The benefits of becoming a paraplanner
A career in paraplanning became widely popular over the last decade, due to its creative but stable nature and many hidden advantages.
1) Career and development opportunities
Paraplanners are immersed in all things financial advice. With the need to learn everything there is about products, services and processes that filter under the financial planning umbrella, paraplanners are exposed to a wide range of knowledge, skills and experiences.
This means paraplanners become highly knowledgeable in conducting both primary and secondary industry research, keeping up to date with relevant regulatory changes and drawing up relevant financial reports.
Paraplanners also gain an abundance of first hand experience from working closely with financial advisers and financial planners, and are often exposed to clients' financial situations, objectives and goals.
Additionally, the evolution of the role and the fact that finances will always be a fundamental part of our day to day lives, means that the demand for those working in financial services will only continue to grow.
2) Endless variety
With paraplanning, no two days are the same. With a combination of administrative and client-facing tasks, paraplanners work to make life easier for financial advisers, ensuring processes are not only highly efficient but cost effective.
Paraplanners are involved in everything from overseeing due diligence and keeping up to date with regulatory changes through to completing high quality research and analysis. With lists of responsibilities and endless opportunities, you certainly won’t ever be bored.
3) Great earning potential
Financial firms today know the benefits of having talented paraplanners working for them, and because of this, they’re happy to pay competitive salaries, and provide their teams with plenty of employee benefits.
The average paraplanner in the UK earns between £31,000 to £46,000 per annum - not bad at all. That said, however, with paraplanners taking on more technical, demanding and client-facing tasks, earning potential within this role is likely to rise in the near future.