In this month’s article from the PFS Paraplanning Panel, Nicola Sturgess considers some of the skills that help on the road to becoming a great paraplanner and a technical font of knowledge.
You may already have a role within financial services, would like to apply for a paraplanning role, but are uncertain whether you have the right qualifications and skill set.
First things first, there is no hard and fast rule that a Paraplanner must have qualifications (though naturally it will depend on the firm and their expectations). It isn’t unusual for someone to start in a trainee paraplanner role with no qualifications, beginning their revision alongside their training.
So, let’s consider some of the skills that are useful in a Paraplanning role.
Attention to Detail
Are you an administrator who ensures every line of correspondence from a life office is read and re-read and that the relevant back-office systems are updated accurately?
Are you a personal assistant that proof reads documents or emails before they are sent, picking up on those small oversights that no one else noticed?
Attention to detail is absolutely key for paraplanners. One small detail can change the advice recommendation and suitability report completely.
Communication
Are you happy picking up the phone and updating team members, advisers or speaking with life offices?
Do you send progress update emails, keeping everyone in the loop? Communication is a fundamental skill for paraplanners.
Is there information missing from a fact find that the adviser is likely to recall? When is the report likely to be completed?
Will it help to update the administrator assigned to the case? Are you able to get your point across in a clear way, even when you may feel a little reluctant to do so?
As paraplanners, we become very close to the client journey, the file and very much in the detail of a case. T
he ability to go back to the adviser in a reasoned, clear way, with a quiet confidence (without it coming across as a challenge or being seen as argumentative) is a core skill that paraplanners need.
Problem solving
Do you enjoy scouring a file for that elusive piece of information? More than happy to pick the phone up to the business development manager to find the answer? Remember that great website that illustrated something really well?
Problem solving skills are extremely useful as a paraplanner. Whilst it can be tempting to ask the adviser or a team member the answer (and sometimes this can be the right call), it is always good to find the information for yourself as typically, by doing the research yourself, you understand the ‘why’.
This not only improves your understanding and knowledge but gives you a better chance of retaining the information.
Team player
Do you feel the satisfaction of a job well done whether or not it was just you that worked on it?
Are you happy to acknowledge areas that you may not be as strong in as others on the team? Does helping others come naturally?
Whilst, (as I’m sure many paraplanners can tell you) being in the middle of writing up a complex advice recommendation can feel a little solitary, you will always be part of a team, even if it is just you and the adviser.
Being able to support others, knowing when to get stuck in (and when to take a step back) is an important skill.
Good under pressure
Are you able to stay calm and focused when deadlines are approaching or something needs doing last minute?
We’ve all been there, where something needs doing and the time to do it seems (at times, very) tight. As paraplanners, advisers rely upon us to make their meetings and communication with clients as smooth as possible.
They will be under a certain amount of pressure themselves and a calm, composed interaction will serve the relationship much better as well as giving you the best chance of getting the work over the line (headless chicken mode rarely helps).
The above are all skills that you may already have. If you possess some of these skills, you are already halfway there to becoming a great Paraplanner.
The other half of the role is the technical knowledge, which comes with time, your experience building with each new case.
A genuine interest in financial planning, not being afraid to ask questions or find the answers for yourself (be curious!) and finding technical information sources that work for you (I’m partial to a good podcast and provider technical pages) all help on the road to becoming a great paraplanner and that technical font of knowledge.
The Paraplanning community is a collaborative one and very supportive.
So do reach out to a paraplanner you know or PFS Paraplanning Panel member if you feel that this could be the role for you and you’d like to know more.
There is also a new PFS guide that is well worth a read ‘Getting Started in Paraplanning’, do take a look: Getting started in paraplanning
Main image: career, andrew-neel-cckf4TsHAuw-unsplash
