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Thinking about outsourcing your paraplanning? Read this first

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Outsourced paraplanning

As a self-employed financial adviser, you probably feel pulled in a number of different directions. But if you’re going to spend time in front of your clients and continue to win new business, you can’t do it all. With the role of the financial adviser moving from transactional to consultancy-based, it’s no wonder that there’s been a rise in demand for paraplanners in recent years. The role of the paraplanner is essential to financial advisers, and since the Retail Distribution Review, paraplanning is now a career in its own right. Advisers today rely on paraplanners to assist them with everything from research to financial plans and report writing, freeing up the adviser’s time to focus on client retention and new client acquisition. But when it comes to paraplanning, what’s the best option – in-house or outsourced paraplanning?

Outsourcing versus in-house

It can be tempting to outsource your paraplanning. There are, of course, a number of benefits to outsourced paraplanning, such as saving time and minimising costs, not to mention one of the most popular reasons that people outsource their paraplanning: flexibility. When you outsource, you only pay for what you need, when you need it, as opposed to the constant cost of employing a paraplanner.

Outsourced paraplanners also benefit from the wealth of experience that comes hand in hand with working with a variety of clients for a range of different firms, meaning they will be able to bring specialist knowledge to the table. However, despite all this, 88% of advisers don’t outsource their paraplanning and less than 1% would consider doing so in the future. But why?

The problem with outsourcing

For many advisers, there are some concerns surrounding outsourced paraplanning. For starters, you won’t have the same relationship you would with an in-house paraplanner – and it can be difficult to trust your life’s work with someone you don’t really know. There can also sometimes be complicated legal and contractual issues surrounding sharing and protecting customer data. And additionally, by outsourcing your paraplanning, you are technically relying on a third party to produce your work – so if your paraplanner falls behind they are much harder to manage than an in-house employee, resulting in a lack of control.

The benefits of in-house

But instead of looking at the negatives of outsourced paraplanning, perhaps it’s better to look at the positives of hiring an in-house paraplanner. The benefits of employing a paraplanner speak for themselves: for instance, there’s reduced risk, increased communication and stronger relationships. An in-house paraplanner can take total ownership of the advice process, taking care of research and analysis, as well as liaising with providers, sitting in on clients meetings, cash flow modelling, liaising with trustees and solicitors, tax planning with accountants and formulating advice. They also provide a sounding board for the team to bounce ideas off and can provide support to clients when the adviser isn’t available.

From the client’s perspective, whilst the technical ability to write a good report is important, that’s not why people choose their adviser. Financial advice is all about relationships. Clients want to be completely understood and feel that their advisers provide bespoke advice that can help them reach their goals. Such a holistic approach to advice requires a team effort – and the paraplanner is an essential part of this team. In-house paraplanners can attend meetings and build relationships with both the client and the adviser, ensuring the adviser can offer exceptional advice and provide a personal touch. By immersing the paraplanners in the advice process, you can ensure they truly understand the client, adding real value to the advice process rather than just generating a report. Finally, from a compliance perspective, in-house paraplanners can also monitor everything that is said and done.  

The Foster Denovo paraplanning service

At Foster Denovo, you can have the best of both worlds. Because you can choose the level of paraplanning support you need, you’ll enjoy all the benefits of outsourced paraplanning whilst working with a dedicated, in-house team. This means you can benefit from the expert knowledge of Foster Denovo’s entire team of paraplanners, and because of Foster Denovo’s company culture, you will still have strong relationships with each individual team member.

The benefits 

Foster Denovo’s centralised paraplanning team is there to assist you in conducting research and writing suitability reports, as well as helping with technical consultation, in-depth analysis and strategy reports. They can also help with front-line compliance thanks to a robust file and regular consultation on any risks you might need to consider. You’ll also have access to:

  • suitability report templates; 
  • a ‘common pitfalls’ document to reduce the number of easily made mistakes; 
  • checklists to help improve suitability reports;
  • a straightforward assessing suitability form to understand clients’ attitude to risk, ability to understand advice and capacity for loss;
  • evidencing research checklist; and
  • pre-approval checklist.

If you need more support, Foster Denovo’s Private Client Services is a central support service, whereby a team of Client Experience Executives will take care of the administration and servicing of clients, allowing Partners to spend more time with their clients. You can choose the level of support you need, including services such as:

  • client administration and research;
  • report writing and servicing;
  • preparation of documents for client meetings, including pre-filled applications and forms;
  • management of cases to paraplanning, liaising with providers to obtain policy and research information;
  • annual review preparation including cash flow forecasting and a professional client valuation pack;
  • an efficient and personalised process offering a dedicated point of contact for Partners; and
  • regular communication to the client and Partner, providing updates on their cases.

