In June, Leeds branch held a fascinating meeting entitled: "A day in the life of a Paraplanner", reports branch chairman Murray McEwan CFP^CM.
We were fortunate to have an excellent panel of Joanna Hague of Investment for Life, Claire Goodwin of Taylor Oliver (both of whom are part of the IFP's Paraplanning Working Group), plus Jared Bowers of Flowers McEwan. It was great to see a good mix of principals, Financial Planners, Paraplanners and would- be Paraplanners, which made for a rounded discussion.
Panel members shared their own "typical" day, revealing very varied and interesting working patterns, although we found certain shared characteristics in the role. There was agreement around being technically proficient, highly-qualified members of advisory teams who are involved with: report writing, preparation of cashflow forecasts, implementing advice on financial products and client reviews but, in most cases, are not authorised to give advice.
Without exception the chief motivating factors which define "why" the panel do what they do were around the client service ethos of their respective firms, caring for clients, and a desire to see real change in clients' lives through good Financial Planning.
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So "Is a Paraplanning role just a stepping stone, or is it a career in itself for talented people?" The group felt it could be either, depending on the individual, with options as a career Paraplanner, in compliance, technical, practice management, investment research roles or as a inancial Planner. The panel were asked about their own career paths. Jared explained his hybrid role, where he is authorised to give advice as a Financial Planner, while also having Paraplanning responsibilities. Joanna and Claire felt that being authorised had advantages; as they help put together the advice it seems logical that they should be able to advise clients too.
Looking ahead, some challenges were identified, including issues of practice succession. The potentially thorny question was posed: "Should Paraplanners and other support staff be equity stakeholders, or are they merely human resources to be sold with the business?"
However there was also unanimous agreement that as more and more advisory practices adopt new model approaches to business, the role of the Paraplanner is a crucial one. Thus we concluded that the future looks bright for Paraplanners. The panel is considering putting together a regional Paraplanners' meeting. Watch this space!