In the world of financial services, the role of paraplanner is the bolshie new kid on the block.
Not so long ago, the role didn’t even exist. Today it is in red hot demand.
Initially all about report writing, the job now involves acting as right hand to an IFA (Independent Financial Adviser). As a bigger regulatory burden has been placed on advisers, paraplanners have become essential to ensure the smooth running of the business.
But, it’s no time to be smug. The word is out that paraplanning is a great career to get into, so you’ll have to prove you’re the cream of the crop.
Thankfully, our top tips will ensure you stay ahead of the paraplanner pack.
- Hone research skills
Research is a major part of the job and developing a first class technique will earn you the trust and respect of your team.
- Practice patience
Paraplanning is a job that needs supreme patience as it’s often more analytical and attentive to detail than the role of the adviser. During research you’ll come across gaps in required information. Keep calm and carry on.
- Take one for the team
The paraplanner is an essential part of the financial services team. The ability to work with one eye on what the team needs at any given time will make you invaluable.
- Be flexible
Flexibility is a key trait. The role can vary greatly and each company will place slightly different demands on paraplanners. You need to be able to adapt.
- Find your match
Given the variety of work, it will pay to swot up before you decide to apply to a company. Find out exactly what is expected in the role – if this matches your ambitions, go for it.
- Adopt machine-like efficiency
Arguably the most valuable attribute is being highly organised and efficient. Scatty and quirky need not apply.
- Be ambitious
Paraplanning is no longer simply a route to becoming an adviser. A 2014 survey by the Institute of Financial Planning revealed two thirds of paraplanners were committed to remaining in that role . . . but the ambitious were doing everything to widen their skill set and responsibilities.
- Get qualified
An example of expanding the role would be to get the CF30 qualification under your belt. This means being authorised to offer clients advice as well as information.
- Network
A vibrant paraplanning community has sprung up in recent years, which offers a great support network and examples of best practice for those starting out.
- Apply yourself
Well, what are you waiting for? Check out the great opportunities for paraplanners at s1jobs and get your show on the road.