A peer-to-peer question in our recent parameters survey was this: What piece of advice would you like to have been given when starting out as a paraplanner? Fiona Bond compiled your answers.
Starting a new career can be stressful and for many it can involve an element of trial and error before getting into the swing of things.
The role of paraplanner is no different. From understanding which exams to take to knowing how to handle adviser requests and client reports, there is certainly lots to learn. But what advice would paraplanners like to have been given when they started out in their career? That was the question posed by Professional Paraplanner’s Parameters survey.
Study for your exams…
As the saying goes, knowledge is power and the importance of sitting exams to build technical expertise ranked highly among paraplanners.
One survey respondent told Professional Paraplanner: “My advice would be to get the exams earlier and quicker to help demonstrate knowledge alongside accrued experience.”
Others agreed that passing exams quickly creates greater opportunities for paraplanners, with one respondent stating: “My advice would be to focus on passing exams as this is the key to unlocking future wealth.”
For a certain number of respondents, progressing to chartered level was important, while others said the key to success was to keep the momentum going.
“Keep studying and doing exams as it’s easier when you are in the mindset and knowledge builds which crosses over with other exams,” one commentator explained.
The findings from the survey also suggested that those starting out would benefit from learning the basics first, before studying in order of favourite topics and those most relevant to their role.
…but don’t overlook the importance of ‘on the job’ learning
While most paraplanners are in agreement that exams can build knowledge and open new opportunities and job progression, the survey also revealed that ‘on the job’ experience can prove invaluable.
Many paraplanners said their advice would be to tap into the knowledge of other paraplanners and the wider team to help build confidence and expertise, using each other to share ideas and advice.
The importance of learning from reading materials, webinars, client meetings and interactions with advisers also emerged as a key theme.
As one paraplanner told Professional Paraplanner: “Build a good relationship with the adviser that you are working for. Mutual trust is really important. Attend webinars and technical seminars and if you are unsure or do not understand something, be honest and talk it through with your adviser and team. Don’t be afraid to ask questions.”
Another said: “You don’t need to know everything straightaway. Experience is much better than any exams, although the exams do help.”
This sentiment was echoed by a fellow respondent, who commented: “You don’t need to know everything and you won’t be able to, just know when to say ‘I’ll go look’ and know where you can go such as websites, the right resources and so forth.”
Paraplanners also said if they could offer their younger selves one piece of advice, it would be to not be afraid of making mistakes or feel fearful of challenging advisers.
“The adviser may be recommending solutions that you don’t feel are the best solution and you may be able to improve on the advice,” one paraplanner explained. “But sometimes, even if you know the technical side of things and what is right, there is often a less logical human response that planners see.”
Believe in yourself
Feeling confident in a new role might feel like a step too far for some but a large number of paraplanners surveyed said they wished they had been given the advice to understand their worth and believe in their ability to do their job well.
One paraplanner commented: “You do not know as much as you think but if you keep at it, within a year you will see a huge improvement in your paraplanning skills. This will give you the confidence to realise advisers do not necessarily know everything and that’s where a good paraplanner comes in.”
Others agreed that it was important not to simply regurgitate what an adviser says, but instead have the confidence to set standards, ask questions and refuse to accept poor information. In doing so, paraplanners can have a “real impact on the advice a client receives and the value offered by a firm,” one paraplanner told Professional Paraplanner.
The findings also shone a light on the importance of not underestimating the fundamental role of paraplanning within the advice sector.
“You never work for a financial planner; you work with them. Think about every paraplanner/ adviser relationship like this and life changes for the better,” one respondent suggested.
While the benefit of paraplanners has become more widely acknowledged in recent years, the findings of the survey showed that many still feel that paraplanners must do more to ensure their role gains the recognition it deserves.
One respondent offered the advice: “Don’t undersell yourself and don’t be afraid to stand up for your own abilities and competence. So many advisers totally underestimate the true role of a paraplanner and see it as a glorified and expensive admin role rather than as a worthwhile cost to their business.”
Another added: “Make sure that you know your worth and are confident, the job is largely underappreciated for the level of work expected.”
Paraplanning is not a stepping stone
For many respondents, the realisation that paraplanning is a career in its own right rather than a stepping stone to financial adviser is something they wish they had known when they started their career.
As one paraplanner explained: “I would have liked to have known that you don’t have to become an adviser in the future. It was always seen as a stepping stone to being an adviser but being a career paraplanner is a valuable career and the industry needs career paraplanners.”
A fellow respondent concluded: “I wish I had known that paraplanning was a valuable and worthwhile career role in its own right.”
