Raveen Kaur Sethi, client relationship paraplanner at Quilter Private Client Advisers, aims to join the growing number of female financial planners. Here she talks about what it means to her to make that leap from paraplanning to giving advice.
Ever since I set foot into financial advice seven years ago, I always knew I wanted to become a financial planner. It was a no-brainer for me. I’ve wanted to speak to clients, build relationships, problem solve and work on the purpose of their money. I was always in awe of the few female financial planners and until this day, they have always stuck as my inspiration. We need to know that there is a space for us, as females in the profession and as female clients despite traditional norms. Seeing people who look like us, have similar attributes and are relatable, reminds us that it is attainable for us too.
Personally, I never thought that I would be in paraplanning for this long and I’m not sure whether its hesitation coupled with comfort, or me trying to get all my ducks in a row. It’s just that financial advice seems a lot more daunting than paraplanning.
Not knowing the answers
What do I do if a client asks me questions that I cannot answer? As silly as it may sound, this is easily one of my biggest concerns when it comes to being an adviser. If I don’t have an answer to a query, will I lose credibility and my clients’ trust? I am aware that this most probably is my imposter syndrome talking, a feeling of self-doubt and personal incompetence despite my relative successes. I had the view that with experience, comes less imposter syndrome but I don’t think that’s true. Even as a paraplanner, I have severe imposter syndrome and as the stakes get higher with cases, so does my doubt. Truth is, I am stalling by telling myself I want to get as many exams under my belt and become as technically savvy as possible within paraplanning. I’m definitely not rushing to become an adviser, but I feel that I am trying to overcompensate in hopes that more qualifications and more experience will erase my imposter syndrome.
Responsibility
There is a lot of responsibility that comes with the role as clients trust that you can help assist, or even solve, their financial decisions. Paraplanning comes with less responsibility. Quite frankly, I am able to play a crucial part of the advice process but, in essence, hide behind the adviser. This does not require me to be in front of clients nor does it require a level of sales from me. I do not need to pitch myself (although arguably I am pitching myself every time I send a report through to an adviser).
The sales aspect is overwhelming and feeds back into my imposter syndrome. If I doubt my capabilities, then how will I possibly pitch myself? In addition to this, I wonder how seriously clients will take me, as a female. Traditionally, finances were not a woman’s place, as they were not the breadwinners. It is only now, especially in the younger generation where women are becoming more financially independent and the gender roles within society are also changing. And as much as this has shifted, and I have witnessed the growth in the number of female financial planners – there still continues to be that underlying fear.
As a paraplanner, I really do love where I am now as it complements my love for writing, problem solving and financial advice. No matter how long I have been in the role, it never stops being complex and I do not stop learning.
Being an adviser is definitely still in my remit. My passion for speaking to clients, understanding, and bridging the gap between women and financial advice is at the core. I am privileged to be closely working with an abundance of successful female planners, gaining insight, and attending meetings.
Luckily, I also have the unwavering support from my company, Quilter Private Client Advisers who are working on creating my path to being an adviser. In the meantime, I will continue to build up my technical knowledge, take more exams and build on my soft skills. I am in no rush to become an adviser, but it is in near sight!
[Main image: edu-lauton-TyQ-0lPp6e4-unsplash]