Foster Denovo’s Head of Partnership Support, Neil Wortham, also works with Foster Denovo Partners to provide a help desk service where they can discuss potential cases. Working on the principle that ‘two heads are better than one’, Neil challenges Partners to help them explore advice opportunities and pre-empt any compliance procedures that need to be followed.

About Foster Denovo

Foster Denovo is a multi-award-winning firm which partners with self-employed financial advisers to deliver top quality advice to clients across the country. With over 80 Partners and 200 employees, they’re small enough to be flexible yet big enough to make a real impact on the industry. At Foster Denovo, you will be surrounded by a strong team of knowledgeable people who can help you, whilst their unique training and mentorship programme, ‘Quantum Leap’, also offers support and guidance to all their Partners to ensure they can get to where they want to be.

In addition to the Quantum Leap programme, Foster Denovo also runs a number of other training programmes for Partners, as well as ongoing mentoring and support from Equity Partners. Partnering with a reliable advisory company also has the benefit of taking away all the extra work involved in financial advice. Because they can take care of all the behind-the-scenes stuff such as compliance and IT, it means you can focus solely on your clients and getting out there and building relationships. 

Want to find out more?

Contact Recruit UK today to find out more about the opportunities we are currently working on with Foster Denovo.

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PRIVACY POLICY

Background: Recruit UK Limited understands that your privacy is important to you and that you care about how your personal data is used. We respect and value the privacy of all our customers and will only collect and use personal data in ways that are described here, and in a way, that is consistent with our obligations and your rights under the law.

1. What Does This Notice Cover?

This Privacy Information explains how we use your personal data: How it is collected, how it is held, and how it is processed. It also explains your rights under the law relating to your personal data.

2. What is Personal Data?

Personal data is defined by the General Data Protection Regulation (EU Regulation 2016/679) (the “GDPR”) as ‘any information relating to an identifiable person who can be directly or indirectly identified in particular by reference to an identifier’. Personal data is, in simpler terms, any information about you that enables you to be identified. Personal data covers obvious information such as your name and contact details, but it also covers less obvious information such as identification numbers, electronic location data, and other online identifiers.

3. What Are My Rights?

Under the GDPR, you have the following rights, which we will always work to uphold:

a) The right to be informed about our collection and use of your personal data. This Privacy Notice should tell you everything you need to know, but you can always contact us to find out more or to ask any questions.

b) The right to access the personal data we hold about you.
c) The right to have your personal data rectified if any of your personal data held by us is inaccurate or incomplete.
d) The right to be forgotten, i.e. the right to ask us to delete or otherwise dispose of any of your personal data that we have.
e) The right to restrict (i.e. prevent) the processing of your personal data.
f) The right to object to us using your personal data for a particular purpose or purposes.

g) The right to data portability: This means that if you have provided personal data to us directly, we are using it with your consent or for the performance of a contract, and that data is processed using automated means. You can ask us for a copy of that personal data to re-use with another service or business in many cases.

h) Rights relating to automated decision-making and profiling: We do not use your personal data in this way

i) For more information about our use of your personal data or exercising your rights as outlined above. Further information about your rights can also be obtained from the Information Commissioner’s Office or your local Citizens Advice Bureau. If you have any cause for complaint about our use of your personal data, you have the right to lodge a complaint with the Information Commissioner’s Office.

4. What Personal Data Do We Collect?

We may collect some or all the following personal data (this may vary according to your relationship with us):

  • Name;
  • Address;
  • Email address;
  • Telephone number;
  • Business name;
  • Job title;
  • Profession;
  • Information about your preferences and interests

5. How Do You Use My Personal Data?

Under the GDPR, we must always have a lawful basis for using personal data. This may be because the data is necessary for our performance of a contract with you, because you have consented to our use of your personal data, or because it is in our legitimate business interests to use it. Your personal data will be used for or may be used for one of the following purposes:

  • Providing and managing your account.
  • Supplying our services to you. Your personal details are required in order for us to enter into a contract with you.
  • Personalising and tailoring our services for you.
  • Communicating with you. This may include responding to emails or calls from you.
  • Supplying you with information by email and/or post that you have opted-in to (you may unsubscribe or opt-out at any time by emailing [email protected].

With your permission and/or where permitted by law, we may also use your personal data for marketing purposes, which may include contacting you by email and/or telephone and /or text message and/or post with information, news, and offers on our services. We will always work to fully protect your rights and comply with our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003, and you will always have the opportunity to opt out.

6. How Long Will You Keep My Personal Data?

Due to the nature of recruitment, a significant number of candidates reconnect with our organisation periodically. It is not uncommon for this to occur years after we have placed them in a role. For this reason, your consent includes explicit consent to retain your personal details until you wish us to delete your records from our database or refrain from further engagement.

