Commonwealth Launches Virtual Paraplanning Program
Participating advisors are matched with two virtual paraplanners who act as an “extension of their firm.”
Commonwealth Financial Network announced Monday the launch of a virtual paraplanning program that connects financial advisors with credentialed financial planning professionals who are coached to work in a virtual setting.
Participating advisors are matched with two virtual paraplanners who act as an “extension of their firm.” The paraplanners will help financial advisors broaden capacity and expertise while building efficiencies and scale without additional staff, according to the announcement.
The paraplanners are drawn from Commonwealth’s wealth management team and “seamlessly integrate into existing processes and assist advisors with financial plans.” They can also draw on Commonwealth’s in-house expertise, ensuring “comprehensive and timely coverage for the advisory practices they support.”
According to the announcement, the program is based on a successful pilot and is well-suited to provide advisors with planning support in three scenarios. These include supporting solo practitioners or teams seeking to create or build capacity for financial planning; supporting ensemble or enterprise practices that need to fill existing financial planning gaps; and supporting practices interested in converting to new planning software programs.
The program will work on a subscription basis and should allow advisors to access a cost-effective alternative to hiring an in-house paraplanner at a time when demand for financial planning services from clients is growing fast, according to the firm.
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