AN INTRO TO PARAPLANNING

You may be wondering what a paraplanner is or you may be thinking about developing your career as a paraplanner. There’s no better time to become a paraplanner. In recent years, the role of the paraplanner has evolved and today, skilled paraplanners are an indispensable part of the financial advice team.

What is paraplanning?

Although the role of a paraplanner can look different from firm to firm, in a nutshell, it is someone who creates, prepares, implements and/or reviews a client’s financial plan and advice. According to the Chartered Institute for Securities and Investment, the role of the paraplanner can be broken down into four key parts:

Step 1. Preparing & maintaining the client file:

Confirming risk profiles and clients objectives, identifying information, compiling a cashflow analysis.

Step 2. organising recommendations:

Identifying areas for planning, carrying out research to find solutions, considering asset allocations and investment strategies, preparing recommendation reports.

Step 3. Implementing recommendations:

Preparing suitability letters, ensuring all compliance paperwork is in order, implementing plans.

Step 4. Reviewing client files, portfolios, products and processes:

Attending and organising meetings, reviewing portfolios, initiating review meetings.

Far from being just a glorified administration role, paraplanner jobs today are challenging, exciting, and offer a great deal of variety. In that sense, a day in the life of a paraplanner can be incredibly varied.

Sian Davies Cole, Chartered Paraplanner

Sian is the co-founder of The Paraplanner Club, a free mentoring scheme that provides individuals working within the paraplanning community access to a mentor to offer support and guidance in helping them achieve their objectives.

"The paraplanning club provides that support for people that want to be awesome paraplanners"

Listen to Sian on the Financial Planner Life Podcast here

Lisa Tipton, Director of Financial Planning New World Financial Group

Lisa featured on the Financial Planner Life Podcast and shared with us her career path from paraplanning, to compliance, to now running her own firm. She talks about all the different roles of a paraplanner, from a trainee to a senior paraplanner, and explores all the different roles within the profession. Listen here.