The core role of a paraplanner is to assist advisors in preparation and planning. Approach Paraplanning can add value in all client contacts. We use the term client contacts as our Paraplanners also can implement and assist with your client review process, meeting preparations and quote comparisons. We are equipped to assist in the FNA process for new clients as well manage the task of reviewing portfolios for existing clients.
We believe in learning concepts rather than content which means we can apply our minds in all contexts. Our team is resourceful and works very closely with our administration team. Many advisors are seeing the benefits of this collaboration, we run the pre-appointment work and the administration team manages the post-appointment work.
Paraplanning Process Flow
Price of Paraplanning Services
All fees indicated below are approximates based on once off services. If you are interested in the services we recommend contacting us, by providing us with an outline of your processes and needs we can tailor a solution and a fee to suit you. We are Approachable!
FNA Capture process
The service entails capturing all relevant client information as well as the plan details required to generate the plan on your FNA system.
This process includes a revision process. Once the first draft is generate you can request any changes that are needing to be made before you capture your recommendation and generate your final plan.
R 1 550
Assessing to see whether your client has the best cover both in terms of price and benefits is Important. Quote comparisons are crucial for both new and existing clients. It forms part of servicing your client while possibly generating new business.
Often the challenge when collating quotes is needing to make sure that the premium patterns and benefits are all as similar possible in order to compare accurately. Often the back and forth between you and your consultant costs more than just your time.
Our base fee is based on 3 like for like quotes with a summary capture into your template. If you require additional quotes comparing benefits, waiting periods, premium patterns or commission structures our Paraplanners will be happy to assist you at revised fee. We will consider reducing the fee based on the volumes.
Annual Client Review
Client reviews are a vital part of maintaining and growing a financial practice. If you assessed your book you are likely to have many clients whom you do not have the time to see but they may require your assistance. Streamlining your review process will allow you to make brief contact with all your clients and rapidly assess whether you need appointment could be income producing.
Advisors are doing this by using our review process. The Approach Paraplanner collates your clients’ policy information and then captures it into a portfolio template of your choosing. This draft email with the portfolio summary with all statements is sent from you to your clients with a set of review questions. Based on the answers to these questions you can quickly determine if a meeting is necessary. If nothing has changed for you client you have completed a review without using your time for a formal meeting.
This service does not look the same for every advisor but we believe with our adaptable approach we will be able to design a process that suits you. Advisors also couple this service with the 3 quote comparison service.
The price is based on the process above. We will consider a reduced fee based on the volumes and a regular agreement.
R 345 per client
Full Annual Review Comparing Existing Cover
This services has been added by request. The process is a combination of the 2 services above. In the process of reviewing a client they are proactively able to offer cover comparisons on their existing cover. Advisors are not doing this for every client as this is more costly and perhaps not necessary for every client. The service is being used by advisors whose clients are maybe on Blue status with Discovery or they know a product has come out that will be an enhancement to their client.
R 575 once-off
What Our Paraplanners Can Do
- Capture all information to assist with generating an FNA or estate plan required for your client
- Assess risk needs based on your clients objectives
- Provide quote comparisons for life and investment products
- Investigate the viability of doing a section 14 transfer that seeks to benefit the client in the long term
- Compile risk reviews for your clients including comparative quotes
- Generating portfolio summaries for yearly reviews
- Facilitate the process of reviewing your smaller clients via email or phone
Einstein and Occam’s razor had it right,[su_quote] “Everything should be made as simple as possible but not simpler.”[/su_quote]
Popular Comparative Analysis
Customised quote comparisons
These comparisons are completed to your own criteria and set up. We use templates based on your design and company details. We have a number of templates to work from that can be customised to your needs.
Drawing on our experienced network of industry consultants we can assist in revealing the strengths and drawbacks of each product. The product comparison is largely subjective depending on your clients, their age, occupation and needs, that being said our Paraplanners will be able to offer insight into different products and provide second opinions.
Premium projections/Escalation comparison
In the assurance industry premium is a key factor linked to persistency and lapse ratios. By being able to see the premium escalations and cover increases one is able to determine whether the proposed cover will be sustainable. This can be included in a benefit comparison or can be done separately.
Investment Cost Analysis
Sometimes the TER is not always a clear indication on the cost of an investment. We can, using your portfolio or proposal template compare the cost of each fund and the portfolio based on the current fees charged. This is usually a comparison done between platform fees, management fees, administration fees and performance fees.
Section 14 Cost Analysis
This is specifically but not limited to a life company RA transfer. Exorbitant fees and expenses often make a life RA a poor investment vehicle. However transferring from one of these RAs often attracts a penalty this comparison looks at the impact of fees and penalties on an investment over time.
Financial Needs Analysis
Astute draw down- Using the information of your clients to see both a summary of current cover in place and also to assist in creating an accurate and detailed financial illustration for each client.
FNA Streamlining- researching and developing ways to better run your Process of new business