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What is a Paraplanner?

What is a Paraplanner?

In the financial planning industry the role of Paraplanner is a relatively new one. It is a supportive role that has been created to streamline working processes. A Paraplanner is an individual that works closely with a Financial Advisor or Financial Planner. Tasks usually do not include face-to-face client work. However, often involves the preparation and administration of Reports or Financial Plans for said clients.

What types of work does a Paraplanner do?

A Paraplanner’s work varies depending on the requirements from Financial Advisors and Financial Planners. There are however core skills and competencies that are required for the Paraplanning role. 

Skills include:

-          The ability to write high quality reports

-          Analysis of data and statistics

-          Excellent communication skills

-          Adherence to deadlines and time management

-          Appropriate skills in IT

-          Research, fact-finding and investigation

Ultimately the role of the Paraplanner is an integral role that enables a Financial Planner or Financial Advisor to complete high quality face-to-face work with the client, thus concentrating on building relationships and client engagement.

Why outsource Paraplanning?

Outsourcing Paraplanning enables Planners and Advisors to gain the support of Administrative and Paraplanning support without having to employ and commit to employing someone full-time. This means that support can be tailored to meet their needs and be available at times of high workloads without having to go through the process of advertising and interviewing new staff, and all the other elements involved in employing someone such as provision of holidays, National Insurance contributions, pensions and sickness cover.



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