Natalie Dawes, DipPFS
All financial planning firms require administration, and it has become very common for firms to employ someone purely for their administration requirements or even outsource the work. An administrator supports the firm as a whole or specific advisers to focus more on the client, due to the time saved from not having to conduct as much of the admin. It varies from firm to firm what the workload is, some firms needing the simpler tasks completed and others, when knowledge and experience allows, require more technical administration to be conducted.
Two extremes here could be that one firm purely need files prepared for an upcoming review – if a firm has multiple advisers, this alone could take up all the administrator’s time. Another firm may require the administrator to collate data for specific plan types, for example to analyse a pension and potentially transfer it. This would require some knowledge within this area and therefore makes it more technical.
Another variation could be around client contact. Some administrator roles will never speak with a client as they have a more ‘behind the scenes’ role. Others (usually within larger firms) will have a lot of contact from taking phone calls or responding to emails.
My role as an administrator was really varied. This came about from my desire to learn and become involved with more within the business.
Looking at a typical week, I would prepare client files for their upcoming reviews. Generally, I would be preparing these files about a week before the two advisers I worked with, would be meeting with their clients. This gave the advisers enough time to analyse the portfolio and think about recommendations. Sometimes a ‘re-prep’ would have to be done, perhaps because the client’s meeting date had changed or because of market volatility and valuations/data points moving.
In order to conduct this work, I needed access to various systems including the fact find/customer management system, portfolio analysis systems and filing systems. A variation of documents would also be used within the process for producing valuations, in depth analysis of the portfolio and information on the underlying funds.
This required good knowledge of and to navigate seamlessly around the systems, plus have a good understanding of the documents, in order to ensure the data I was providing the adviser and ultimately the client, was accurate.
The review prep was usually based on pensions and investments but occasionally there would be a protection case. This offered a huge opportunity to learn about different product types and the documentation required for each review would therefore vary, depending on the case.
When my knowledge and experience had grown, I also got involved with Letter of Authorities / Transfer of Servicing cases, meaning I began to have contact with providers – a whole new ball game! Communication skills were a necessity here, as the biggest learn I had was how different the processes were across all the providers.
Organisation skills as an administrator are really important, to ensure that responses from providers happen in a timely manner, as of course this impacts the overall level of service to the client. Another skill here is knowing the subject matter, there is little point contacting a provider to ask them for specific information in relation to a certain product type, if you don’t understand yourself.
It’s often that frontline provider staff are only trained to a basic level – so if your explanation is not clear, you’ll likely find yourself back on the phone asking again, which will only increase the time of obtaining the data. I really enjoyed this part of the job because it provided an opportunity to develop so many skills as well as exposure to so much more within financial planning. I got to know many of the providers’ processes and from time to time, some of the staff too, it’s always great to be on a ‘Oh hi, how are you’ or basis!
My role as an administrator required me to be flexible and well organised, to be able to manage my workload effectively. I also needed the ability to adapt my communication skills due to the variation in conversations that I would have with clients (from time to time), with my advisers and a whole multitude of different companies and providers. My role supported the business to run smoothly and most importantly, to give the best service possible to clients. This for me was a really rewarding side of the role and definitely part of the reason why I loved doing it.
Administration is a great start point within financial services due to the exposure within the wider industry that it offers. Although it is not an industry requirement, there is absolutely opportunity to do some study-based learning, that can also lead to qualifications. Many firms will support you doing so, and more and more firms are now funding going through qualifications, as they recognise the value that this not only offers their team members but also their business overall, due to the increased knowledge and expertise that it provides.
As well as natural development and qualification-based learning, there are also a plethora of opportunities to develop your skills within a wider community. You will never feel alone in your role, due to the number of ways you can ‘socialise’ with others via platforms such as LinkedIn or forums available via study groups.
Natalie was a Financial Planning Administrator and Paraplanner at Fortitude Wealth Partnership Ltd before joining the BTS team as our Academy Support Adviser.
For more information on the different paths to becoming a Financial Administrator, including qualifications, exams and salary information, check out the Financial Administrator Role Profile.
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Read another insightful article on ‘Your Career as an Administrator’ to find out more information about the possibilities of an Administrator role.
