The position of the paraplanner has evolved massively in recent years. Paraplanning is now a career in its own right and a key role in the financial advice journey. Most paraplanners hold at least a Level 4 qualification, meaning they are technically educated to the same level as a Financial Adviser. However, the two roles are distinct - with the adviser typically having the most client interaction and you guessed it, actually giving the advice!
The paraplanner is a financial adviser’s right hand man (or woman). Paraplanning is a technical role requiring forensic-style research skills, attention to detail like no other and impeccable writing skills.
Paraplanners bring the ‘behind the scenes’ components together for financial advisers. While advisers conduct client meetings and give advice, paraplanners review policy information, digest the advice and produce relevant documents – essentially taking the time burden away from advisers.
While specific duties vary from firm to firm, and each paraplanners day may look somewhat different, here is an insight into a typical day in the life of a paraplanner.
Paraplanners are critical thinkers, both highly analytical and able to communicate their thoughts succinctly with great written and verbal skills. A paraplanner can take in large amounts of data, then interpret and present the concept effectively, especially when it comes to financial and regulatory information. Paraplanning is different at every firm, but they’ll need to be proficient with software and technology, too.
Most employers will look for a minimum RQF Level 4 qualification, and encourage a Level 6. Paraplanners also need to know about mortgages, protection, annual reviews, financial planning and consumer duty among other topics – you can find the relevant online training modules below. If you have any questions about completing the e-learning for paraplanning, we’d love to help so please get in touch.
If you choose to progress, paraplanning roles can open the door to senior paraplanner, financial adviser, compliance officer or various specialisms.