7. How and Where Do You Store or Transfer My Personal Data?

We will only store or transfer your personal data in the UK or elsewhere in the EU. This means that it will be fully protected under the GDPR.

  • We store all data in specific company applications unique to us
  • All application access is via secure password or biometric control
  • In line with our Data Retention Policy, your data is deleted once

a) we no longer have a relevant use for it
b) it has passed the relevant expiry date

8. Do You Share My Personal Data?

We will not share any of your personal data with any third parties for any purposes, subject to one important exception. In some limited circumstances, we may be legally required to share certain personal data, which
might include yours, if we are involved in legal proceedings or complying with legal obligations, a court order, or the instructions of a government authority.

If any of your personal data is required by a third party, as described above, we will take steps to ensure that your personal data is handled safely, securely, and in accordance with your rights, our obligations, and the third party’s obligations under the law.

9. How Can I Access My Personal Data?

If you want to know what personal data we have about you, you can ask us for details of that personal data and for a copy of it (where any such personal data is held). This is known as a “subject access request”.All subject access requests should be made in writing and sent to the email or postal addresses shown below.

There is not normally any charge for a subject access request. If your request is ‘manifestly unfounded or excessive’ (for example, if you make repetitive requests) a fee may be charged to cover our administrative costs in responding.

We will respond to your subject access request within 14 days and, in any case, not more than one month of receiving it. Normally, we aim to provide a complete response, including a copy of your personal data within that time. In some cases, however, particularly if your request is more complex, more time may be required up to a maximum of three months from the date we receive your request.

You will be kept fully informed of our progress.

10. Contact details

Contact us at [email protected]
Alternatively, you can contact us by writing to us at:
GDPR Compliance Officer
Recruit UK Limited
Newminster House
27-29 Baldwin Street
Bristol
BS1 1LT

11. Complaints procedure

If you have a complaint about the way your data is stored or handled by Recruit UK Limited, please
contact us at [email protected]
Alternatively, you can contact us by writing to us at:
GDPR Compliance Officer
Recruit UK Limited
Newminster House
27-29 Baldwin Street
Bristol
BS1 1LT

Escalated Complaints
If you remain unhappy with the handling of your data, you can complain to the ICO.
Information Commissioner’s Office
Wycliffe House
Water Lane
Wilmslow
Cheshire
SK9 5AF

12. Changes to this Privacy Notice
We may change this Privacy Notice from time to time. This may be necessary, for example, if the law
changes, or if we change our business in a way that affects personal data protection.
Any changes will be made available on our website recruitukltd.co.uk

DIVERSITY POLICY

Inclusivity and fairness are of paramount importance to us. Recruit UK embraces equality, diversity and inclusion and will seek to promote their benefits in all of its business activities. We will further develop our business culture to encourage, value and manage that belief. 

We intend to eliminate discrimination and encourage diversity amongst our workforce. Our aim is that our employees will be truly representative of all sections of society and each person feels respected and able to give their best.

Our policy purpose:

Not unlawfully discriminate because of the Equality Act 2010 protected characteristics of:

  • age
  • disability
  • gender reassignment
  • marriage or civil partnership
  • pregnancy and maternity
  • race (including colour, nationality, and ethnic or national origin)
  • religion or belief
  • sex
  • sexual orientation

 

Oppose and avoid all forms of unlawful discrimination. This includes:

  • pay and benefits
  • terms and conditions of employment
  • dealing with grievances and discipline
  • dismissal
  • redundancy
  • leave for parents
  • requests for flexible working
  • selection for employment, promotion, training or other developmental opportunities

 

Who is responsible for equal opportunities?

Achieving an equal opportunities workplace is a collective task shared between the employer and all its staff. This policy and the rules contained in it, therefore, apply to all staff of the employer irrespective of seniority, tenure and working house, including all employees, directors,

consultants, trainees, homeworkers and fixed-term staff and any volunteers or interns (referred to as staff).

All staff have a personal responsibility to ensure compliance with this policy, to always treat colleagues with dignity, and not to discriminate against or harass other members of staff, visitors, clients, customers, suppliers and former Recruit UK, employees.

Managers and Directors must take all necessary steps to:

  • Promote the objective of equal opportunities and the values set out in this policy.
  • Ensure that their own behaviour and those of the staff then manage complies in full with this policy;
  • Ensure that any complaints of discrimination, victimisation, or harassment (including against themselves) are dealt with appropriately and are not suppressed or disregarded.

Our Commitments

  1. Encourage equality, diversity and inclusion in the workplace.

  2. Create a working environment free of bullying, harassment, victimisation, and unlawful discrimination, promoting dignity and respect for all, and where individual differences and the contributions of all staff are recognised and valued.

