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Financial Advisers
Noble McCall offer two main services for Financial Advisers. They are able to offer a full paraplanning service and a research only service, where we investigate existing products but do not make recommendations.
The most important part of any Financial Advisor’s role is to be out seeing clients. This is what clients value the most, is the time and attention and is also when you are able to earn your commissions and fees.
Staffing a fully functional Research/Paraplanning Department within many organisations is expensive both financially and in the time it takes you to manage and organise colleagues. We offer to do this for you for a fixed fee. This way you can assess instantly how profitable your case will be and whether it would make more sense to do this in-house or ask Noble McCall to assist you.
I thought I would show a quick comparison of the real cost of a Paraplanner versus the cost of outsourcing.
I hope the figures are fair and I’ve taken into account that recruitment costs appear to be coming down as more firms involved in recruitment become work based.
| £ | Description |
|---|---|
| £ 3,525 | Recruitment Cost - @10% + VAT |
| £30,000 | Salary |
| £ 3,840 | Employer NI |
| £37,365 | Sub Total |
| Optional Costs | |
| £ 1,500 | Pension and Employee Benefits - @ 5% |
| £ 2,000 | Training and Supervision |
| £ 750 | Space and Sustenance |
| £ 4,250 | SUB TOTAL |
| £ 41,615 | TOTAL |
So at £30,000 a year a paraplanner has a working weekly cost of £800 assuming they . If the salary goes up to £40,000 for a more qualified and experienced Paraplanner then this could rise to £1100 a week.
Outsourcing has the benefit of only needing to be used when you have a case and on average costs you would need to have 3-4 new cases each week before costs are equal. You also have the advantage of having a very wide bank of knowledge to tap into which it means it is possible to provide a good quality advice for reasons that you may not feel comfortable advising them with your in-house knowledge.
Outsourcing also acts as a risk management tool. If somebody from outside your organisation undertake paraplanning it reduces any likelihood of your firms best practices not being followed.