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

Formal standards

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

What a paraplanner adds

Do you need one?

- Sound business case

- What will they add?

- Where do you find them?

- Employ or outsource?

www.theparaplanners.comwww.moneyscopehq.com