Paraplanning firm eParaplan Connect has launched a support service for advice firms, offering a range of paraplanning and administration packages.
The firm said the new service is focussed on solving individual firm’s needs and freeing up advisers to focus on financial planning.
There are three packages offered under the Wealth Connect’ banner – Orange, Aqua and Aqua + – offering different types of proactive, year-round support, designed to meet regulatory requirements and ensure positive client outcomes.
Orange is the basic plan, designed to ensure firms are meeting minimum regulatory needs, progressing through Aqua, which ensures advisers meet consumer duty requirements, such as assessing client vulnerability and incorporating features for both pre- and post-meeting preparations.
This includes new tools like the ‘vulnerability flowchart assessment’ and the ‘client impact assessment’, which enable advisers to walk into client meetings better prepared.
The third package, Aqua+ , includes full service paraplanning and admin and offers a package that includes additional financial activities like annual Bed & Isas and pension top-ups.
Michelle Wilson-Stimson, chief executive officer of eParaplan Connect, said: “In the financial advice sector, professionals are grappling with an array of challenges, from intricate regulations to escalating operational costs.
“These obstacles often deter advisers from focusing on their core responsibility – providing expert financial guidance.
“Recognising this industry-wide struggle, we felt a new type of service was needed to provide tailored solutions for advisers' specific needs.”
She explained that the Aqua + plan frees advisers to focus on expanding their client base and refining their advising strategies.
The firm operates a fixed fee subscription model which it said “eliminates the uncertainties of hourly billing, offering advisers predictability, transparency, and aligned interests”.
“Advisers can better manage their finances, build trust through clear pricing, and prioritise service quality over billable hours,” said Wilson-Stimson.
It’s new services are designed to integrate into an adviser's existing operational processes for a smooth transition.
“This approach not only eases the adoption but also enhances the adviser's efficiency, allowing them to better serve their clients and grow their business,” Wilson-Stimson added.
“We are setting new benchmarks in solving the problems that financial advisers face.
“The Wealth Connect fixed fee subscription plans, enable us to offer a compelling solution to the industry's challenges, one that could well serve as a blueprint for the future of financial advising.”
sonia.rach@ft.com
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