Overall Purpose of the Job:
Paraplanning is a technical function that supports and informs the work of advisers in all areas of finance, including pensions, tax and investment management. This role is to support the advisers within the company / network.
It is not your role to give financial advice, but to produce letters, reports and supporting evidence for consideration. You are expected to undertake technical analytical work, which may include cash-flow forecasting and investment analysis. You should keep the adviser up to date with communications, as appropriate. It is not anticipated that you will be involved in direct client communication very often, but the adviser may request it in certain circumstances.
Key Activities & Responsibilities:
- Preparing and maintaining the paraplanning client file (paper / electronic based files).
- Discussing client objectives and work requirements with the adviser.
- Completing research, analysis and data gathering (including liaising with providers and collating information on investments, pensions and other products, as applicable).
- Sourcing quotes and accompanying client disclosure material (Key Features etc.) and saving to client file.
- Drafting / completion of Suitability Reports. This will involve the use of Financial Planning software tools, such as Selectapension, Assureweb and FE Analytics.
- Assisting advisers with ad hoc requirements. These could range from non-advice related reports to assisting with annual review reports and other activities.
- Ensure in-house systems are effectively used to record case progression and work for costs and audit trail purposes.
- Awareness of industry changes, including with regards to suitability report requirements and maintaining CPD & FCA knowledge, in line with company and CII requirements.
- Ad hoc / miscellaneous tasks.
- Manage and lead a team of 4 administrators and a trainee paraplanner. Motivate team members and assesses performance, undertaking annual 1-1’s and regular updates with team.
- Provides help to management, including training and communicating compliance updates and keeps management updated on team performance. Communicates concerns and policies among management and team members.
- Monitoring the workflow in the team to ensure that cases are completed in a timely manner and meet deadlines.
- Minimum 3 years Financial Services industry experience, including previous paraplanning experience.
- Level 4 - Diploma Qualified (CII).
- Excellent knowledge of retail investment, savings, pension and protection products.
- Excellent knowledge of suitability report content, format and requirements.
- Significant experience composing suitability letters.
- Ability to communicate with others confidently whilst remaining flexible/adaptable.
- Highly developed analytical, observational, written and verbal communication skills.
- Exemplary attention to detail.
- Strong people management skills
- Strong organisational skills.
- Proficiency with using various software packages, such as Microsoft Excel and Word.
- Relevant experience with external software/tools, such as FE Analytics, Selectapension, Defaqto Engage, Assureweb, Cash Calc or similar.
- Experience with DB or safeguarded benefit pension reviews.