Software packages include: XPLAN, PlutoSoft, Opex (IFF), DASH, Advisor Logic and Mid Winter.
Advice Administration for Financial Advisers
Financial advisers can focus on their core business offerings to their clients and growth
Client’s annual review
Third-party authority
New product fee form
Product fee renewal
Ongoing service agreement creation and implementation
Financial disclosure statements
Onboarding new clients and collating information
Paraplanning Services for Financial Advisers
Tailored paraplanning services for financial advisers. Our team of expert paraplanners handles:
SOA and ROA preparation using Xplan and Adviser logic
Strategy analysis for SMSFs, Family trusts, Direct Equity, Aged Care, Centrelink, and Gearing
Existing product research, including SMSF, insurance, investments, and listed securities
Recommended product research in SMSF, insurance, investments, and listed securities
Compliance adherence to licence standards
Tailored Administration & Advice Support for Financial Planners
We mange the groundwork for preparing advice documents, so your financial planners can focus on strategy and client relationships.
General Administration Tasks
- Review of the client meeting notes and strategy notes
- Review of the Financial Needs Analysis
- Collection of supporting documents such as existing product statements
- Strategy formulation and confirmation with the advisers
- CRM updates with the most up-to-date information
- Assisting in completing the Insurance needs analysis
- Strategy finalisation with the adviser
- Insurance quotes generation
- Product research for recommended insurance products
- Pre-assessment assistance with the insurance providers
- Confirmation of the paraplanning request form
- Review the post-advice document creation
Pre-Review Meeting Preparation
- Prepare annual review reports and update balances in Xplan
- Produce conditioned FNAs and RoA hold drafts with key details completed
- Prepare Loan Market schedules, engagement letters and third-party authority letters
- Check client IDs for expiry and correct information that match Xplan and flag replacements if needed
- Save the most recent RoAs and SoAs for reference at the review meeting
Post-Review & Implementation Tasks
- Upload signed documents and updated FNAs to Xplan
- Confirm file notes and signed terms of engagement are complete
- Save new ID documents in the Xplan compliance folder
- Enter updated FNA details in Xplan and upload the signed RoA draft to file notes
- Cross check fees against the RoA and record previous RoA and SoA dates in Monday.com
- Prepare request forms in line with the recommendations and strategy
- Save Contribution Declaration Forms
Why Outsource Paraplanning to Solutions Centric?
Comprehensive Administration and Paraplanning Services
By outsourcing paraplanning services to us, you get access to seasoned professionals with years of experience in administration tasks and paraplanning. We will start working and take on your tasks within a week itself.
Quick Turnaround
Our team promptly completes SOAs and ROAs within 2 to 4 business days. This allows you to meet tight deadlines and ensure that tasks are completed on time.
Robust Data Security Measures
We adhere to the highest security standards and ensure your client’s sensitive financial data is secure.
Case Studies
Find out how our collaboration has transformed operations for our clients, fostering growth and stability.
Blog
Explore our articles to learn about best practices, keep up with the latest updates, and stay ahead of the curve.
FAQ's
1. What is paraplanning?
Paraplanning and support advice are valuable services that help financial advisers carry out several administrative tasks necessary for developing and reviewing clients’ financial plans. This includes preparing client reports, recommendations, SoAs, and RoAs for financial advisers.
2. What is the difference between paraplanning and financial planning?
Paraplanning is functionally different from financial planning. The main difference is how the paraplanners and financial planners interact with clients. While paraplanners do not directly interact with clients, financial planners do. Financial planners guide and advise clients about their investment goals and plans, while paraplanners support financial planners with administrative tasks.
3. How do I select an expert outsourced paraplanner for my firm?
Post discovery call, we understand your business goals, compliance needs and financial planning workflow. We recommend a paraplanner from our expert paraplanner talent pool based on relevant skills, experience and cultural fit with your firm, ensuring they effectively support your financial advice process.
4. What financial planning software do you use?
The main financial planning software we use is Xplan. However, if your business Is accustomed to other financial planning software we will be capable working on the same with the initial days invested in learning the software and its functions.
Contact Us
Would you like to learn more about how outsourcing/offshoring solutions can benefit your firm?
Sydney, Australia
23/6 Meridian Place, Bella Vista NSW 2153, Australia
Bangalore, India
#54, Rockline centre, Craig Park Layout, Ashok Nagar, Bengaluru, Karnataka 560025
Hyderabad, India
Techno Pearl Building, Huda Techno Enclave, HITEC City, Hyderabad, Telangana 500081.