How to become a Paraplanner?

How to become a Paraplanner?

A paraplanner is one of the popular roles in the financial services and Artemis Recruitment often offers many roles in this field for individuals of varying levels of experience. But what exactly is a paraplanner and how can you become one? Find out below:

Paraplanners work alongside financial advisors, helping provide financial planning services to clients. Whilst financial advisors primarily focus on the relationship with the client, paraplanners use their technical and administrative skills to create financial plans for the client.

Some tasks a paraplanner will be responsible for:

·      Manage client files and ensure documentation is up-to-date and follow compliance standards.

·      Research and analyse data to create financial plans based for the client and make financial recommendations, such as investments. Create a detailed report to be presented to the client by the financial advisor.

·      Sometimes communicate with clients, alongside the financial advisor.

How to become a Paraplanner:

·      No specific degree is required to become a paraplanner, however many study finance, economics, business or similar. Holding a qualification in one of these areas can be advantageous to potential employers.

·      Gaining professional qualifications is essential. These include the Certificate in Paraplanning from the Chartered Insurance Institute (CII), Diploma in Regulated Financial Planning from the CII or the Diploma for Financial Advisers (DipFA) from the London Institute of Banking & Finance.

·      Developing technical skills is also important. Financial software such as Excel, Truth and Voyant will be useful for the analytical side of the role.

·      Gaining experience is vital to kickstart one’s career to become a paraplanner. Many start in a junior role or join as a trainee paraplanner where one can study towards professional qualifications, whilst also receiving on-the-job training.

·      Some paraplanners decide to become a fully qualified financial adviser or carry on working towards becoming a Certified Financial Planner (CFP) or Chartered Financial Planner to further their careers.

We hope you found this useful and if you are considering a job as a junior paraplanner, trainee paraplanner or paraplanner check out our jobs page or contact us for more information.