Paraplanning

With the historically low number of financial planners in Australia, it is said that each financial planner will need to increase their serving capacity from an average 50 to 100 clients. To facilitate this it is crucial to minimize operating costs and to outsource operations that can work without reducing the quality of service. More…

There seems to be an ongoing battle over how financial advisors should be paid. Broadly there are three main approaches, outlined below. A fee-for-service model involves a fee based on the time and expertise required to provide the services. This fee structure is often broken down into an hourly rate, fixed fee, or a retainer…

In recent years, many financial planning firms have struggled to meet their business goals. Things like changes in legislation, increasing costs and the global pandemic have put extra strain on practices everywhere. Because of this, some business owners feel stressed and explore their options. One thing some consider is merging their business with other like-minded…

The Quality of Advice Review (QAR) is recommending the removal of statements of advice (SOAs). Many paraplanning professionals have shown a concern for their future job prospects, given SOAs cover a large part of a Paraplanner’s work. Despite paraplanner fears, many leaders in the financial planning space feel that the future couldn’t be brighter for…