Advisers, advisers, advisers, but a career in financial advice is not all about advisers. Paraplanners also provide a key function in any financial planning team.  Financial advisers meet clients to determine the detail of their financial circumstances and they take this information and share it with the paraplanner who will create a report with recommendations and strategies for the client.  A big part of the adviser’s role is to manage the relationship with clients and the paraplanner supports this by developing and reviewing customers’ financial plans, including preparing client reports and recommendations for the adviser.

It’s an analytical and research-based role, which requires a skillset that is increasingly valued and recognised in the financial sector.  Paraplanners don’t need to be in face-to-face contact with the advisers they work with, nor do they need to be in face-to-face contact with the end client, so they can work remotely from anywhere in the country, which makes paraplanning an ideal job for both office and home workers.

As well as making recommendations, paraplanners review customers’ finances on an annual basis.  For example, they look at:

• the recommendations the customer received the year previously
• their exposure to financial risk
• their asset allocation
• how their financial strategy should be updated.

Paraplanners make sure the adviser is up to date with that information before meeting their client.

So why does paraplanning matter? 

Financial advisers rely on paraplanners to ensure the long-term success of their businesses and without paraplanners, financial advisers would find it difficult to provide the best possible service to their clients.  As the role of the financial adviser grows more complex the importance of the paraplanner will also increase.  

What do you need to become a paraplanner?

If you're looking for a career in paraplanning you will need:

• an interest in personal finance
• good organisational skills
• an ability to meet deadlines.