Paraplanners Aren’t Pirates: No More Treasure Hunts! Providing Data to Paraplanners
As someone who has worked extensively in paraplanning, I’ve seen firsthand how the way advisers provide data can make or break the efficiency of the advice process. The key is not just to provide information but to provide it in a way that allows the paraplanner to work efficiently without unnecessary back and forth. Here’s the best way to structure your data for paraplanners to get the best results.
📚 Don’t Overload or Underload with Information
One of the biggest mistakes advisers make is either providing too much or too little information. Both can lead to inefficiencies, errors, higher costs and delays:
·Too much information – I’ve had requests with up to 50 documents to sift through! Amongst the piles of information, there is gold, but it takes a long time to read all the documents and piece together the advice and basis. Remember paraplanners aren’t in the meeting with you, so the context isn’t there. This is just a costly exercise that can be avoided.
·Too little information – Empty fact finds (or messy handwritten ones), missing data, or incomplete documents cause delays, leading to wrong assumptions or back-and-forth clarifications. File notes are a great tool to record discussions had with the client, but they shouldn’t be used to transfer information to a paraplanner. The paraplanner is only concerned with your final advice recommendations.
The best approach is to have a structured summary or checklist ensuring all must-have data is included before submitting a request. Paraplanners, if assumptions must be made due to missing information, always confirm them with the adviser before proceeding with the SOA.
✅ Start with an Advice Summary
Every paraplanner needs a clear starting point. The advice summary should provide the essentials upfront:
Basic Client Situation – Include client age and the assets relevant to the advice (e.g., $500K in XY Super, $500K in Cash).
Client Goals / Scope – What are they trying to achieve? Make sure you are clear on the scope. There are many times when I can see something appears to be relevant, but it is not included in the advice recommendations; the paraplanner needs to understand why.
Recommended Strategy (Bullet Points) – A simple outline of the advice being given.
Recommended Products (Bullet Points) – The specific products being recommended.
This gives the paraplanner instant clarity on what they are doing before diving into the detail.
📊Provide Supporting Information
Once the paraplanner understands the advice, they will need the supporting data to construct the SOA accurately. This should include:
A Single, Up-to-Date Fact Find – Multiple fact finds create confusion. Ensure the fact find provided is current and clearly reflects the client’s situation.
Risk Profile & Asset Allocation Targets – This helps align the investment recommendations.
Detailed Product Information – Include research on both current and recommended products, such as model portfolios to use.
Basis for Advice & Alternatives – Outline why the advice is being given and the alternatives considered (and why discounted)
Fee Disclosure – Provide details of fees for transparency and compliance.
If a paraplanner needs to support you with any of the above, make this clear in the request, and clearly record the subsequent decisions made after the research is conducted.
📝 Include Additional Information (If Needed)
Additional information can be useful but should not introduce new data that contradicts the advice summary. Examples include:
File notes – Useful for context but should not introduce new recommendations.
Previous SOAs – Can be helpful for reference but should not be relied upon for data.
Trust deeds and other legal documents – Only if relevant to the strategy.
🪄 Mel’s Magic Formula for Providing Data
I call it the magic 1,2,3! By structuring your data into three pillars, you streamline the process and ensure paraplanners have exactly what they need:
1. Advice Summary – The core details of the advice.
2. Supporting Information – Key documents needed for compliant advice creation.
3. Other Information (Optional) – Additional context without new data.
⌚ The Benefits of This Approach
When paraplanners receive structured, relevant information, the benefits are clear:
Faster turnaround times – Less time spent chasing missing or unclear data.
Lower costs – Especially for outsourced paraplanning.
Fewer errors and inconsistencies – Reducing the risk of compliance issues.
Better efficiency – Ensuring the focus is on delivering quality advice, not piecing together scattered information.
By implementing this structured approach, you will vastly improve the efficiency of the paraplanning process and can probably save a few bucks (and SOA production times) along the way!
If you need help with reviewing your paraplanning request process – Tangelo is here to help!