Why Use Us?

It can be as simple as the cost benefit of doing it yourself, hiring someone else, or using an outsourced Para Planning service. But more importantly to you as a financial planner it is having another stakeholder review your client’s goals and objectives, your recommendations and how these meet your clients best interests.

Employing an Internal Para Planner

Generally, a Para Planner’s salary can range from $55,000 to $90,000 pa, depending on their experience. Then you add in the hiring costs which can be around $5,000 to the recruitment company, the actual time you spend interviewing candidates, re-interviewing and shortlisting potential candidates (at $265 per hour and lets say conservatively you spend 10 hours interviewing, this equates to a total cost of $2,650). That’s just to get them in the door, then you need to spend time training them, paying annual leave and sick leave, provide an office, computer, chair and all resources they will need.

Let’s say you have factored all that in and are comfortable with the 6 months it takes your new employee to get up to speed; imagine the additional cost if your employee leaves in one year and you undertake the process all over again .

Cost Benefits of Outsourcing

Here is an example of contract paraplanning rates (Complex SoA). The following example illustrates the benefits of using mnh Para Planning based on the following assumptions:

  • A complex SoA takes you 10 hours to complete;
  • Your hourly rate is $265 (including GST); and
  • A complex SoA costs $880 through mnh Para Planning (including GST).

Based on the above assumptions it effectively means that to prepare a complex SoA yourself, it will cost you $2,650. This is a loss of $1,770 in revenue.

Example (Standard SoA):
The following example illustrates the benefits of using Para Planning based on the following assumption:

  • A standard SoA takes you 6 hours to complete;
  • Your hourly rate is $265 (including GST); and
  • A standard SoA costs $440 through Para Planning (including GST).

Based on the above assumptions it effectively means that to prepare a standard SoA yourself, it is costing you $1,650. This is a loss of $1,210 in revenue.

Outsourced Para Planning

By outsourcing your Paraplanning fees to mnh Para Planning and Administration you get access to Para Planners with different levels of experience. You gain access to over 28 years of combined Financial Planning experience in Shane and Matthew. You have a faster turn-around time and can spend more time building client relationships.

Outsourced Para Planning also means:

  • You know the completion date and can book your client presentation with certainty.
  • You do not need to pay for additional office space, computer equipment, software licensing fees, training, salary costs, superannuation, holiday leave and sick leave.
  • Access to a professional to discuss strategies and client outcomes.
  • Use the service as much or as little as you like.
  • On average, a Standard SoA will cost between $330 – $660. If you were to generate 1 x SoA per working week for a year (48 weeks), at a cost of $440 each (including GST), then your annual Para Planning cost will be $21,120.

Outsource your Para Planning today.