Ann: Industry Expert Appointed as Global Head of Partnerships-IAM.AX, page-380

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Exactly!

Advisers can focus on what they do best
Elva Pica, advice implementation manager, at Fortnum, says outsourcing paraplanners enables advisers to focus on what they do best which is providing strategic advice and supporting their clients to achieve their financial objectives. “It also releases them to focus on generating new business and clients. It [also] reduces costs because advisers don’t need to employ an additional staff member. Cost savings can then be directed towards generating revenue as opposed to operational expenses. “

Fortnum’s preferred panel of outsourced paraplanners are trained on Fortnum’s Xplan, Professional Advice Framework and policies to ensure advice documents meet the firm’s compliance regulations, which eliminates the need for advisers to provide training in these areas.

Fortnum outsources to both individual paraplanning operators and groups.

“Fortnum’s preferred panel includes individuals and groups who are highly reputable with strong industry experience,” Pica says.

“They predominately service Fortnum practices.”

Fortnum’s providers are located locally and overseas, which Pica says “provides Fortnum’s practices with a lower cost option to manage cash flow, whilst maintaining the same level of quality in advice production.”

Fortnum has arrangements in place with two outsourced providers located in the Philippines.

“The services provided by the outsourced providers are monitored and managed, both locally in the Philippines and also in Australia to ensure quality control and adherence to Australian laws and regulations,” she says.

Ipac’s Canion says offshore outsourcing has delivered significant business results already.

“It’s allowed our team members to be more client focussed,” Canion says, which is more fulfilling for them because they’re performing work that “touches the client”.

Canion, who has since been asked to join the board of Intiger, has spent the savings on hiring another new business development adviser, and on marketing the firm’s services to win more new clients. He also restructured the office and replaced adviser assistants with client service managers. The move has also reduced costs.