MLC will introduce a paraplanning referral panel for its advisers from October this year, transitioning away from the centralised model it currently offers through ThreeSixty. It will also continue to develop and grow its Paraplanner Academy, which was launched in 2005, and expand the role of its Statement of Advice (SoA) Solutions team. Greg Miller, general manager of MLC Advice Solutions, says the new paraplanning model will enable greater flexibility and customisation for the individual advice businesses within its network, as well as localised services.
“Where agreed, the referral partner could even make site visits to practices and work with advisers to tailor their approach,” he says. The Paraplanner Academy is a recruitment and specialist training program which includes a mix of technical and practical activities individually tailored to suit each candidate and their related business. It is being expanded to offer “a one-tomany approach providing greater accessibility for advisers”. MLC has seen substantial growth in the use of its Academy and SoA coaches as a result of the current succession planning challenges across the industry, and expects this trend to continue, Miller says.
In early July, eJobs Recruitment Specialists teamed up with a financial planning firm to form Paraplanning Australia, an outsourced paraplanning service for independent financial advisers and dealer group practices. The company employs several experienced paraplanners, has more than 70 contract paraplanners and is also training a dozen paraplanners through its own Paraplanning Academy. Trevor Punnett, general manager of eJobs and newly formed Paraplanning Australia, says practices are assessing their staffing situations as we move into a tighter economic environment. Miller says MLC will work closely with advisers to identify their needs and match them with the most appropriate consultant on the referral panel.
