It’s a little known but rapidly in demand career that has grown in recent years. 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 we 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.
Like we said earlier, in any role we always start with learning the basics first – it’s the best foundation for success. For this role, that means firstly learning all about the billion-pound finance sector and the importance of people receiving sound financial advice. You’ll then move on to working on real client cases, getting to grips with the administration side of a case, learning the ins and outs of an abundance of pension, investment and insurance products. Over the course of your 6 month probation period, this will involve you getting stuck in and doing the role of an administrator, finding out all the finer details, getting on the phone to product providers and using research tools to pull all the information a Paraplanner needs together. During the course of your 6-month probation, you will tackle trickier cases until you have a basic knowledge of products.
If you successfully complete your probation, you’ll then become an official Graduate Paraplanner. Soon after your transition, we will work with you to agree your own personal development programme for the rest of the year, with the expectation you’ll start to revise for your first exam pretty much straight away. As a Graduate, you’ll become part of the Paraplanning team, learning how to research a case and understand the needs of individual clients. You will start writing basic reports and managing your own workload.
By your second year, you will be moving on to more complex cases and certainly have a few exams under your belt! We’d expect that after two years you will be an expert in researching the market and making recommendations, be an accomplished report writer, volunteering to tackle the tricky cases and manage your own clients. As well as being a wonderful role model to the newest wave of graduates!
Your initial qualifications will be under the CII (Chartered Insurance Institute) www.cii.co.uk.
We’d expect you at the end of the two years to achieve the Diploma in Regulated Financial Planning (6 exams)
Once you’ve got these, you can then explore a whole host of different qualifications with the CII or other examining bodies – even going as far as becoming a fully qualified Chartered Financial Planner of which we will happily pick up the bill for, in addition to your salary, meaning the costs aren’t a barrier to unleashing your full potential.
The Perks of the job can be found here.
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