The role of a paraplanner is often misunderstood and many people have never even heard of it – however, it’s widely considered that paraplanning is fast becoming the most sought-after role in financial services. And we're here for it!
In simple terms, a Paraplanner is someone who works with a Financial Planner or Financial Adviser to do a number of their non-client facing tasks involved in preparing and administering a Financial Plan or Report for a client. Some would say that they do all the nitty-gritty in the background, like the research, analysis and finally, the report writing required to make sure the client is getting the best advice and the adviser is getting the support to help them document that.
What is a day in the life of a paraplanner like you ask? Well, we caught up with Alex, a paraplanner from our sister paraplanning com gave us the low-down on all things paraplanning. Like many, Alex didn't even know what a paraplanner was before coming across the job application on The Grad Scheme.
“I first came across the role of a paraplanner whilst applying for jobs after my degree. Having studied Psychology, where my days were full of Pavlov’s dogs and Skinner’s pigeons, it was fairly daunting entering the finance world. I was initially drawn to the role, however, by the promise of a new challenge every day and that having an analytical mind would come in handy.
In terms of an average day in the life of a Paraplanner, it’s hard to say, as every day is different. But I will usually be writing reports and/or carrying out research. The latter can range from tax calculations to provider and investment strategy research, using various software, such as FE Analytics or CashCalc. In more recent times, I have also been more involved in rebuilding our reports, making them more fun, digestible and interactive, and the feedback has been very positive so far. I am fortunate to be a part of a team that strives to be bold, confident and introduce new ways of working together within the financial sector.
A big part of being a paraplanner is sitting exams to further our knowledge. Therefore, a big challenge is being able to juggle a busy day at work with revising towards exams, all whilst trying to maintain a social life and pretending that I like going to the gym. Time management, a strong work ethic and a willingness to learn are therefore very important as a paraplanner.
I have learnt a lot over my three years in the role, and the various exams – from what a pension actually is, why it’s important to have one, and how I should approach getting a mortgage. You know, all the useful things that no one thinks to tell you in school, but can really help in the real world.
My top tip for those seeking a career in finance (and to those who may not even know they are yet) – don’t worry if you don’t think you have the right experience to work in the financial sector. I can’t emphasise enough how little I knew about finance before starting in the role. In fact, it’s probably like a game of ‘Where’s Wally’ trying to find someone who did a Finance related degree in our office. There are so many life skills that are transferable to a role in finance. For example, in our office, we have roles which rely heavily on skills in terms of marketing, organisation, technical knowledge, time management, and the list goes on.”
