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​What is a Paraplanner & How to become one!

Are you good with numbers and like helping people with their money? If so, Paraplanning could be the ideal career for you. 

What is a Paraplanner?
A Paraplanner works alongside a Financial Adviser to create and recommend a *financial plan to meet a clients’ needs. Analysing and assessing information gathered from the client and discussing the possible solutions with the adviser before preparing the recommendation. The Financial Adviser then presents the recommendation to the client.

*What a ’financial plan’ looks like;
Assessing the clients current circumstances, understanding the clients’ needs goals and objectives over the short, medium and long term which could include raising money for a mortgage, to funding children's school fees, protecting a clients family in the event of illness injury or death, building up capital, preserving capital, planning for a financially secure retirement, inheritance tax planning. Then ensuring that the client understands the different types of investment risk, the different ways to invest and suitable strategies in different markets. The report pulls all this together and puts forward potential solutions to meet those objectives detailing the advantages and disadvantages of the recommended solutions.

Paraplanning is still a relatively new role within the Financial Services industry as this kind of work used to be carried out by Financial Advisers, however this is now a role within its own right – and one which is becoming increasingly popular.

How to become a Paraplanner;

Apprenticeship - You could do a Paraplanner Level 4 Higher Apprenticeship (This will take around 2 years to complete and will include a mix of learning on the job and studying at college.)
Work – You could join a Financial Planning firm as an Administrator to build a good knowledge of financial services products investment risk, and understanding of Wrap platforms covering pensions, savings, investments, pension planning, protection and life assurance. With 2 years of so experience look to move up the career path within the Financial Planning firm as a trainee paraplanner
College - You could do a college course which would teach you some of the skills and knowledge you need to be a paraplanner. (Relevant subjects include; Level 3 Certificate In Regulated Financial Services Operations, T Level in Finance and Level 4 Diploma in Financial Planning)
Join a Professional Body – You could join a professional body for training opportunities and professional development. (Organisations include: The Chartered Insurance Institute (CII), The Chartered Institute for Securities and Investment (CISI) and The London Institute of Banking & Finance (LIBF).

Skills and knowledge needed to become a Paraplanner

  • Customer service skills.
  • Understanding of investment and financial markets, financial services products.
  • Maths knowledge.
  • To be thorough and pay attention to detail.
  • Sensitivity and understanding.
  • Persistence and determination.
  • Analytical thinking skills.
  • Excellent verbal communication skills.
  • To be able to use a computer and the main software packages competently.

Day to day Paraplanner tasks you’ll do in this role.

  • Prepare and write financial reports.
  • Research financial funds and products.
  • Provide admin support to financial advisers.
  • Put together cash flow analysis.
  • Keep client records up to date.

Career Path & Progression of a Paraplanner

You could specialise in an area of financial planning like technology or pensions, train to become a financial adviser or become self-employed, working as a freelance Paraplanner.

For our latest Trainee Paraplanner & Paraplanner roles check out the latest jobs on our website