What you must consider when outsourcing

What you must consider when outsourcing

When a company accepts the advantages to outsourcing one or more of its services, there are a number of steps you should take to find a suitable outsourcing partner.

Finding the right outsourcing partner

It’s important to realise the relationship between a company and its outsourcing service provider is typically more intimate than the traditional relationship between a buyer and a supplier. This makes the process of decision-making all the more important, and worthy of a bit more time for deciding.

Choosing an outsourced provider doesn’t need to be complicated.

The decision-making process:

  1. Appoint a selection team;
  2. Confirm minimum experience required;
  3. Develop a long list of potential providers;
  4. Send a Request for Info to prospective candidates;
  5. Send a Request for Proposals to prospective candidates;
  6. Evaluate the proposals;
  7. Select a short list; and
  8. Make the decision!

The final step of the selection process should be a face-to-face meeting with the shortlisted service providers.

The service providers should be given an opportunity to deliver a presentation and demonstrate their understanding of the client’s business process requirements, workflows and, importantly, process improvement opportunities.

After the presentation, the client should have an opportunity to ask questions before a selection is made and a BPO contract drafted.

Are they customer oriented?

Did they customise their proposal to your unique business needs? It’s important the provider you choose will dedicate the required time and energy, and genuinely care about the outcome.

How experienced are they?

This indicates how long they’ve been completing Statement of Advice documents. It’s important the paraplanner has the suitable number of years experience, or have the specific experience in the relevant tasks. Advisers have stated that they also want diversity of experience in their paraplanning staff.

Location (state)

Some advisers prefer to meet with their paraplanner once per week to discuss strategies for the coming week.

Turnaround Time

Our paraplanners have standard turnaround times of 4-5 business days. For most businesses, this is an improvement on their current arrangements and suits their need to ensure their client stays engaged in the financial planning process.

Cost per hour

Almost all paraplanning companies use the model of charging for SoAs on a per-plan basis. Advisers can save up to 10% more as paraplanners become accustomed to templates and build further efficiencies into their process. We allow each paraplanner to nominate their hourly rate to order to give additional options to cost-sensitive financial advisers.

Software Experience

More than 90% of the contracts established use paraplanners with specific software experience.





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