Typical working week
Nowadays, a typical working week for Jade would consist of writing suitability reports; three or four meetings with providers, as part of putting together due diligence on products and investments; technical queries and escalation; and ensuring all reports are written and delivered on time, through day-to-day workflow management. The paraplanning team will also deliver technical training on a quarterly basis.
“But probably 70% of my time is spent on report writing, work delegation and sorting out tasks,” she says.
A must-have piece of Jade’s toolkit is cashflow modeling. “Cashflow modelling gets such great buy-in from the clients, because they can see everything visually and having the visual aid on the screen just engenders conversation. I think you get more out of a meeting when you show the client a cashflow model than you ever will just having a half-an-hour conversation with a client. It takes away the numbers and the figures and makes it easy to understand – in simple terms, is the financial projection line going up or down and is there any red on the screen? It can be as simple or as complex as you want it to be. That’s invaluable and client feedback on it is very positive. We build a cashflow model for every client and its part of our annual review process,” she says. The Thomas Miller team uses Voyant.
Turning back to Jade’s career path, she says she doesn’t have an ambition to be an adviser – at the moment. “It’s a situation that has naturally evolved. Having got the Diploma and other qualifications within the paraplanning role, I feel that I am better served to use my technical knowledge and ability – and I like coming up with solutions and writing the reports. I think I am solution driven and I like to get things down on paper. I like the process of here’s the problem; here’s the client’s situation now; here’s the solution; and here’s it implemented. Quite simply, I enjoy it!”
Challenges as head of department
Moving to a role where you’re managing people can be tough, so we asked Jade when she took on the head of paraplanning role what were the most challenging things with which she had to deal?
“One of the biggest challenges was moving from being a ‘peer’ to being ‘head of’. Stepping into a head of department job when the firm was going through an acquisition was all about managing relationships. You need to know what incentivises and motivates the people you are working with, and what concerns them. In a day-to-day operation different things will concern different people and it’s understanding that and dealing with that which is important.
“I’ve gone from peer, to team leader to head of as a paraplanner and having done that I’m aware of not overstepping the mark. I’d rather build a relationship with someone and get them on side than for me to come in and start telling people what to do. Then you can coach and mentor them to where they want to be. I think you get more buy-in that way.”
So, if she were to give advice to someone looking to step up into a paraplanning management role, what would it be?
“Definitely get to know the people you’re working with as soon as you can and get them to know you too. It works both ways. A good question to ask yourself when you’re in the job is what worries and what drives each team member. If you know that, it is invaluable.
“And play to your strengths. There are certain things I know I’m not great at but other people in the team are – so if you give them some responsibility they will give back. Don’t think I’m ‘head of’ therefore I have to know everything – you’re never going to know everything so use the talent and experience that you have around you.”
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