Macquarie-owned Coin Financial Planning Software has taken a 50 per cent stake in paraplanning outsourcing group Outplan Outsourced Solutions.
Outplan, started two years ago by Andrew Whelan and Michael Blanchflower, provides paraplanning and IT service outsourcing to the financial services industry.
The group, which currently has nine staff, operates across much of Australia and will continue to operate as an independent company.
"We currently have dealer group and boutique clients throughout New South Wales, Victoria, Canberra, Western Australia and Queensland, so geographical spread is not an issue for our business or the quality of the service we offer," Whelan said.
According to Coin managing director Tony Graham, a shortage of well trained paraplanners meant that Coin and Macquarie Adviser Services' clients have had difficulty keeping up with demand.
"Outplan is an innovative outsourced paraplanning service that brings together technical paraplanning expertise with a service ethic that is not matched by any other outsourced paraplanning service," Graham said.
According to Blanchflower, a shortage of paraplanners meant it had become very expensive for dealer groups and boutiques to hire their own in-house staff.
"This is where we save advisers money. We aren't looking for expensive middle range paraplanners, we hire top flight senior paraplanners who have extensive experience and are supported by talented juniors who we train to a level of expertise," Blanchflower said.
"We can also offer our staff further career opportunities as they grow and mature within Coin or Macquarie Adviser Services more generally."
