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Off-the-shelf paraplanning tools launched by Para-Sols

Outsourced Paraplanning company Para-Sols has launched a range of off-the-shelf products to assist adviser firms with their internal paraplanning processes.

Para-Sols director Cathi Harrison said: “Para-Sols has gone from strength to strength over recent years offering a bespoke suitability report process but recently we noticed a gap in the market for firms who maybe have staff in house for the day-to-day reporting, but are still time restricted for bigger projects [like platform due diligence].

“Following a lot of recent press attention on the quality of suitability reporting and the necessity of having robust platform due diligence in place, we have seen a surge in enquiries for these types of services and wanted a way to make them accessible to all advisers.”

The firm has partnered with Jon Pittham’s Adviser-Store.com to distribute the products.

Initially, four products are being offered: a Report Templates service; a Client Review service; a Retirement Options service and a Platform Due Diligence service.

Taking the report templates as an example, Harrison said they had been designed to both help reduce the time spent creating templates in house and ensure consistency across an adviser firm by providing a centralised database of templates from which advisers and paraplanners can work.

She added that the templates are designed to be user friendly, providing guidance, hints and tips throughout, as well as suggestions for wording. ‘The templates combine all the necessary technical information in a way that is client friendly and easy for advisers to complete.’

Similarly, the Platform Due Diligence service had been designed to provide advisers with the confidence that their analysis has been undertaken thoroughly and documented appropriately. The service includes:

• A review of the adviser firm’s platform requirements; both from the company perspective and that of the clients;

• An overall market review using various research tools;

• A due diligence document compiled with the output from 
the tool in addition to the softer facts that are important to the adviser firm;

• A sense check to ensure the report covers the key areas required by the FCA.

The new range of products is available to view and buy online via Adviser-Store.com

Prices range from £100 for the Client Review service through to £950 for the Platform Due Diligence service.

The price of the Review report, for example, includes limited personalisation of the report, including the adviser’s company logo, font and colour scheme and is made available in pdf format.

Visit the Adviser-Store.com website

 

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