Paraplanning Redefined, a report on the paraplanning community, undertaken by Research in Finance* (the publisher of Professional Paraplanner) on behalf of Scottish Widows, is published today, focussed on three main themes affecting paraplanners in their roles.
The themes are:
Paraplanning and regulation
Paraplanning the myths and misconceptions
Paraplanning and technology
You can find the Report on the Scottish Widows’ website HERE
Professional Paraplanner hosted a webinar on the results of the report, which you can find HERE.
Introducing the report, Ranila Ravi-Burslem, Intermediary Distribution Director, Scottish Widows, says: “Paraplanning is always having to evolve and redefine itself and our survey suggests it is in great shape to go on doing so. It is that adaptability that inspires our title, Paraplanning Redefined. What was once seen principally as a report-writing role has – thanks to the many talented paraplanners who have grown the role beyond its origins – recast itself as a vital support role working alongside advisers, covering product research, tax planning, cashflow modelling and advice recommendations. All of that and the suitability report!”
The report looks at the effect of increased workloads on paraplanning, particularly from changes to regulation and legislation; tackles some of the misconceptions around paraplanning, such as that it is just a stepping stone to being an adviser and that all paraplanners are the same; and also delves into the use of technology, identifying the technology needs, the potential delivered by AI, and creating greater efficiencies through integration and the availability of tools that can be used on platform.
* Research in Finance would like to thank all the paraplanners who took part in this in-depth survey, which was conducted with over 200 paraplanners across the country, working in-house and in an outsourced role.
