Commonwealth’s Virtual Paraplanning Program Expands Advisors’ Financial Planning Capabilities and Increases Client Support

Virtual paraplanners help financial advisors broaden capacity and expertise while building efficiencies and scale without additional staff

Commonwealth Financial Network^®, a national firm dedicated to providing financial advisors with holistic, integrated business solutions, announces its Virtual Paraplanning Program (VPP), which connects advisors interested in growing their capacity with credentialed financial planning professionals who are coached to work in a virtual setting. With deliberate growth guiding its success, the program comprises highly skilled paraplanners who are carefully recruited and trained by Commonwealth, reducing the need for advisors to hire dedicated in-house staff.

Participating advisors are matched with two virtual paraplanners who act as an extension of their firm. The paraplanners seamlessly integrate into existing processes and assist advisors with financial plans. These dedicated staff members are part of Commonwealth’s Wealth Management team and are fully supported by its Advanced Planning group. With access to all of Commonwealth’s in-house expertise, VPP team members ensure comprehensive and timely coverage for the advisory practices they support.

“Commonwealth’s Virtual Paraplanning team has become a crucial and valued extension of our business,” said Jessica Blood, CFP^®, founder and CEO of PlanWise Financial Group and program participant. “Their in-depth knowledge of planning software is a tremendous asset, and they allow our most senior people to spend more time analyzing client situations and presenting comprehensive plans to clients and prospects. In total, they allow us to leverage our most valuable resource—our time—to service, retain, and attract clients. We would simply not be where we are today without the partnership that the VPP team has provided to our business.”

The program is ideally suited to provide advisors with planning support in three scenarios:

• Solo practitioners or teams seeking to create or build capacity for financial planning
• Ensemble or enterprise practices that need to fill existing financial planning gaps
• Practices interested in converting to new planning software programs

“The demand for financial planning services from clients is exploding, and advisors must have access to the right experts to meet those needs,” said Karen McColl, senior vice president, wealth management. “As VPP continues to expand, the program helps our advisors prioritize planning without sacrificing scale or time. By taking on the tasks of finding and instructing the right talent, we give advisors time back to focus on what they do best: strengthening client relationships and building their businesses.”

With VPP, advisors have access to a cost-effective alternative to hiring an in-house paraplanner, which can remove the need to pay the cost of salaries, benefits, and the resources required for onboarding, training, and certification. Honed in a pilot program, VPP offers subscribing advisory firms a robust financial planning framework that manages workflows and processes to create a cohesive experience for both advisors and clients.

About Commonwealth Financial Network^®

Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth “#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 10 Times in a Row.” Privately held since 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California. Learn more about how Commonwealth partners with more than 2,100 independent financial advisors overseeing more than $242.9 billion* in assets nationwide by visiting www.commonwealth.com.

Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012, 2013, 2014, and 2018‒2023 U.S. Financial Advisor Satisfaction Studies. Presented on July 5, 2023, for December 2022 to April 2023, it is based on responses from 4,183 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm’s future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit jdpower.com/awards for more details.

* As of 12/31/2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20240108344601/en/