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Financial Planning

Advisers jump onto paraplanning platform

A platform that connects financial advisers to paraplanners has onboarded over 250 users in the short time since it launched.

Tanngo is streamlining the way advisers source paraplanning staff, growing to 140 advisers and 120 paraplanners since it set up shop 18 months ago.

Founder Melanie Drago said she launched the platform in an effort to eliminate the many pain points she experienced working as a paraplanner.

Tanngo is the only platform of its kind in Australia, Drago told Financial Standard, adding that it is similar to AirTasker in that advisers can get work done immediately.

Advisers can log into Tanngo, list jobs with deadline dates and receive quotes from paraplanners.

The adviser and paraplanner then rate each other on three metrics: the quality of work, timeliness and if the parties will work with each other again.

One advantage the platform gives paraplanners is that they are paid for their services upfront, which is currently not the case as many typically wait for lengthy periods to be remunerated, Drago said.

Drago is an experienced paraplanner, having previously worked at AMP, ANZ and AXA, as well as boutique firms, across roles that covered advice solutions, documentation, technology integration and customer service. She launched the Paraplanner Hub three years ago, a community of paraplanners with about 1200 members.

Drago said she was prompted to establish Tanngo after large financial institutions exited advice. Many support services like paraplanning also fell by the wayside, forcing advisers to actively look for such support.

The marketplace reduces the costs and time for advisers, who now don't have to spend $30,000 outsourcing paraplanning work, and save up to $80,000 per year, which is the salary for an experienced paraplanner, she said.

Read more: TanngoMelanie DragoAirTaskerANZAXAFinancial Standard