Adviser support group, Tenet, has launched an in-house paraplanning service, enabling members who do not have the requirement for a full time paraplanner to out-source technical research and report writing.
Members are able to utilise the service on an ad-hoc basis and vary the level of support to match their needs.
With the complete paraplanning service, the adviser simply completes the relevant fact-find and forwards it to Tenet with letters of authority and any other relevant detail.
Tenet then undertakes all the data gathering and research and recommends a way forward in a report, whereupon the case is passed back to the adviser to confirm he/she is satisfied to make the recommendation.
For the report writing service, the adviser completes the fact find and relevant data gathering and research and Tenet writes a report based on the adviser's recommendation.
The service is provided by fully qualified independent financial advisers within Tenet's in-house advisory business, Tenet Financial Solutions.
Robinson Investment Solutions' David Robinson said: "Utilising the report writing service allows me to focus on running my business whilst leaving some of my paperwork to the experts, all without having the on-going cost of an employee. I believe this type of service is the way forward for most IFAs."
Jepson Brett's Janette Jepson added: "The increasingly time-consuming regulatory requirements of RDR and the complexity of rebate taxation meant that we were not spending sufficient time concentrating on face-to-face advice, which is what our clients value most.
"We are chartered financial planners and it is vital that we have paraplanners with appropriate qualifications and understanding of the areas of specialist advice we provide.
"The full paraplanning service has proved invaluable in this regard and their consultative approach has ensured that information has been correctly interpreted so as to arrive at the most suitable client outcome."
Tenet distribution and development director Helen Turner said: "As advisers' business models are moving increasingly from transactional to fee-based, more of our members are seeing the value of outsourcing labour-intensive administrative work so that more time can be focused on advising and servicing consumers."
Acquisition completed earlier this month.
Changes to take place by next year
Launched 18 November
Investment Association to create new labels