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."
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