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Advice Trends in Outsource Paraplanning

Advice Trends in Outsource Paraplanning

Paraplanning trends

VBP is the largest outsourcing company that specialises in financial services back-office solutions to Australian financial planning businesses and licensees.

With over 250 clients, we generate hundreds of advice documents every month across our paraplanning division. 

Key trends from the data

According to our data, superannuation strategies are the most popular among Australians for seeking financial advice from our clients. This is followed by retirement planning strategies and personal insurance strategies. 

Despite surging inflation and cost-of-living pressures, the number of advice documents being produced have been increasing. With the growing demand for this service, it is important for providers of outsourced paraplanning to maintain the highest standards in both quality and compliance, including ISO22001.


An uptick in quality

With the ever changing advice landscape there has been an emphasis on good quality paraplanning. This is reflected by some licensees creating panels of approved providers to ensure they meet privacy and security standards in delivering advice to their adviser network. It has also led to greater scrutiny of outsourced providers, as financial planning businesses look to ensure that their advice production partners are meeting these higher standards. 

So, keep raising the bar

To remain competitive in the evolving financial planning industry, it is very important for practices, licensees and providers such as outsourcing partners, to embrace changing trends and technological advancement to enable us to deliver much needed advice to clients in a cost effective and efficient manner. 

About the Author
Siddhi Padia, Technical Lead- Paraplanning
Siddhi brings over 13 years of experience working at large licensees in their paraplanning and quality assurance divisions. She is responsible for ensuring operational excellence within our Quality Assurance team, and provides professional and technical support to our paraplanning team.

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