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Finding the right outsourcing solution – Facilitated by Reuben Zelwer

Finding the right outsourcing solution – Facilitated by Reuben Zelwer

Reuben Zelwer
Owner at Adapt Wealth Management
Reuben Zelwer
Owner at Adapt Wealth Management

Finding the right outsourcing solution – Facilitated by Reuben Zelwer

Last week at the XY+ workshop, Reuban Zelwer facilitated the conversation around key challenges advisers are facing with regard to using outsourced paraplanners.

Here are some of the main challenges mentioned:

  • When using an outsourced paraplanner, by the time we have filled in the brief and information requirements they need to complete an SOA, we might as well have done the SOA ourselves. We’re finding it hard to justify the cost for an outsourced paraplanner when we feel like we’ve already done the majority of the work in the brief.
  • We’re finding when the SOA comes back, it requires a lot of edits and corrections, which is again making it hard to justify the cost.
  • We’re not sure if it’s a case of us not having any luck finding a good outsourcing partner, or if we have an issue with our processes causing a bottleneck to produce efficient SOAs.

Other challenges related to hiring new team members as a small business:

  • We have more work than our support person can handle, but we don’t have enough work to bring on another full-time employee. Finding someone part-time who can commit to prioritising your work is difficult.

Other considerations raised by a recruitment specialist who joined the discussion:

  • Finding talent is a lot harder these days, so hiring in-house is becoming a really difficult exercise
  • When hiring an in-house paraplanner, you need to be mindful that they might only want to stay in the role for a year or two and progress on becoming a Financial Adviser. This could result in a high turnover rate where you could be in the same position in a year or two looking for a new paraplanner.

Other Financial Advisers and industry professionals shared some tips they have picked up so far:

  • When using an outsourcing company, ask to keep the same paraplanner so you can nurture the relationship and make them a part of your core team. It takes time to train someone, so having the same person familiarising themselves with your work over time can lead to more efficiencies. Treat this person like they are employed within your own team.
  • When looking to hire a part-time support role, schedule specific days in a week for them to exclusively work for you. That way, all your tasks will be prioritised, and they will be contactable during those times.

Kevin Smith shared how uses Google Sites as a reference library for his team. He says it’s time-consuming at first to get the processes recorded and added to the system, but it’s going to help you in the long run when you have new team members coming in.

What he does is he records himself doing a task and saves that recording to Google Sites. He also saves his document templates and other documents his staff might need to execute tasks and organises them into categories within Google Site for easier search and retrieval.

  • If you’ve got a Google Workspace, here’s the link to access Google Sites.
  • If you’re not using Google Workspace, an alternative is to use Get Guru.

05/05/2022 ago

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Category:

Management

Last week at the XY+ workshop, Reuban Zelwer facilitated the conversation around key challenges advisers are facing with regard to using outsourced paraplanners.

Here are some of the main challenges mentioned:

  • When using an outsourced paraplanner, by the time we have filled in the brief and information requirements they need to complete an SOA, we might as well have done the SOA ourselves. We’re finding it hard to justify the cost for an outsourced paraplanner when we feel like we’ve already done the majority of the work in the brief.
  • We’re finding when the SOA comes back, it requires a lot of edits and corrections, which is again making it hard to justify the cost.
  • We’re not sure if it’s a case of us not having any luck finding a good outsourcing partner, or if we have an issue with our processes causing a bottleneck to produce efficient SOAs.

Other challenges related to hiring new team members as a small business:

  • We have more work than our support person can handle, but we don’t have enough work to bring on another full-time employee. Finding someone part-time who can commit to prioritising your work is difficult.

Other considerations raised by a recruitment specialist who joined the discussion:

  • Finding talent is a lot harder these days, so hiring in-house is becoming a really difficult exercise
  • When hiring an in-house paraplanner, you need to be mindful that they might only want to stay in the role for a year or two and progress on becoming a Financial Adviser. This could result in a high turnover rate where you could be in the same position in a year or two looking for a new paraplanner.

Other Financial Advisers and industry professionals shared some tips they have picked up so far:

  • When using an outsourcing company, ask to keep the same paraplanner so you can nurture the relationship and make them a part of your core team. It takes time to train someone, so having the same person familiarising themselves with your work over time can lead to more efficiencies. Treat this person like they are employed within your own team.
  • When looking to hire a part-time support role, schedule specific days in a week for them to exclusively work for you. That way, all your tasks will be prioritised, and they will be contactable during those times.

Kevin Smith shared how uses Google Sites as a reference library for his team. He says it’s time-consuming at first to get the processes recorded and added to the system, but it’s going to help you in the long run when you have new team members coming in.

What he does is he records himself doing a task and saves that recording to Google Sites. He also saves his document templates and other documents his staff might need to execute tasks and organises them into categories within Google Site for easier search and retrieval.

  • If you’ve got a Google Workspace, here’s the link to access Google Sites.
  • If you’re not using Google Workspace, an alternative is to use Get Guru.