Achieving Paraplanning Excellence for TWA Chartered Financial Planners with Enhanced Quality, Efficiency, and Flexibility

Feb 13, 2024 | Case studies | 0 comments

Find out how TWA use Plus Group to handle all their Suitability Letters, allowing them to conduct the rest of the case management and therefore streamline their Paraplanning while their business grows.

Project Details

TWA Chartered Financial Planners discovered Plus Group’s Paraplanning service through word-of-mouth recommendations and St. James’s Place’s Manchester office in July 2018.

Recognising the urgent need to optimise their Paraplanning operations, they swiftly joined forces with Plus Group only a month later.

Challenges

Prior to that fateful summer of 2018, TWA Chartered Financial Planners faced significant difficulties in managing complex cases due to inconsistent service from their previous outsourced Paraplanners.

“The services of the Paraplanner we were using became erratic and the other Paraplanner that we used decided to stop SL work for various health reasons, so we were struggling” says Kalpna Panchmatia, Senior Client Manager.

This conundrum couldn’t have happened at a worse time:

The Practice had a large case for a client which included approximately 25 plans across various providers that were all being consolidated into Loan and Gift Plans.

This was no small feat.

Without the help of their previous outsourced Paraplanner, tackling this challenge themselves would’ve required the recruitment of a truly all-star in-house Paraplanner, one with expertise in numerous areas such as investments, RA, IHT, and protection.

Finding such an individual under TWA’s time constraints would be nothing short of a miracle.

So, they decided to stick to the outsourced Paraplanning provider route, but with one vital caveat:

Their new provider needed to not only offer a vast range of expertise, but also be dependable.

Results

Plus Group tackled this heavy case with ease.

It became the start of what has since been a strong and fruitful alliance that has brought remarkable improvements and several benefits for TWA Chartered Financial Planners.

Joining forces and entrusting their Paraplanning to Plus Group has delivered the following advantages for TWA.

Consistent and Reliable

Plus Group has become the superhero sidekick TWA needed to streamline their Paraplanning operations.

Their flow of cases is seamless.

No more uncertainty, no more guesswork.

Just a consistent work rhythm which complements how TWA’s business has evolved and grown over time.

Adaptable and Dependable

TWA’s pipelines are not regular throughout the year.

With an in-house Paraplanner or other outsourced providers, this could be problematic.

But with Plus Group, the Paraplanning service is charged on a case-by-case basis, with no upfront fees or tie-in period.

This provided TWA with unparalleled flexibility which suited the fluctuating needs of their business.

And with a team of more than 30 Paraplanners, TWA found that there is always someone with the necessary skills to complete a case, as Kalpna noted:

We are able to send over any type of case as there is always someone on the panel who has expertise to support us.”

Enhanced Quality and Efficiency

The timely delivery of letters has significantly contributed to TWA being able to meet deadlines efficiently whilst ensuring compliance in all their cases:

We get our letters in good time and sometimes we have had letters turned around in a day for some cases where we had short deadlines and cut off dates, such as VCTsnotes Kalpna.

Boosted Productivity and Partnership Scores

By leveraging the expertise of Plus Group, TWA Chartered Financial Planners has experienced notable improvements in their Partner scores.

By using Plus Group, we have one go-to place for all our suitability letters. The output we get is of a very high standard and Plus Group’s internal checks also maximise the chances of a suitable score for pre-approved cases” reveals Kalpna.

The Practice consistently scores between 90% and 95% of cases being deemed suitable first time, thereby surpassing the SJP Partnership average.

These achievements don’t only serve as strong benchmark:

They also positively impact the firm’s productivity bonus from SJP.

Peace of Mind

Knowing that you have an esteemed level of Paraplanning support that remains flexible to suit your business gives unbeatable peace of mind.

We don’t have to think about it really, and every case task we have starts with a handover to Plus Group” comments Kalpna.

This energy is far better spent elsewhere in your Practice, such as nurturing relationships with your clients and growing your business.

Testimonial

Working with Plus Group is easy and you have a singular point of contact for every case… All the Paraplanners that we have worked with have been super friendly, efficient, and professional, even when we have had very tight deadlines!

Kalpna Panchmatia, Senior Client Manager

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