Better technology tops paraplanners’ wish list, according to the latest quarterly data from the Scottish Widows’ Paraplanner survey*.
The findings showed that nearly two thirds (64%) of paraplanners believe that the technology they currently use could be upgraded and this was particularly the case amongst larger firms. Most would like to see ‘better integration’, as paraplanners often have to manually rekey data between systems.
Improving technology could help to alleviate heavy workloads, which 59% of paraplanners believe is the key barrier to them adding more value. Despite paraplanners being the principal users of technology in their firms, only 9% feel they have a direct influence on technology-buying decisions, with 55% believing they have ‘some measure’ of influence.
Ranila Ravi-Burslem, intermediary distribution director at Scottish Widows, said: “We understand paraplanners’ frustration with some of the technology they use and it’s clear that they want to see meaningful upgrades to the tech they use in their day-to-day tasks. In tune with paraplanner’s aspirations, Scottish Widows is dedicated to putting seamless integration at the heart of our proposition.”
The survey also found a mixed response to artificial intelligence. More than half (54%) see the technology as both an opportunity and a threat. While 42% believe AI could be useful in their role, a similar amount (40%) remained neutral and only 9% are already using AI. Nearly three quarters (71%) believe that AI needs to undergo further development and testing and 58% agree that it needs to be controlled by a regulator.
Jonathan Sandell, group head of propositions at Scottish Widows, added: “I think AI will ultimately allow paraplanners to fast-track lower-value aspects of their role. By adding their deep understanding of client needs and objectives, alongside their product and technical knowledge, paraplanners will be freed up to re-focus on higher value activities, cementing their position as the vital human link between technology and clients.”
The findings showed that despite the need for improved technology, the overwhelming majority (86%) of paraplanners are confident about the future of their role and the financial advice market overall, with 70% agreeing that their contributions are seen as “essential” by the advisers they work with.
However, two fifths (40%) admitted they do not feel their value is always recognised by clients and many would like to see greater awareness of the role outside of the industry, with 71% believing an industry-approved definition of the role would be useful.
* The survey was undertaken on behalf of Scottish Widows by Research in Finance, the publisher of Professional Paraplanner.
