In our recent Parameters survey we included a peer-to-peer question, asking if your workload had increased over the past year. 78% of you said yes.
Working in financial services it seems like we live with almost constant change, whether that is to legislation, regulation, business processes, or losing and hiring new staff. In 2024, Consumer Duty, the changes to the Lifetime Allowance legislation and the Autumn Budget, are some of the major issues that have contributed to increase workload for paraplanners.
The majority of respondents to our latest Parameters survey had experienced an increase in workload this past year, to one degree or another, with 28% saying the increase had been “significant”.
Has your workload changed in 2024?
Significantly increased 28%
Moderately increased 41%
Slightly increased 9%
No change 20%
Decrease in workload 2%
Asked to comment on the reason for their increased workload, as might be expected, changes to legislation and regulation topped the list.
“Consumer duty has brought in a lot more work and meant we have to review everything we do and change things to adapt. We also have to consider more in each situation,” one respondent said. Adding that the downside to the increased workload has been that “we are turning away more business”.
The year was topped by the LTA legislation changes and tailed by the Autumn Budget.
“Constant regulatory changes, starting with the LTA legislation, which took too long to sort out, on top of the end of year case load, was not a good start to the year,” said one respondent.
“The change to central government, and particularly the huge amount of speculation around the Budget, provoked a lot of additional client questions,” another paraplanner said.
“The pre-budget work was almost like an ‘end of tax year’ period with clients trying to second guess the Chancellor,” added another.
Another reason cited for increased workload, despite best efforts and improved efficiencies within the individual firm, was an age old one: “We have been constantly busy for the last 18 months – we’ve grown the team and found additional efficiencies in the process but we’re still struggling to meet deadlines, mostly due to huge delays at providers.”
Issues recruiting good quality staff, training of new staff and being given greater management responsibility were areas that team leaders said added to their workloads.
For the paraplanners who reported that their workload had decreased, the contributing factor was streamlining and technology. As one said: “A move to one Platform and a MPS solution means our overall workload has reduced.”
With several AI-driven technology propositions now in the market, all aimed at taking the heavy lifting out of advice, notably for paraplanners in respect of obtaining g accurate information from advisers, and providers, and building draft suitability reports, it will be interesting to see when next we ask the question, where the market will be.
Main image: eric-prouzet-UpA0D0URmvg-unsplash
