‘Where doing we go from here?’ has never been more pertinent as a question, suggests Alan Gow, director of Argonaut Paraplanning and PFS Paraplanner Panel member. But what’s the answer?
Paraplanning is now a career in its own right.
Wait! Come back!
These words have been knocking about in various articles and opinion pieces for a decade now. But it’s time to move on – paraplanning is a career. Full stop. It might be one of the newer kids on the block, but it’s no less legitimate than any of the other careers that didn’t exist 20 years ago, such as app developer, SEO expert or social media marketer.
Demand doesn’t seem to let up and the shortage of experienced and qualified paraplanners continues. But there’s a change on the horizon and I’m reminded of the words sung by everyone from Alicia Keys to Thom Yorke over the years… “Where do we go from here?”
Nothing stays on the ascendant forever, right? What goes up must come down, and all that.
I’ve been contacted by people from various AI start-up companies in recent months, all of whom are looking to promote their wares. There’s clearly a lot of competition in this area the tech is not without it’s issues. But these teething problems won’t last long and pretty soon many of us will be using safe, secure and accurate AI for some key tasks.
I love the idea of being able ask AI to scan information from a ceding pension scheme and have it spit out a 100% accurate summary of all the things I need, and none of the stuff I don’t.
What about being given an AI generated summary of key points from the client meeting – what absolute gold for us paraplanners. I’ll be able to get rid of my crystal ball at last!
Whilst this will all save time and make our jobs easier, it will also mean more and more tasks don’t need to be done by us paraplanners. So how do we safeguard our jobs when we live in the age of rapid technological advancement?
- Qualification – some of what we do is so technical. Know your stuff and be able to prove it. Qualifications don’t evidence the ability to apply knowledge, but if you want to stand out from the crowd, being more qualified that the average paraplanner will give you a head start.
- Specialise – go a step further and become the ‘go to’ person for expertise in a particular field. Dazzle your co-workers with the depth of your knowledge of the LSDBA or IHT planning options. Become an invaluable resource.
- Research – we already use tech to do this, but the tech needs to be told what to so. Become an expert in the technology within your firm. They say we generally know only 10% of what our software can do. What’s in that other 90% that you could learn about that most people don’t know?
- Training – tech only knows what it’s told or can find. The more qualified and experienced the person who trains it, the better the output. Learn how to train and prompt your tech.
- Checking – sure, machines will be writing at least the basic suitability reports before you’ve even finished reading this article. But what about the more complex stuff? AI generated reports will need a human eye. Technical planning points can be so complex, the paraplanner’s attention to detail and questioning nature will play well when checking AI output.
- Relationships – there are many circumstances where clients won’t want to deal with a financial situation via technology. Never had financial advice before? Feeling unsettled by the markets? Recently lost a loved one? Even if they were born with a mobile phone in their hand, clients will still appreciate the human touch when they need it. Paraplanners can help build and cement those relationships.
- Behaviour – people can make bad choices based on what they think they know, and tech can have a hand in leading them down the wrong path. Sometimes we have to help clients unlearn things they think they know and change their natural behaviours / inclinations.
- Decision making – there isn’t always a ‘right’ answer when developing the advice or financial plan. Arguments can be made for or against a number of options. Paraplanners help clients make decisions by explaining options, weighing up pros and cons.
- Coaching – financial planning can go beyond cashflow forecasts and product recommendations. Consider how coaching might sit along side your current skill set. This might be more relevant for planners than paraplanners, but if you attend client meetings, it could give you an insight that other don’t have.
I do believe that these things will help us make sure that, 20 years from now, paraplanning is still a career. Full stop.
