Communication key for top paraplanners

Giving clients advice with the same care with which he would his parents has seen Chris Cynkar of RSM win Paraplanner of the Year.

“At the end of the day, I go by the mantra ‘would I do this for my parents?’, and I try and treat every client as if they were my parents and just put in that extra effort for them,” he said.

To do this, Cynkar first makes sure he understands his clients’ objectives, as that underpins the whole advice process.

“Research the client’s position and products thoroughly and understand all the costs and features, then with that understanding, compare it to alternatives.

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“It may be that they’re already on track, or potentially it’s due to those investigations that you can uncover if there’s a deficiency in their existing products or strategies.”

Reflecting the importance of working with advisers, the judges looked not just at paraplanners’ ability but also their contribution to better outcomes for nominees’ whole organisation.

Upon receiving the award, Cynkar said it was a recognition of the efforts that had been put in at RSM and all the professional development that had been undertaken.

Finalist Tahir Adeel, of Strategy First, said that he was very open with advisers.

“I never mind sharing ideas with seniors,” he said, adding that at the end of the day, paraplanners also have a responsibility to their business’ clients.

“You need to think like a planner, and take ownership as you are still responsible for clients’ goals and objectives.”

Cynkar said that he always debriefed with advisers, making sure to communicate whether he thought there were better options for the client or something had been missed.

He acknowledged that this takes practice though.

“It takes experience because you have to have confidence and stand up in your belief of the strategy.”

Going forward, Cynkar thinks that learning how to better utilise technology is a key area of development for paraplanners.

He only really uses XPLAN, his firm’s software of choice, to 30 to 40 per cent of its capability, which he said limits his efficiency.

“I’m always looking to improve with x-plan with how long it takes to do simple and time-consuming tasks, because I would rather focus on doing strategy and projections and meaningful things with my time,” Cynkar said.

“That’s what allows us to think about the strategy, think about alternatives, and also make sure that everything from our end, our file notes, are clear and thorough as well.”

With adviser wrongdoing in the spotlight following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry hearings, Cynkar said that winning the award was especially meaningful.

“Winning the award now, especially with the Royal Commission and all those things coming out, just confirms that both personally and as an organisation, that what we’re doing is right, and that we should keep aspiring to do better.

“It would set an example for my younger peers, reinforce my work ethic, and allow me to lead by example for the rest of the team.”