The 16 Biggest Pain Points Super Funds Face with Paraplanning

For superannuation funds and financial planning businesses with six or more advisers, in-house paraplanning has traditionally been standard. However, as firms scale and face increasing client demands, maintaining a seamless, efficient paraplanning function can become a challenge. From high turnover to bottlenecks in workflow, many firms struggle to optimise their paraplanning processes and, eventually, the paraplanning function becomes a frustrating cost centre

Here are 16 common causes of headaches that we hear from clients that have subsequently explored outsourced paraplanning, and then never looked back.

1. High Turnover Among In-House Paraplanners

Recruiting and retaining skilled paraplanners is a major issue for firms. High turnover disrupts workflow, increases recruitment costs, and creates inconsistencies in the quality of Statements of Advice (SoAs).

2. The Ongoing Burden of Training

Even when firms successfully hire paraplanners, continuous training is required to keep them up to date with compliance changes, technology advancements, and best practices. This training consumes valuable resources and managerial time.

3. Knowledge Loss from Staff Departures

When an in-house paraplanner leaves, critical knowledge about client preferences, processes, and firm-specific practices often disappears with them. This loss creates inefficiencies and delays in getting new hires up to speed.

4. Productivity Gaps in Meeting KPIs

Many firms notice that their in-house paraplanners struggle to consistently meet key performance indicators (KPIs). Whether due to inefficiencies in workflow or distractions from non-core tasks, this reduced productivity can impact turnaround times.

5. Seasonal Backlogs in Paraplanning

Super funds experience cyclical periods of high demand, such as end-of-financial-year (EOFY) reporting or annual client reviews. During these peaks, backlogs develop, leading to delays in SoA production and adviser frustration.

6. Inability to Scale with Business Growth

As firms grow and take on new clients, the volume of SoAs increases. In-house paraplanners often struggle to keep up, making it difficult for firms to scale efficiently. At the same time, firms need flexibility to manage quieter periods without carrying unnecessary overhead costs.

7. Need for a Reliable External Paraplanning Partner

Many firms seek an outsourced paraplanning provider that can work alongside their in-house team, delivering high-quality SoAs seamlessly. The challenge is finding a provider that understands firm-specific requirements and can deliver at the same standard.

8. Bottlenecks in Workflow

Without a stable and predictable paraplanning function, firms risk workflow bottlenecks. When bottlenecks arise, advisers spend more time waiting for SoAs and less time engaging with clients—ultimately impacting revenue.

9. Lack of Strategic Thinking from Paraplanners

In-house paraplanners are often expected to follow processes rather than contribute strategically. But what if paraplanners could take a more proactive approach—helping firms optimise advice strategies rather than just executing them? Many firms wish for paraplanners to act as true strategic partners.

10. Excessive Time Spent Reviewing SoAs

Reviewing SoAs can be a time-consuming process, especially when documents require multiple rounds of revisions. Firms need paraplanners who can produce accurate, high-quality SoAs with minimal back-and-forth.

11. Error-Prone SoAs from Outsourced Providers

While outsourcing can alleviate capacity constraints, firms often experience frustration when SoAs come back with errors. Constantly fixing mistakes undermines the efficiency gains of outsourcing.

12. Communication Gaps Leading to Revision Delays

A lack of clear communication between paraplanners and advisers often results in multiple rounds of revisions after an SoA is completed. This inefficiency adds unnecessary delays and impacts client service delivery.

13. Long Turnaround Times from Outsourced Providers

Some outsourced paraplanners take one to two months to deliver SoAs, creating unacceptable delays in client service. Firms need a provider that offers both speed and reliability.

14. Compliance Concerns in SoAs

A strong SoA isn’t just about accurate financial modelling—it must also meet strict compliance requirements. Firms want paraplanners who act as compliance gatekeepers, ensuring every document meets regulatory standards.

15. Data Security Risks in Outsourced Paraplanning

With sensitive client data at stake, firms are increasingly concerned about how their outsourcing partners handle security. The best outsourced paraplanning providers must adhere to industry best practices to protect client privacy.

16. Dependency on Sole Contractors

Many firms rely on a single outsourced paraplanner, only to be left stranded if that individual faces personal emergencies or reaches capacity. A scalable, team-based outsourcing model ensures continuity of service.

The Case for Outsourcing Paraplanning

For super funds facing these challenges, outsourcing to a professional paraplanning provider can offer a practical, scalable solution. By partnering with an experienced firm, businesses can:

• Reduce the burden of hiring, training, and retaining in-house paraplanners.
• Ensure consistent, high-quality SoAs with minimal revisions.
• Scale paraplanning capacity up or down as needed.
• Improve compliance and data security standards.
• Minimise workflow bottlenecks and adviser frustration.

Rather than struggling with paraplanning inefficiencies, firms can focus on what they do best—serving clients and growing their business.

If your firm is experiencing these paraplanning pain points, it might be time to explore a more effective, outsourced solution.