Advice Request Best Practice

What is seen as the best practice for advisors sending through a request for advice to be prepared to the paraplanning team? I can think of some ways using cases to have a task where the advisor comp...

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andrew.mabarrack

Social Sightseer

2 years ago

Hi Tamara.Morey I agree that more pre-SOA work needs to sit with the paraplanner and I think with the QAR changes this will be a more core part of their role, but how do you balance this with the trade-off of ensuring due care is taken in formulating recommendations, particular replacement advice?

Do you find that this requires robust firm level product research to be completed? How does the adviser adequately link back directly to goals and objectives for a client if the research is done by another staff member after the adviser has formulated the advice?

I've toyed with the idea that for advice documents, administration staff could complete a product report (could just be an extract from WealthSolver) that the adviser can use in the discussion with the paraplanning team to formulate the advice. Can easily be done at the same as authorities are sent off maybe.

Appreciate your thoughts.

Tamara.Morey

Advisely Partner

2 years ago

Hi andrew.mabarrack

It's really about making sure you're working with the right paraplanner that has a solid understanding of your licensee's compliance framework and policies. Too many advisers are still taking on this responsibility themselves. The role of the paraplanner and the adviser really need to be reframed with the paraplanner being the expert in compliance policies and advice production and the adviser working as the client advocate. This is the only way that advice can be produced efficiently. Now, the ultimate legal responsibility as to the appropriateness of advice will fall to the adviser and so this is why a trusted relationship with a skilled paraplanner is key.

I think the product advice is simply the outcome of a good strategy. If the strategy requires a product that meets the client's goals of X, Y and Z and a handful of platforms are suggested to the paraplanner for research (or an APSL provides limitations), then the paraplanner's research will result in the product recommendation. When this model is adopted, the research AND strategy sits with the paraplanner and so the recommendation is formulated concurrently.

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