What makes for a great paraplanner? Emma Perkins at The Art of Finance sought the opinion and experience of her colleagues at Para-Sols and provides some top tips for our readers.
Here at The Art of Finance we offer mentor support for our students and we regularly receive a lot of questions. One question that we are more commonly asked is whether we have any tips on how to be a successful paraplanner. So, for anyone who has ever asked that question, I have come up with some tips to help you be great at what you do.
Paraplanning is not just about writing reports and doing research, it is such an important role within an advice firm and gives you skills which stay with you for life and not just in the workplace. Friends always leave the organisation of social events and holidays to me because they now know me as the really organised person that loves to research and plan.
So, in true paraplanner style I did some research and brought together some of my own experiences along with those from other paraplanners and here are the top-rated tips and tricks. There are some things you may know; some you may have forgotten and some you may never have thought of.
1. Get connections. Either by networking, or by speaking to providers and joining online social groups. All of these things help build your own presence but also allow you to have someone to contact if you have something obscure come up and you are not sure who to ask. Being around likeminded individuals helps to really embed why you love what you do. Also, when needing provider information, if you have a contact, it can make things 10 times easier.
2. Use tech to your advantage. If your firm uses a CRM system, research tools or cashflow planning software, really take the time to learn to use it to its full potential. The providers are often more than happy to do demos with you and tutorials so make the most of them (plus, they’re usually free!)
3. Attend seminars and webinars. You may have passed all your exams and you don’t want to face another one ever again. However, how much can you remember from your exams? Yes, you may not need to recite the 10 the principles for businesses but paraplanning is a technical role. Rather than cramming for your exams and forgetting all about it, you should regularly attend webinars. Keep your mind active and knowledge up to date. There is so much resource out there so make use of it! (Check out The Art of Finance’s latest technical webinar series!)
4. Find your own style. One of the things I loved about being a paraplanner was being able to let my personality shine through in my reports! I was very rigid when I started and once encouraged to write my way, I was soon getting great feedback from the advisers I worked with.
5. Remember you are not going to know it all. There are paraplanners I’ve worked with that have been in the industry for over 30 years, yet still ask questions and still go online to double check their understanding. There is no such thing as a silly question – most of the time you know it you just need to talk it out.
6. Get a foundation of knowledge. If you skip the admin role and go straight into paraplanning work with the administrators in your firm to learn about their role and how it works with yours. You may even want to have a go at data gathering to see if there are any additional questions you think could be asked to help you in your day job.
7. Sit in on client meetings. It is so much nicer being able to hear for yourself what a client says, especially when noting down their objectives in the report and also getting to know the client will make it easier if you need to call them up to ask for an additional bit of information as you have already built up a relationship with them. In addition, it will quite often lead onto a conversation after the meeting with the adviser about the proposed advice. (If the meetings are recorded, make use of text to speech. For example, this is possible on Macs under System Preferences, Dictation & Speech).
8. Keep a list of useful prompts, calculations, paragraphs, and contacts. It’ll fast become your go-to resource that you can update and add to.
9. Chat to the adviser(s). Build a good relationship and do not be afraid to speak up if there is something you do not agree with or if you have an idea for an additional solution. This will help not only the client but also yourself and your own personal growth. In addition, speak to the adviser about the case and learn the reason behind the recommendations, all the why’s; that way the report will be a lot easier to write.
10. Attention to detail, time management and organisation are key. At the start make sure you take a bit of time to ensure you have everything you need; this reduces delays later on. Then look to get any additional documents first. Things like illustrations and FE charts. Proof read your work, get a second pair of eyes. Make sure the templates at your firm are in great condition and work well for you. Make sure you get to know them and understand what needs to remain and what can be taken out or amended. (If you’re looking for a solid suite of templates, then check out The Verve Group’s template service.)
11. Remember to have a strong supporting file. If it helps you could have a template of blank file names and use for each client. Remember we do not need to bombard the client with research, this can be all kept on file.
A varied role
The role of a paraplanner is varied and can be shaped around you, what your firm needs and hopefully, what you enjoy. You may be a paraplanner that loves the research element and analysing data. Or, you may love speaking to clients.
If that is the case you may look at the role of a Hybrid Paraplanner where you may conduct fact find meetings and speak to the clients more during the process. Another time you may be asked to sit in on a meeting could be to present cash flow planning findings, if you are a lot more familiar with it than the adviser then it could lead to a great experience for the client.
So, there you go, a few hints and tips to help you on your way.
The Art of Finance specialise in delivering supportive training programmes that support individuals/teams to achieve their professional qualification (via CII) as well as the practical skills that are needed to succeed in paraplanning, financial admin and compliance-based roles. The Spring intake kicks off on 19 April and there are limited places available for paraplanning and financial administration courses. Click here to learn more or enrol today.
