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Paraplanning:
Evolution of a profession
Richard Allum
Last ten years
- Pre RDR momentum
- Formal professional standards
- Approach to advice process
- Flight to quality
- Rising popularity of paraplanners
- Significant factor in quality of service
What is a paraplanner?
The role
- Establish client needs
- Collate and interpret client information
- Research and prepare recommendations
- Present solutions
- Review and relationship management
The role
- Prepare and maintain client file
- Prepare recommendations
- Implement recommendations
- Review
Key attributes
- Technical knowledge
- Research and analysis skills
- IT literate
- Lateral thinker and common sense
- Good communicator
- Attention to detail
Increased responsibility
- Guiding advisers
- Due diligence
- Provider meetings
- Justification and suitability
- Increased influence
- Client relationship
Team structure
Advisers
Administrators
Paraplanners
Team structure
Advisers
Administrators
Paraplanners
Team structure
Advisers
Outsourcing
Team approach
Adviser Paraplanner Administrator
Relationship Reviews data Data processing
Presents plan Analysis & insight Support process
Provides advice Prepares plan Implementation
Benefits
- Co-ordinated team approach
- Deliver the process consistently
- Insight & ideas
- Sounding board
- Challenge
- Focus on delivering best advice to client
Career aspirations
4%
4%
5%
24%
64%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Leave industry
Freelance
Become IFA
Remain in role
Paraplanning opportunities
- In-house
- Centralised teams
- Freelance
- Outsourced business
- Supply & demand
- What will you add?
Formal standards
Formal standards
Test
Principles and values
“It's about fulfilling our
profession's potential to
contribute to the
financial wellbeing of
anyone in the UK.”
Next ten years
- Essential component of advice process
- Key career option in the profession
- Own professional body?
- Regulated?
- Universally accepted standard
- Keep raising standards
How!
Yorkshire Best Practice
- Meeting in Leeds
- Discussions & sharing
- Master classes
- @theactualclaire
www.theparaplanners.com
@theparaplanner
www.paraplannerspowwow.co.uk
