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Role of paraplanner set to grow, survey finds

15 October 2018

Advisers expect the role of a paraplanner to increase in the near future, according to new research from Canada Life.

Two in five (39%) advisers would like to see paraplanners take on a more substantial role, while an additional quarter (25%) believe that they should start meeting with clients.

The research taken from Canada Life’s 2018 Adviser Hot Issues Tracker showed that half of adviser firms currently employ a paraplanner, with another 30% expecting to employ a paraplanner or paraplanning service in the near future.

The high numbers highlight the growing importance of paraplanning among advisers, with nearly two thirds (65%) of advisers admitting it frees them up to do more valuable tasks. Just under half (47%) said they add value in non-financial ways, while 29% believe that paraplanners add substantial value to a client’s financial strategy.

Commenting on the findings, Richard Priestley, executive director of Canada Life UK, said: “Paraplanners are slowly revolutionising the industry. Around 20 years ago, they didn’t really exist as a group in the UK, now they are seen as adding immense value by freeing up advisers and adding value to a client’s financial strategy. The research also clearly puts to bed the legitimacy question, if there ever really was one. Only 8% of advisers see paraplanners as not adding any value, a tiny figure that has fallen by a third in the last year alone.

“This is an existential moment for paraplanners – there’s a big opportunity here for paraplanners to define their role in new ways. What do paraplanners want their future role to be?”

See also our article Golden Opportunity in the October issue of Professional Paraplanner