As part of her MSc at the University of Gloucestershire, Anna Blake, Head of Division – Business Improvement within SJP, conducted research into job satisfaction amongst paraplanners. Here she outlines her findings.
In the ever-evolving landscape of financial planning and advisory services, paraplanners play a crucial role in ensuring that clients receive the best possible advice and solutions for their financial needs. However, despite the vital function they serve, paraplanners often find themselves feeling undervalued by the lack of professional standards and recognition. In this article, I will explore these issues and how St. James’s Place (SJP) is leveraging new insights to address them and support the professionalisation of paraplanners.
Paraplanning currently
Before delving into SJP’s innovative solutions, it is essential to understand the existing challenges faced by paraplanners.
Despite the crucial nature of their role, several factors contribute to the challenges paraplanners encounter.
• Lack of Minimum Standards: One major challenge is the absence of minimum standards for paraplanners. Unlike financial advisers who must meet stringent licensing and education requirements, paraplanners often lack a clear path for professional development. This also creates confusion for employing advisers recruiting from a broad talent pool ranging from unqualified administrators to Chartered paraplanners.
• Limited Awareness: Paraplanners often work behind the scenes, and their contributions may go unnoticed by clients. Because of the lack of exclusive competence, advisers often do not understand the true value of a correctly utilised paraplanner making it challenging for paraplanners to garner the recognition they deserve.
• Peer Relationships. Paraplanners who felt a sense of belonging were happier in their roles. Notably this was more prevalent amongst those who belonged to small peer groups rather than large communities. Remote working has contributed to feelings of isolation amongst paraplanners which creates an emotional challenge to overcome.
These issues not only affect job satisfaction but also hinder the journey towards professionalisation that the industry is on. SJP has over 1,000 paraplanners within its community and recognises the vital role they play in helping advisers to deliver great client outcomes. To address these challenges, SJP is undertaking a series of initiatives aimed at elevating the role of paraplanners.
1. Template Career Paths: Guiding Professional Development
One of the key initiatives SJP is introducing is the creation of template career paths for paraplanners. These optional career paths provide a structured framework that paraplanners can follow to develop their skills, knowledge, and expertise. Whether they want to specialise in Long Term Care, or complex trust work, there is a path to guide them on that journey, enabling the flexibility that caters to individual strengths and preferences. By defining clear progression routes, paraplanners can set goals and take the necessary steps to advance in their careers.
The career paths will also help advisers to understand how to recruit, develop and retain their key personnel, improving relationships in the workplace, and the paraplanner’s sense of value.
2. Podcast Channels: Staying Informed and Connected
Keeping up with industry trends and internal developments is essential for professional growth. To facilitate this, SJP has launched an internal podcast channel specifically tailored for paraplanners. These podcasts cover a wide range of topics, from regulatory updates and market trends to in-house innovations and success stories.
3. Online Communities: Combating Isolation
Paraplanners often work in isolation, whether they work remotely as a self-employed paraplanner or are the only paraplanner in their practice. This isolation can lead to feelings of disconnection and hinder communication. To address this issue, SJP is establishing small online communities where paraplanners can connect, share experiences, and seek advice from peers.
These virtual communities will serve as a support network, fostering a sense of belonging and camaraderie among paraplanners. They will provide a space for discussing challenges, brainstorming solutions, and celebrating achievements, ultimately reducing the sense of isolation that many in the profession feel.
Conclusion
The professionalisation of paraplanners is a journey that requires commitment, vision, and innovative solutions. SJP, recognising the challenges faced by its paraplanners, has taken proactive steps to address these issues head-on. By offering template career paths, informative podcast channels, and online communities, SJP is not only supporting the growth and development of paraplanners but also elevating their status.
As SJP continues to invest in the professionalisation of paraplanners, it sets a compelling example for the broader financial advisory sector. By fostering a culture of continuous learning, collaboration, and recognition, SJP is helping paraplanners reach new heights in their careers and, ultimately, providing clients with the high-quality financial advice they deserve.
Main image: casey-horner-4rDCa5hBlCs-unsplash
