Why You Should Use Our Service
The PowerPlanner service is designed to combine the best of human and machine to create the best outcomes. With our purpose-built IT systems at the heart of the process, the elements of paraplanning that require adherence to regulatory requirements are automated to improve efficiency and reduce the risk of falling short of the regulator's standards.
We can then apply the human touch, which just leaves those who know the client best - your IFAs and their assistants - to add the finer details that make the fundamental financial planning report so special for the end client.
If, like us, you value efficiency, reliability and correctness in your suitability reports then we're confident we'll be able to help. Why not get in touch with us today to see how we can benefit your business!?
Why Not Just Use a Report Generation Tool?
Online report generation tools have been around for a number of years and are good at providing consistent output for many different types of case. However, they have not matured to the extent that PowerPlanner's internal software has, as they continue to be compromised by the following limitations:
- Lack of Support for Multiple Report Styles - variations in things like service propositions or formatting preferences between advisers or appointed representatives are often not supported by these products.
- Poor Data Validation - these systems normally require re-keying of the same data multiple times and don't offer any protection to ensure the values entered make sense in their given contexts.
- Basic Automatic Calculations - all but the most simple sums need to be done manually, such as evaluating guarantees or working out reduction in yield, which can be time-consuming and prone to mistakes.
- Restricted Flexibility - with only limited subsections in the template available to customise, repetitive changes need to be done by hand for every report to get the work up to standard.
The software we use at PowerPlanner is specifically designed with compliance and data integrity in mind, and with our error checking processes you can have confidence in the quality of your suitability reports.
Why Not Simply Write Reports Manually?
Suitability report writing can be repetitive and laborious, and it's easy for humans alone to make mistakes, particularly when under time pressure. All too often, copy and paste errors between similar reports can lead to embarrassing errors that can damage the trust built between the adviser and the client.
Of course, a manual approach can more easily create reports tailored specifically to each client, but this inevitably results in a high labour cost and an unpredictable time scale. Issues with capacity can also arise during busy periods, which makes it very difficult for a manual report writing team to scale up and down with demand.
With PowerPlanner, our bespoke IT solutions do all the hard work, with our highly-trained staff adding the client-specific touches. This gives us a pragmatic solution that gets the best out of the harmony between technological automation and human intelligence.
What if I have Paraplanners Already?
A key benefit of using PowerPlanner is that we can adjust the scope and scale of the service to suit your demands. Your existing paraplanners can continue writing reports for complex and interesting cases, whilst PowerPlanner provides you with a cost-effective and professional solution to process the more conventional ones.
Our service can also provide you with additional capacity to help you meet extra demand during busy periods - you'll never have to turn away business for lack of resources!
Furthermore, however you choose to benefit from our services, there is no obligation to submit a certain number of cases and no long-term contract; you simply pay for what you need, as and when you need it.
Why You Perhaps Shouldn't Use Our Service
In order to consistently deliver such a fast and reliable service at scale we sometimes have to make some trade-offs in terms of the scope of the service we can offer.
Our strength is in IT and process, so, unlike other outsourced paraplanning providers, we do not seek to profit from manual labour charged at exorbitant rates. This would lead to slow, error-prone services and inconsistent timings, making it difficult for you to manage your clients' expectations. Instead, we stick to what we do well, leaving you to concentrate on adding your expertise where it matters most.
We therefore leave the following to your own staff:
- Bespoke research, such as finding a specialist SIPP provider for your client (although we can recommend some from experience)
- Giving advice to clients (and taking liability for doing so)
- Using third party research or analysis tools that are not integrated with PowerPlanner's technology
- TVC / APTA reports - these are a specialised area of financial planning and need to be completed prior to being submitted to PowerPlanner
We find other paraplanning firms will look to charge 3-4 times more than we do in order to give you a "bespoke" service, yet they cannot match our consistency of quality and their turnaround times are unpredictable and unreliable, especially once you've been their customer for a while. We believe in a more honest approach to business. We want to give you a fully transparent service so you know exactly how it's going to work, how much it's going to cost and how quickly you'll get the results.
If you value consistency, reliability and correctness of suitability reports as we do, then we believe we'll be able to help.
Please get in touch with us to discuss how our services could benefit your business.