100% of paraplanners say hybrid advice would save them time on key advice processes

Happy and excited businesswoman triumphing with laptop

By AdviceBridge

Paraplanners are on the front line of issues faced by adviser firms. These are the people who must contend with incomplete fact-finds and slow onboarding of clients with cumbersome back and forth communications to unearth the information required. It also falls to our paraplanners to write the long and repetitive suitability reports.

On top of this workload, they also bear the brunt of systems failing to talk to one another. Further, this is also one of the key areas where bottlenecks form in workflows.

With all this in mind, it’s little wonder that a recent poll from Wealth Wizards revealed that 100% of paraplanners believed that adoption of hybrid advice solutions into the business would help them save time on key advice processes.

The same research showed that 91% of paraplanners believed their senior management would either be very likely (29%) or somewhat likely (69%) to consider a hybrid advice model for their business.

While this report proves that paraplanners are clamouring for their firms to embrace hybrid, it’s also worth remembering that it’s something advice clients are actively seeking too.

In fact, the ultra-wealthy prefer hybrid advice and almost half of all clients looking to move between providers are seeking a mix of adviser and digital interaction.

Read more: The figures don’t lie: Why advice firms must provide all three engagement channels (adviser, digital, and hybrid) for all client types

As well as making life easier for paraplanners, hybrid advice, automation, and digital services can all help reduce or eliminate business inefficiencies.

Case studies, courtesy of Wealth Wizard, show that 95% of clients who undertook a fact-find digitally completed it before the first meeting. This single change makes a huge difference to the conversation and focus of the first meeting.

Instead of trying to ascertain the client’s financial circumstances, advisers can make better use of the time and build understanding around the objectives, dreams, and aspirations a client has.

Plus, the data that is input into the fact-find can be used to automatically populate the client’s record and create the suitability report.

An integrated system that uses digital means to self-populate a suitability report can significantly cut the time it would otherwise take to produce a report that aligns with your firm’s policies.

Other benefits include:

  • Reduce the burden of repetition
  • Streamline reporting
  • Automatically compliant under FCA rules
  • Improves client experience as reports are easier to read.

Paraplanners are quick to realise the time-saving advantage in all these areas. Remove these time-consuming tasks and you free up time to allow them to focus on delivering the most value for your clients and your firm.

How AdviceBridge can help you digitise and automate your advice firm

The AdviceBridge platform integrates seamlessly with existing software, significantly improving your business processes.

Whether you want to spend valuable time with your clients, make your business more cost-efficient, or automate your advice journey, the AdviceBridge platform is great for maximising profits.

Using AdviceBridge allows you to digitise all the time-consuming processes discussed above.

This means you and your team will waste less time on admin, compliance, and reports, which will free up more time for the whole team to deliver the best possible experience to your clients.

The paraplanners on your team will love how much time AdviceBridge saves them in the tedious repetitive tasks.

Get in touch

If you want to find out how AdviceBridge can help you automate and grow your business, please get in touch. Email hello@advicebridge.com or call us on 020 3925 3850.