More than nine in ten (92%) paraplanners are happy in their role, the findings of Professional Paraplanner Parameters Survey have shown.
This compares to just 3% who said they were unhappy they became a paraplanner and 5% who said they were unsure.
Nearly half (49%) of those surveyed said their intention was to become a career paraplanner, while close to a fifth (18%) aspire to become a paraplanner team leader and 7% would like to run their own paraplanning business.
In contrast, only 11% of paraplanners said their aim was to become a financial adviser/planner and a much smaller percentage (4%) said they would like to become an operations manager at an advice firm.
Amongst those planning to continue with a career in paraplanning, the variety of work on offer was a key driver.
One paraplanner told Professional Paraplanner that no two days are the same. “Some days there will be complex tax calculations and heavy reports. Other days will be spent chatting to clients as they are planning their holiday and just want to discuss an investment withdrawal with the adviser.”
Another respondent said: “Having previously worked for several different providers in purely technical roles, working as a paraplanner feels like the opposite side of the fence and is closer to clients and their individual aspirations.”
They added: “It has shown me the strong psychological element in finance and the considerations that need to be made when forming financial plans. It is an interesting and varied role, and while some work can be similar, no two clients are identical.”
For many paraplanners, the ability to use their analytical skills and attention to detail was cited as a key attraction. Those working in the industry also noted that the technical knowledge possessed by paraplanners is wide and often much better than most advisers.
One told Professional Paraplanner: “I love solving problems and helping clients achieve their financial goals and aspirations. As a natural “fixer”, this is an incredibly rewarding career when you work with like-minded advisers and act as a trusted sounded board for them and the clients.”
While paraplanning may have previously been viewed as a stepping stone to pursuing a career as an adviser, the survey highlighted growing recognition of paraplanning as a meaningful profession in its own right.
One told Professional Paraplanner: “When I started it was not really a career but over time has become increasingly professional and clients now understand what a paraplanner is. It is now a viable career for those who want to excel in this field and do not necessarily want to become an adviser.”
Another called it a “good career choice”, with pay increases in line with increased skill set.
When asked whether they would recommend becoming a paraplanner to others, 91% of respondents said yes, compared to just 1% who said no.
The responses highlighted the vast learning opportunities available to paraplanners and the scope to choose from a number of different roles.
“It is a good, varied career and can lead to a number of other career choices including, but not limited to, becoming a financial adviser,” said one respondent.
In addition to the advice route, paraplanners have the option to become career technical planners or work in compliance roles.
One paraplanner said that the role of paraplanner also involves a strong interpersonal aspect which many other roles in financial services do not offer.
“If you are interested in people, the paraplanner role is for you,” they added.
However, the issue of increasing regulation and the growing demands on paraplanners to meet changing requirements was identified as a potential downside. The speed of AI adoption within financial advice will also require greater “flexibility” from paraplanners going forward, another added.
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