    This commitment includes training managers and all other employees about their rights and responsibilities under the equality, diversity, and inclusion policy. Responsibilities include staff conducting themselves to help the organisation provide equal opportunities in employment, and prevent bullying, harassment, victimisation, and unlawful discrimination.

    All staff should understand they, as well as their employer, can be held liable for acts of bullying, harassment, victimisation, and unlawful discrimination, in the course of their employment, against fellow employees, customers, suppliers and the public.

  3. Take seriously complaints of bullying, harassment, victimisation and unlawful discrimination by fellow employees, customers, suppliers, visitors, the public and any others during the organisation’s work activities.

    Such acts will be dealt with as misconduct under the organisation’s grievance and/or disciplinary procedures, and appropriate action will be taken. Particularly serious complaints could amount to gross misconduct and lead to dismissal without notice.

    Further, sexual harassment may amount to both an employment rights matter and a criminal matter, such as in sexual assault allegations. In addition, harassment under the Protection from Harassment Act 1997 – which is not limited to circumstances where harassment relates to a protected characteristic – is a criminal offence.

  4. Make opportunities for training, development, and progress available to all staff, who will be helped and encouraged to develop their full potential, so their talents and resources can be fully utilised to maximise the efficiency of the organisation.

  5. Review employment practices and procedures when necessary to ensure fairness, and also update them and the policy to take account of changes in the law.

  6. Monitor the make-up of the workforce regarding information such as age, sex, ethnic background, sexual orientation, religion or belief, and disability in encouraging equality, diversity and inclusion, and in meeting the aims and commitments set out in the equality, diversity and inclusion policy.

    Monitoring will also include assessing how the equality, diversity and inclusion policy, and any supporting action plan, are working in practice, reviewing them annually, and considering and taking action to address any issues.

Agreement to follow this policy

The equality, diversity and inclusion policy is fully supported by senior management at Recruit UK.

Details of Recruit UK’s grievance and disciplinary policies and procedures can be found in the employee’s handbook. This includes with whom an employee should raise a grievance – usually their line manager.

Use of the organisation’s grievance or disciplinary procedures does not affect an employee’s right to make a claim to an employment tribunal within three months of the alleged discrimination.

Achieve your career goals

Once you have the knowledge, soft skills, practical skills, and qualifications needed for pursuing a career in Financial Planning, we will provide you with guidance toward a suitable path to follow to achieve your career goals.
 
You can confidently apply for job opportunities with a high-quality CV knowing exactly where you sit within the market with inside intel about salary expectations, buzzwords for specific leading firms and referrals from experts you will meet along the way. You will also have the opportunity to utilize the Financial Planner Life recruitment services, giving you further specialized advice and putting you forward for roles which align with your intrinsic values and career goals.
 
Don’t put it on hold, join the community today and discover your potential.
[Join]

Discover your path.

We understand that there isn’t a one size fits all approach to a career in financial planning, which is why we are here to make sure that you’re taking the right route into the profession.
 
We’ve calmed the process down so you can stay within your current company, start studying towards your qualifications and begin to get a real understanding of what the landscape of financial planning looks like in respect of your career.
 
Whether you have aspirations of being an employed adviser, running your own business or doing a more back-office focused role such as compliance, we can help guide and support you down the right path, matching your experience, your network and your intrinsic values.

Uncover your potential.

It starts with taking your qualifications and what we do within the community is support you to pass your qualifications first time. The Financial Planner Life community is all about supporting people’s different learning styles and taking into consideration life’s commitments such as finances, family and existing employment.
 
We believe in offering a personalised learning experience, which is why our program includes study support for industry-recognised exams. Our aim is to ensure that you are well-prepared to pass exams such as the CII-regulated diploma in financial advice, the CII Certificate in Mortgage Advice and the CII Certificate in Paraplanning.
 
Train to become a financial planner with the use of online resources, networking within the community with well-established professionals as well as frequent webinars and Q&As with Sam Oakes and industry-leading professional guests.
 
[Download the full academy prospectus here]

Connect with the Community

Welcome to the Financial Planner Life Academy where well-being, honesty and transparency are at the heart of what we do.
 
We’re here to support you on your journey into a career within the financial planning profession. Whether that’s administration, paraplanning, financial advice or even mortgage advice. Our expert trainers and community will support and educate you and train you to A, pass your qualifications and B, make the right decision about your first employment in the financial planning profession.
 
It could be going down the route of being restricted, or becoming an IFA, you may even have aspirations of running your own business! But what does that look like?
 
We understand that from the outside looking in, it can be daunting to find the correct route into the profession to become a financial planner. The Financial Planner Life Academy is completely independent, allowing you to connect with hundreds of financial planning professionals with different backgrounds, at all levels of experience.
 
You will learn all about the different options you can take, mentored by a diverse mix of professionals so you are equipped with the essential toolkit to be able to make an informed decision about your career path within financial planning.

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