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A Paraplanner job is a technical support role usually found in a firm involved in Independent Financial Planning. Paraplanner recruitment is found within IFA practices across the UK and paraplanners usually come from a financial services administration role or from a technical financial advising environment.
The term paraplanning can mean many different things in many organisations, but essentially it is a non-sales activity, primarily involved in assisting the independent financial adviser in the job of providing financial advice.
This support to the IFA involves constructing complex reports outlining why the advice has been given and what the major implications are. A Para planner would also be involved in fund and product research, ensuring that the products recommended by the IFA are the best on the market. Para-planners often get involved with client management software and client contact, as well as constructing “reasons why” letters.
A paraplanner will some times sit in on a client meeting to take and prepare notes for the IFA which will then form part of the report and reasons why letters.
Paraplanning jobs require a very high degree of computer literacy as a paraplanner tends to use complex financial planning software such as First Office or Aequos. These software packages are unique and take some mastering to utilise their full potential.
A paraplanner is a very technical role and requires a high degree of qualification. A paraplanner is usually qualified to at least full FPC standard but usually to AFPC diploma or even chartered IFA status.
The retail distribution review (RDR) will change the significance of the paraplanner as more regulation of these technical people may blur the distinction between what constitutes a Paraplanner and what constitutes a fee based Independent Financial Adviser
Paraplanning is a relatively a new role and has been developing over the last decade into what is now seen as a fairly significant niche profession within the larger IFA community.