Despite a global pandemic that shuttered businesses across the globe, Don Morgan of Independent Wealth Connections in Spokane, Washington, decided to double down on his growth plans. During the first quarter of 2020, he set an ambitious goal to add new financial planning clients each week. By the end of the first quarter, he had signed 19 new clients, a remarkable increase that threatened to overwhelm his full-time paraplanner.

While happy with the additional business, Morgan faced a difficult operational challenge. He needed to accommodate his firm’s expanding business but knew that stretching his staff too thin would be detrimental to future growth. So, he explored alternatives for scaling his practice. 

After a consultation with the Paraplanning Services team, he discovered that they met all his criteria, including: 

  • Necessary expertise and experience
  • Adherence to the standards of all major designation authorities
  • Ability to support the full range of planning activities
  • Proficiency with his planning software, eMoney 
  • Commitment to turn-around times that worked for him and his clients

Additionally, while Morgan would look to Paraplanning Services to support financial planning activities for his business, he appreciated that the arrangement would allow him to remain his clients’ fiduciary, having full control over plan assumptions and final sign-off on plan components.

An Impressive Return on Investment by Any Measurement  

A typical financial plan for Morgan’s high-net-worth clients requires roughly 30 hours of work to complete. Working with Paraplanning Services, he was thrilled to trim his total to just six hours.  


"Working with Paraplanning Services freed me to bring on as many new clients as I could knowing that our plans are prepared by highly skilled professionals who have worked with a broad range of clients. They know my software and apply best industry practices to every aspect of the process."



Don Morgan, Independent Wealth Connections

BS-1259600-0922 LBS-advisor-don-morgan

"After paying for Paraplanning Services, I’m still compensated significantly for the hours I spend in plan delivery and implementation," Morgan said.

"But the value Paraplanning Services provides to me and my clients goes deeper than the numbers convey," he continued. "Our financial plans are prepared by highly skilled professionals who have worked with a broad range of clients. They know my software and apply best industry practices to every aspect of the process. 

I didn’t have to recruit or train the team, nor did I pay their salaries or benefits – which all cause a drag on my enterprise value,” said Morgan.

Don Morgan is one of many advisors who has leveraged the skills and experience of the Paraplanning Services team to scale their businesses and better serve clients. 

 

The views and opinions expressed by the LPL Financial Advisor may not be representative of the views of other Financial Advisors and are not indicative of future performance or success. Neither LPL Financial nor the LPL Financial Advisor can be held responsible for any direct or incidental loss incurred by applying any of the information offered. Independent Wealth Connections and LPL Financial are separate entities.

 

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