The role of the paraplanner has evolved massively in recent years. From what was once a relatively new role within Financial Services, it has now become a career in its own right - cementing itself as the key cog within the advice journey and rightly so!
Most paraplanners will 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 distinctively different with the adviser typically having the most client interaction and you guessed it, actually giving the advice!
The paraplanner is quite technical (both literally and descriptively). With their forensic-style research skills, attention to detail like no other and impeccable writing skills they are the epitome of a financial adviser's right-hand (wo)man.
Whilst advisers conduct client meetings and give advice, paraplanners are the golden thread that ties all of the regulatory ‘behind the scenes’ components together. From reviewing policy information, digesting the advice and producing the actual suitability letter there are so many layers to uncover all of which are equally important. Paraplanners take the time burden away from advisers leaving them with more time to do what they do best and that is usually being in front of their clients.
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.
You head straight to the coffee machine knowing you have a couple of cases to get boxed off today and a milky tea just won’t cut it this morning.
After a quick scan of your emails and task list, you make a start on said cases.
A lot of the policy details you need to review for your first case has already been obtained by the admin team, so you proceed to sense-check the information and familiarise yourself (did we mention attention to detail is key?!). Let the technical research begin…
You’re making a start on the research and notice a discrepancy in the adviser's notes (in a heavily regulated industry where consumer outcomes are key, it's important to flag if something doesn't look quite right!). You iron out any queries you may have with the adviser and crack on with your research/analysis.
All of your ducks are in a row and you have everything you need to start writing the suitability letter. Translating financial jargon into easy-to-read content is a skill you have mastered and are quite proud of! So you go ahead and show off those impeccable writing skills.
You’ve had your lunch break and done a final accuracy check of your letter with fresh eyes before passing it across to the adviser to review.
You then make your way through your remaining task list for the day.
Next up on your list is producing a cash flow forecast for a prospective client. Ensuring the figures are input correctly here is vital as one zero too many can produce entirely different results. You’ve probably guessed it by now, but accuracy is very much at the heart of paraplanning.
Time for some real number crunching… an adviser has received an enquiry from an existing client which requires a tax calculation. Out comes your calculator and off you go… Voila! You have the answer and would you look at that it’s 5pm!
