Paraplanner

Paraplanners support financial advisors and planners by researching financial products, drafting reports and keeping records. They don’t generally give financial advice themselves.

Work activities

Paraplanners do not generally give financial advice themselves. A financial advisor speaks to the client and finds out the client’s needs and how much risk they want to take. Then the paraplanner and financial advisor discuss the types of products that need to be researched and the range of solutions that are appropriate to meet the client’s needs. Paraplanners carry out the research on financial products such as:

Pensions.
Life assurance and income protection policies.
Mortgages.
Savings.
Investments.

They search for information about financial products that match clients’ needs. They might research solutions from different companies for a range of financial products. They write reports for financial advisors or planners who then advise clients, providing recommendations on the most appropriate actions they could take. Paraplanners make sure that all paperwork and procedures follow the rules and guidance set out by the regulating authority. They keep a separate file on each client, where notes of every meeting and copies of all correspondence must be kept. They must also keep a sub-set of files for each product the advisor recommends, as well as those bought by the client.

Paraplanners might deal with clients by phone or email, to arrange meetings, answer basic questions and provide information. They might also go to some meetings with the financial advisor and the clients. They also deal with the providers of the financial products; they arrange for the clients’ instructions to be carried out and make sure that policies are issued on time. Some paraplanners carry out regular reviews of clients’ investment portfolios and arrange review meetings with clients.

Personal qualities and skills

As a paraplanner, you’ll need:

To pay attention to detail.
Good written and verbal communication skills.
To be able to analyse and compare information, some of which can be highly technical.
Report-writing skills.
Teamwork skills.
To be able to prioritise work and meet deadlines.
Number skills.
IT skills.
To keep clear and accurate records.
To use your initiative.
Customer service skills.

Pay and opportunities

The pay rates given are approximate. Paraplanners earn in the range of £24,000 - £45,000 a year. People in senior positions can earn more.

Paraplanners usually work 35-38 hours a week, Monday to Friday. However, they might need to work late or at weekends in order to meet deadlines.

Employers are firms of independent financial advisors, financial planners, wealth managers and some insurance brokers and pension/investment consultants. Some paraplanners work for paraplanning agencies that provide an outsourced service to small firms of financial planners and advisors, and sole traders. Opportunities for paraplanners occur in towns and cities throughout the UK. A high percentage of financial services industry employees are based in London.

Where are vacancies advertised?

Vacancies are advertised in the following places:

Local/national newspapers.
Employers’ websites.
the Government’s Find a Job and Find an Apprenticeship services.
Job boards.

Entry routes and training

You might start by gaining experience in a financial or insurance company as an administrator. You can then study part-time for qualifications that will enable you to become a paraplanner. Some employers expect applicants to be partly or fully qualified financial planners. Some entrants have a higher education (HE) qualification such as a degree, often in a subject such as finance, economics or business. A higher apprenticeship in the role of paraplanner is also a great way into this role.

Trainee paraplanners need to sit level 3 exams which are approved by the Financial Conduct Authority (FCA) for people working with packaged financial products. Examples include the Certificate in Financial Planning from the Chartered Insurance Institute (CII). Paraplanners don’t generally give financial advice themselves and are therefore rarely authorised by the regulator. The Institute of Financial Planning and the CII both offer a certificate in paraplanning at level 4. Some paraplanners take level 4 financial planning qualifications. Many also take the level 6 certified financial planner qualification from the Institute of Financial Planning.

Paraplanners can progress to senior paraplanning positions after gaining relevant skills and qualifications. Paraplanners with relevant approved level 4 qualifications and practical experience can become financial advisors or financial planners if they decide they would prefer a client-facing role.

Qualifications

Some trainee paraplanners enter with A-levels or equivalent. Others might have a higher education (HE) qualification such as a degree. For entry to a degree in financial services, the usual minimum requirement is:

Two to three A-levels
GCSEs at grades 9-4 in two to three other subjects
English and maths GCSEs at grades 9-4.

Alternatives to A-levels include:

Edexcel (BTEC) Level 3 National qualifications
International Baccalaureate (IB) diploma.

However, course requirements vary so check prospectuses carefully.

You will need two relevant A-levels plus GCSEs in English and maths to begin a higher apprenticeship.

Adult opportunities

Age limits: It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.

Some entrants have a background in other areas of financial work. This could be as a bank officer, or a customer advisor in a building society or insurance company, for example.

If you don’t have the qualifications needed to enter your chosen degree or HND course, a college or university Access course (for example, Access to Business) could be the way in. These courses are designed for people who have not followed the usual routes into higher education. No qualifications are usually needed, but you should check this with individual colleges.

A range of colleges and universities offer courses in financial planning, including with part time/flexible and distance learning study options.

Related careers

Independent financial advisor
Insurance broker
Insurance underwriter
Investment analyst