourced paraplanning service is aligned to your business’s definition of success.  Full disclosure builds trust and the ability to provide a successful outsourced service.

4. Communication

Take the time to communicate.  Don’t assume that each team ‘intuitively’ know what has happened and will happen in your business. Open discussions from the start clear the air and align the process.  Key representatives from each management team should catch up regularly and verbally talk to each other to review the service and understand any past, present and future operational issues or changes.  Being open about things that don’t work (or do work) provides the opportunity to figure it out and make a change.

5. Are the A-team’s in charge?

Does your business and your outsourced paraplanning partner have the best team managing the relationship?  Effective relationships come from effective management.  Having the right people in place who are culturally aligned makes sure that each team communicates easily to enable improvements and amendments to happen quickly.

6. Allow the process to fail

You wouldn’t expect a new internal paraplanner to get it right from the start with no training or introduction.  Take the time to allow the outsourced paraplanners to get up to speed and expect that there will be fails.  Review the fails, communicate and put in place parameters.  Fails need to be addressed, understand the why and then actively rectify to ensure that everyone’s expectations are met.

7. What if the need changes?

Perhaps there has been internal or external impact on your business that will affect the level of paraplanning that you need to outsource.  It may have changed or is changing from what you originally agreed on at the start of the relationship.  Be open about the change and make sure your outsourced paraplanning partner is flexible enough to accommodate the need.


Think of your outsourced paraplanning service as a partner.  To hit your internal targets consult with your outsourced partner; inform them and define their role so they can actively assist your internal team to achieve those goals.


Nadine Saron launched NK Consultants and has nearly over 20 years experience in the financial planning industry and over a decade specialising in outsourced paraplanning. During her career, Nadine has had the opportunity to fulfil a broad range of roles in the financial industry from advising, compliance, paraplanning and administration. Her experience offers full comprehension of engaging an outsourced paraplanner from both the financial practice and paraplanner’s perspective. Nadine has a reputation for being reasonable and realistic, working in conjunction with planners and dealer groups to guarantee the standard of the systems developed, ensuring the professional quality is maintained

Comments are closed.
Contact us today to access our innovative financial paraplanning solutions. CONTACT US