In conversation with advisers: outsourcing to the specialists

clock • 1 min read

Partner Insight: Cathi Harrison, owner and director of para-sols and Apricity and Clare Farrell managing director at Northfield Wealth met in London recently to discuss outsourcing to specialists.

In the second video of the series, they talk to Julian Marr, Editor of Professional Adviser about outsourcing.

Farrell says: "I think it is the right time for financial advisers to outsource. When Northfield was a very small firm, we outsourced to para planners and we outsourced our investment research. It was good to have the outlook of a bigger firm, whilst being part of a smaller one. As the business grew we brought those roles in-house, the para planner and the administrator role, and outsourced less. But we still outsource in busy times.

"Outsourcing helps us to manage our workflow internally, by focusing on our processes, so if we do have to outsource to a firm, they can pick up on our processes and it is not a burden.

"Technology has also really helped. We have been able to share documents. And as a small firm, it is perhaps easier to outsource to an investment research expert to pull together an investment panel."

Harrison adds: "If you don't have the internal processes nailed down, then outsourcing won't really work for you. Clarity is therefore good, before a financial adviser starts the outsourcing process, and then the second step is finding out who to outsource to - a para planner, administrator support and investment research, there is so much out there."

To read more articles like this, sign up here

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read

In-depth

March 2024: Month in review with deputy editor Jenna Brown

March 2024: Month in review with deputy editor Jenna Brown

Take a look at some of the news and feature highlights of the last month

Jenna Brown
clock 28 March 2024 • 5 min read
Will IFA-owned platforms take over the financial advice sector?

Will IFA-owned platforms take over the financial advice sector?

PA talks to industry experts on the future of adviser-owned platforms

Sahar Nazir
clock 27 March 2024 • 9 min read
PA Awards 2024: Winners' photo gallery from the night!

PA Awards 2024: Winners' photo gallery from the night!

The industry's best were celebrated in London last Wednesday

Professional Adviser
clock 26 March 2024 • 1 min read