Our Standard Paraplanning Process

This article is part of our Paraplanning service within Financial Planning Outsourcing. For a detailed breakdown of what our paraplanners cover, see Paraplanning Duties and Scope.

What Happens When You Submit a Paraplanning Brief?

The adviser submits the paraplanning brief through the agreed channel, and the paraplanner logs it in Felcorp's internal workflow system with a unique job number. Before any work begins, the brief is checked for completeness.

The paraplanner confirms that client details are present and current, the adviser's intended strategy direction is clearly stated, a current risk profile is attached, and all supporting documents (fund statements, insurance schedules, tax returns) are included.

If anything is missing, the specific gaps are flagged back to the adviser immediately. The clock starts when a complete brief is received, not when it is first submitted.

This distinction matters more than most practices realise. The biggest issue we see is not incomplete briefs but poor upstream data collection. Submissions often arrive without proper initial data collection processes behind them. When data has not been properly verified and imported into the advice software before it reaches the paraplanner, it creates substantial turnaround issues that can blow out timelines by up to 50%.

What Happens When Data Collection Fails?

One practice engaged Felcorp after losing their CSOs and administrative staff. They hired new admin staff who were unfamiliar with financial planning data collection, which caused massive errors in superannuation balances. When the paraplanners received the work, the data was incorrect. An initial 9-hour job required 7 additional hours of rework. The firm could not commit to letting Felcorp handle data collection properly, and the engagement ended due to unsustainability.

The lesson is direct: firms should allow Felcorp to collect and verify data before paraplanning begins. When that step is skipped or done poorly in-house, every downstream process suffers.

Why Does Data Verification Happen Before Production?

Once the brief is accepted, the paraplanner verifies all client data against the source documents before touching the advice file. This is a deliberate gate, not a formality.

Data discrepancies are frequent and typically stem from newly hired or underdiligent practice staff unfamiliar with the criticality of financial planning data. Common mismatches include outdated fund balances, incorrect superannuation details, insurance information gaps, and asset valuation errors.

Verification takes approximately 30 minutes per file. When Felcorp captures the data directly, this verification is built into the collection process with minimal overhead. Discrepancies caught at this stage take minutes to resolve. The same discrepancies caught during QA review or after handback can cost hours.

What Does Verification Failure Actually Cost?

In one engagement, an adviser assumed the data was correct but was not closely involved in the collection process. The admin team collected data with significant errors. An initial 9-hour plan became a 16-hour rework, a 77% cost burden on that single case. The firm could not identify what went wrong, lost confidence immediately, and both parties parted ways.

The root cause was not the paraplanner or the advice quality. It was that the firm lacked proper upstream processes and was not prepared to work with Felcorp on data management. Data verification is non-negotiable. Practices must either implement rigorous in-house collection or let Felcorp handle it.

How Does Strategy Modelling Work?

The paraplanner models the recommended strategy exactly as directed by the brief. This is execution, not advisory. The paraplanner builds what the adviser has instructed, within your practice's own software environment.

Modelling complexity is highly variable. Simple modelling (current vs recommended situation) typically takes around 1 hour. Complex modelling involving multi-step structural analysis can take up to a full day or more. Most firms today avoid enormous holistic modelling. Big scenarios like estate inheritance or large property sales represent only about 10% of total work volume.

That said, modelling is the single greatest time factor in advice cases. On complex files, it often equals or exceeds the time spent on suitability report preparation itself. This is why accurate upstream data matters so much. If data is not accurate when modelling is prepared, all downstream modelling becomes unreliable, and the QA team will catch it by reviewing modelling assumptions against input data quality.

Depending on the case, modelling typically covers cashflow projections, retirement modelling including accumulation scenarios and Age Pension interactions, insurance needs analysis, product comparisons with fee analysis and platform suitability, and platform consolidation analysis. All modelling is completed inside your system, so projections, assumptions, and outputs sit in the same client file your adviser will review. For practices running multiple platforms, see our full software capabilities list.

How Is the Advice Document Assembled?

The suitability report is built using your practice's templates, not a generic Felcorp format. The paraplanner populates strategy recommendations, product recommendations, fee disclosures, risk profile alignment, and all compliance sections according to the brief and your licensee's requirements.

File notes are documented alongside the advice document in the client file. These notes capture the rationale for modelling decisions, any assumptions applied, and any points flagged for the adviser's attention during review.

Template consistency matters here. When paraplanners use your templates correctly and consistently, every suitability report your practice produces looks and reads the same way. That consistency builds confidence with compliance teams and with clients. Practices that allow template drift across different paraplanners end up spending more time on formatting corrections than on substantive review.

What Does the QA Review Actually Check?

Every completed deliverable goes through Felcorp's internal QA process before the adviser sees it. The QA team reviews 3 core areas that account for the vast majority of issues found across all engagements.

Weekly QA findings are compiled and discussed with paraplanners. Recurring patterns trigger targeted training. For example, if multiple engagements show superannuation balance mismatches, that triggers a refresher training cycle on data verification protocols across the team.

