Less than a third of firms have put in place a career path for established paraplanners, the latest Professional Paraplanner Parameters Survey has shown.
The results show 30% of firms have a defined career path, compared to 58% of firms who do not or paraplanners said they were unsure if their firm had an established career path.
Among the respondents who said their firm does have a set path, for many this was support in attaining qualifications, from the Level 4 Diploma – including the LIBF Level 4 Paraplanner Diploma – as well as support to progress from Diploma to Fellowship level.
The survey showed that some firms offer paraplanners exposure to more hands-on experience, encouraging them to take part in meetings to hone their skills and experience.
However, this was often seen as part of a progression to becoming a financial adviser. One respondent said: “We have paraplanners who work in a more traditional way, predominantly report writing with occasional client meeting attendance. For those more experienced paraplanners, they work on a one-on-one basis with our higher income producing advisers, attending the majority of client meetings and getting involved in the advice process at an earlier stage, taking ownership of follow up such as meeting notes. Aspiring advisers also have a development plan in place which involves role plays and soft skills training.”
Another said: “The path to chartered is encouraged and supported. Once technically competent, the move to trainee adviser is supported with inclusion in meetings and gradually, taking the lead.”
One respondent said that in addition to technical paraplanner roles, the firm allows paraplanners access to an established client bank with a more ‘hands off’ approach, which can be used as a stepping stone for the move to advice.
However, others said it was difficult to have a set career path and progression depended entirely on the structure of the firm, the individual and their goals. Those in smaller firms, in particular, said it was difficult to provide career progression for paraplanners.
One respondent explained: “It is dependent on the opportunities available, paraplanners cannot be progressed further if there is no availability for them to move up. There is no defined path for this. It is up to the individual to define their own career path.”
The sentiment was echoed by a fellow respondent: “If you want to progress to any particular area you can ask to be exposed to different work but there is no guarantee the business will support you in the development path.”
Another paraplanner told Professional Paraplanner that their firm places very little emphasis on the progression of paraplanners, particularly those wanting to progress within the role of paraplanner, for example to a more senior position. “There are senior paraplanners in the firm but there is no clear path on how to get there,” they added.
Does your firm have in place a career path for established paraplanners?
Yes 30%
No 43%
Not sure 15%
Not applicable 12%
