Caroline Stuart, director of Sparrow Paraplanning, was recently appointed as President of the Personal Finance Society. There is nothing paraplanners can’t do, she tells Rob Kingsbury.
Caroline Stuart is the first ever paraplanner to have been elected President of the Personal Finance Society (PFS). Raising the profile of paraplanning both within financial planning and externally as a viable and long term career choice, is why she joined the PFS board in 2018 and has since served for two years as vice President. Becoming the Personal Finance Society President was a way of gaining further “well deserved recognition of paraplanning,” she says.
“I think as a growing profession and an important and valued part of the PFS membership, it is really important that paraplanning has representation at all levels. This is how we will make not only the financial services profession but also the wider public more aware of the great work paraplanners do, the value we add to a client’s financial planning journey and just what a fundamental part of the overall financial planning profession we are.”
Having worked in the financial services industry for over 20 years, Caroline says she has seen paraplanning develop as both a role and a career? “In my time, I’ve seen the financial planning and advice sector evolve from a sales-led industry to a real service-driven profession, with clients definitely driving everything we do, and a striving for high standards.
“As part of that, I’ve seen paraplanning develop from a compliance or administration function to a highly respected role, and something that is fundamental to a client’s financial planning journey. So much so, that now we have paraplanners sitting on Investment Committees and leading teams of people, and many are Chartered Financial Planners and PFS Fellows, as I had the honour of seeing at the recent PFS Graduation ceremony.
“Paraplanners are valued and respected and that has come from the hard work and dedication of people working as paraplanners, showing how important the role has become, and working collaboratively with their planners and advisers, rather than as subordinates.”
“We’ve really earned our stripes over the last twenty years and I can’t wait to see where the future takes us!”
The paraplanning role, she says, is “an excellent foundation for any of the many and varied roles our great profession has to offer.” It lends itself to individuals challenging themselves and taking on greater/different roles and responsibilities within the financial planning profession.
“A good paraplanner knows they don’t know everything, but paraplanning isn’t about knowing everything, it’s about knowing where to look for the answers. Having that kind of curiosity and tenacity is crucial. Excellent communication skills are also vital. These are all transferrable skills that will help a paraplanner develop into any other role.
“But the most important thing to remember, whether your goal is to become a financial planner, working in compliance, managing a team, or any of the other roles, is to just learn and absorb as much as you can – be a sponge! No knowledge is wasted as they say, and the more you learn, and the more you know, the further you will go!”
Promoting the profession
Raising the profile of financial planning and how it helps people achieve their financial goals and attracting more people into the industry are two key pillars Caroline will be championing during her term as President. She wants the profession to “really shout about the good the profession does,” she says. “We do amazing things, helping to give people strong financial futures through good quality financial planning and advice. This is so important, particularly at the moment when people are really struggling and feeling the pinch. So why wouldn’t we want to get out there and tell people about that?”
A key way she believes this can be achieved is by engaging with people at a younger age.
She highlights the Personal Finance Society’s ‘My Personal Finance Skills’ workshops, where PFS member volunteers go into schools and colleges to work with students to help them build their own financial skills and confidence and by doing so, show them that financial planning is a great career.
“We’ve also partnered with the Duke of Edinburgh Award scheme, making ‘My Personal Finance Skills’ a Bronze Award. This is having a huge impact; last year alone 1,000 volunteers held 700 workshops, reaching 21,000 students all over the country. It’s a real opportunity to showcase what we do with potential recruits for the future,” Caroline says.
“It’s also showing that you don’t need to go to university to work in financial planning and advice and that it can develop into a rewarding, fulfilling and well paid career. This is what we need to be demonstrating to younger people considering their professional future.
“What we do is life changing for our clients and we shouldn’t be hiding our lights under a bushel. We need to get out there and just talk about it a whole lot more!”
Asked if she feels financial advice industry has a tarnished reputation to get over before it can be seen as an aspirational career choice, she says, “I think there have been some challenges to the reputation as an industry, but we’re going in the right direction. Now we are a profession, and the future looks good. From the number of younger people graduating as Chartered Financial Planners and Fellows of the Personal Finance Society, it is clear that those joining financial planning do see it as an aspirational profession. We need to build on that.
“I know myself just how much hard work, commitment and sacrifice becoming Chartered and a Fellow takes, and you don’t do that if you’re not in it for the long haul. These people have worked hard and taken the Graduation Oath, showing their commitment to the principles of Standards, Professionalism and Trust, and so already see it as an aspirational career. As long as we stay on this trajectory, it will continue to be so, and hopefully attract a lot more people to the profession.”
So what would she liked to see paraplanners do to help promote paraplanning and financial planning to the wider world?
“I’d say keep talking about what you do, why you do it and why it matters – to anyone who’ll listen.
“Every paraplanner I meet is so passionate about paraplanning and so committed to getting great outcomes for their clients that you just can’t help feeling inspired when you talk to them. We need to really share that passion with the wider public.
“Volunteering with the Personal Finance Society’s ‘My Personal Finance Skills’ would be a great way to get out there and speak to people about paraplanning and financial planning, but there are also lots of other initiatives that you can get involved with such as careers fairs, university open days and things like that – so just get stuck in and involved would be my advice.”