QA performance improves over time, but only if the firm commits to process improvement and is willing to let Felcorp take on data accuracy responsibility. Engagements that adopt this approach see a 10 to 20% efficiency gain within the first 3 months. If the firm resists and maintains rigid workflows, catch rates stagnate or worsen. For more detail on how this process is structured, see Quality Assurance Reviews.

What Should You Expect with Revisions and Handback?

The completed file is handed back within your practice's software system. The adviser reviews the draft and can approve, request revisions with specific notes, or escalate questions directly to the paraplanner or QA manager.

Revision rates follow a predictable pattern. In month 1, revisions are expected as the firm and paraplanner learn each other's processes and preferences. From month 2 onwards, only about 1 in 20 suitability reports (5%) require revision. Rework time on those revisions is typically 1 to 2 hours. The most common reasons remain data accuracy, scope clarity, and presentation issues.

If revisions are needed, reference the specific section and describe what needs to change. Revision notes like "fix the insurance section" create unnecessary back-and-forth. Notes like "Section 4.2: update the sum insured to $1.5M and add income protection with a 90-day waiting period" get resolved in a single pass.

What Separates Well-Run Engagements from Struggling Ones?

Well-run engagements share a common pattern. The firm leverages Felcorp's institutional knowledge built from working with over 250 advisers across 10 years. They adopt recommended processes, respond quickly to paraplanner queries, trust the expertise, and commit to continuous improvement. These engagements improve month-over-month.

Struggling engagements look different. The firm dictates processes to Felcorp and rejects experience-based recommendations, maintaining rigid workflows that resist optimisation. The gap between the 2 is not capability or cost. It is trust in expertise and willingness to optimise.

What Are Realistic Turnaround Expectations?

Turnaround varies by case complexity. The timeframes below are standard for firms with strong processes in place. Felcorp can cut these in half for practices with fully optimised workflows.

The critical factor in meeting these targets is how quickly the firm responds to paraplanner queries. One practice produces 6 suitability reports per day within 24-hour turnarounds by integrating query answers directly into their submissions and enabling rapid adviser response times. That firm has never breached their SLA except when they changed their submission process or an adviser delayed a response.

Well-optimised engagements achieve 95%+ on-time delivery. Actual SLAs are agreed during onboarding based on your practice's work profile, case mix, and volume expectations. For more on how SLA structures work, see What Is an SLA in BPO? or our guide on setting realistic performance targets.

How Does a Paraplanning Trial Work?

Every engagement starts with a structured trial period. The typical trial covers 6 to 8 suitability reports for standard firms. Firms new to outsourcing usually start with 3 to 6 suitability reports due to the additional training overhead involved in learning each other's processes.

During the trial, we learn your systems and software environment, map your suitability report templates and file note formats, build a documented standard operating procedure specific to your practice, and calibrate SLAs based on actual output during the trial rather than generic benchmarks.

Conversion from trial to full engagement follows a consistent pattern: 85% of practices move into a full-time paraplanning engagement, 10% with insufficient volume transition to on-demand paraplanning, and in around 5% of cases, Felcorp declines the engagement due to a lack of technical processes or readiness on the firm's side. Those firms are invited back once they have improved their processes.

That last point matters. Felcorp does not take on every firm. If a practice does not have the foundational processes to support an outsourced paraplanning engagement, pushing ahead benefits neither side. The trial exists to identify this before either party commits long-term. For more detail on the trial and onboarding process, see our onboarding and setup guide or our article on BPO trials and pilot programs.

Frequently Asked Questions

What does the paraplanner do if the brief is unclear or incomplete?

The paraplanner flags the specific gaps back to the adviser before starting any work. Production does not begin until a complete brief is received. This prevents rework and protects turnaround commitments. Incomplete briefs that enter production are the single biggest cause of blown turnaround targets.

Do Felcorp paraplanners work inside my practice's software?

Yes. All work is completed within your practice's own software environment. Projections, documents, and file notes all sit in your system. Felcorp's teams are trained across all major financial planning platforms. See our software capabilities for the full list.

How quickly do revision rates drop after starting?

Month 1 revisions are expected as both sides calibrate. From month 2 onwards, only about 5% of suitability reports require revision, with rework typically taking 1 to 2 hours per case. Engagements that commit to process improvement alongside Felcorp see a 10 to 20% efficiency gain within the first 3 months.

How are turnaround SLAs set for my practice?

SLAs are calibrated during the trial period based on your actual case mix, complexity profile, and volume. They are not generic targets. Once agreed, turnaround performance is tracked and reported through Felcorp's quality assurance and KPI reporting frameworks.

What if my firm is not ready for outsourced paraplanning?

Felcorp declines around 5% of trial engagements where the firm lacks the foundational processes to support outsourced paraplanning. This is not a rejection. Firms are invited back once they have improved their data collection, systems access, and internal workflows. The trial is specifically designed to identify readiness before long-term commitment.

Can I use Felcorp for both full-time paraplanning and on-demand jobs?

Yes. Full-time paraplanning engagements follow the process described in this article. For ad hoc or overflow work, Felcorp also offers an on-demand paraplanning service where individual jobs are submitted and completed without a dedicated staff allocation.

Written by Tobias Fellas, Founder & CEO at Felcorp Support.