Every Paraplanner will have their unique way of working, which will be defined by their skillset in areas such as technology, analytics, mathematics, problem-solving, communication, and writing, to name a few.
Yet, over time, common patterns emerge in the Paraplanning process, which can start to look formulaic and repeatable.
This predictable set of actions a Paraplanner undertakes means that it is far more science than art. With this insight, we can start to name some of the best ways to approach the advice doc creation.
Below are 5 ways to supercharge your Paraplanning process. These aren’t the only ways to do it, so feel free to adapt these ideas to suit your style.
Have your templates ready to go upon receiving the request
Suppose you are utilising a standard folder system (online or offline). In that case, all documents needed for a new request should be blank templates ready to go in an unnamed folder. The folder’s name can be changed to the client’s name, and information can start to be added to the blank templates within. Some examples of this are:
- Instead of having a paraplanning request remain in a web portal or in an email program, paste it into a Word doc within the template folder. You will have quicker access throughout the process. Once in the Word document, you can then rearrange, highlight and add specific notes to each section.
- Create a ‘details’ document where all client’s data will be snipped into from the CRM or fact-find before starting. This document should include information such as the client’s income, expenses, assets, and liabilities. All information is in one easily accessible document within the template folder. A bonus advantage of doing this is you can paste the information in the order of how you will enter it later on.
Data all in one place
Compile a source of truth via a spreadsheet with all the fees, balances, insurance, and any additional information you may need. This spreadsheet is a quick reference for items such as total initial fees, ongoing fees, investment balances, family-linked balances, existing and proposed insurance premiums, and calculation of investment costs. It’s a document that stays visible to you throughout the entire advice document process.
The advantage of having all of this information compiled into one document prior to starting work on inputting data into software or advice documentation is the following:
- You will easily find out what data is missing and what needs to be clarified upfront. Many questions arise at this point and should be noted down immediately (you can use the same spreadsheet to quickly make notes).
- Pre-populated formulas for the calculation of percentage fees, commissions, and family balances save mass amounts of time entering each time.
- By knowing the layout of the spreadsheet and having the data in one place, you will be able to refer back to the spreadsheet and save large amounts of time every process.
Work in large blocks of time
One of the best insights for Paraplanning efficiency was noticing that doing a partial amount of work (whether data inputting or document editing) and then coming back to finish it later was a major drain on time. It requires a mental reboot of the specific details of the request and to get back into work mode.
This context shift generally costs about 20 minutes, which is 4% of an 8-hour workday every time we do it. It doesn’t seem like much, but if you did this only once per day for 5 days a week, you’d burn half a day of your working week.
The solution is, rather than noticing you’ve got a spare 30 minutes to an hour and jumping in to get some work done, resist and complete other smaller tasks in the shorter window, such as clarification, quoting, and emails. Then carve out larger blocks of time for completion of the advice document from start to finish.
Blocks of 4+ hours should be the gold standard here, and if you can rearrange your day to accommodate this, you will reap the rewards.
Have consistent rules for the advice document
Each advice document should have a set of rules that you abide by each time it is picked up. These are rules set by you and the financial adviser and should be consistent throughout the document itself, and from document to document.
Some examples are:
- Numbers throughout could be entirely whole or decimal.
- Entire tables are always rearranged so that rows are always contained on a single line.
Having set rules for the advice document will provide two major benefits:
- You will free up valuable cognitive energy to put into the writing of the advice document.
- The financial adviser will know exactly where and what to expect each and every time. A consistent quality will emerge to each advice document.
Reading over the document with fresh eyes
Once you’ve completed the advice document, it’s best to take a step back for at least 10 minutes, refresh the eyes, and reset the mind. When you come back to look through it, it’s time to read it through like you’re the client and not the Paraplanner.
This is important as it’s not a document for you, it’s for someone else, and it needs to reflect that.
Notice the flow, the writing, the style and the figures. At this point, it needs to “make sense” to someone else, and if it doesn’t, it will need a bit of crafting.
This mode change is subtle, but a really strong way to come at it with fresh eyes.
