Kimberley Malin, Paraplanner
Paraplanning over the years has developed into a career in its own right, their skills have become indispensable to the client’s journey and paraplanners play an integral part in the wider financial planning team. Paraplanners work in collaboration with the Financial Planners and Administrators to ensure the client is provided with a first-class service. Communication is a key attribute to being a Paraplanner, as developing relationships is imperative!
The role offers variety every single day as no two clients are the same.
A Day in the Life of a Paraplanner:
Typically, my day starts with the evening before. Every evening before I go home, I take 5-10 minutes out of my day to reflect on the day. I will go through my do-to list and see what I have achieved, and which tasks need to be either started or continued the next day. This enables me to come into work with a clear head and I know exactly what I need to start with the next day.
I check my emails and teams messages each morning and either respond immediately or slot any additional tasks into my to-do list for that day. I also catch up on any industry news from my daily update emails from Professional Paraplanner and Citywire.
Some days I can be analysing a client’s existing arrangements or creating a recommendation for a new product or perhaps a pension transfer. Paraplanners conduct many different types of research and calculations and there are a wide a variety of skills and tools that can be used to enable this in dept research.
Some areas of financial planning you may be involved in include; Pensions, Investments, Protection, Inheritance Tax Planning and Estate Planning. There is a whole heap of products that sit underneath these categories, and a healthy mix of exams and practical experience will help you to learn about these. Remember though, not one Paraplanner knows it all – everyday is a learning curve!
Paraplanning is heavily process driven however there may be times when you need to deviate from outside the norm and having the initiative to be able to do this is a skill you will develop over time as you become a more confident Paraplanner.
As I work for a network, there is a restricted offering of funds and providers I can work with, although off panel concessions can be applied for through the network, this is a skill in itself! You need to be able to demonstrate to the network how an ‘off-panel’ solution is appropriate apposed to a provider or fund from the ‘matrix’. Independent firms who are directly authorised to the FCA can recommend from the whole of market and do not need to apply for such concessions.
As the day goes on, you may need to re-juggle your to-do list to take account of work that may become more of a priority, a deadline that needs to be met or a case you cannot continue with as you need ‘further info’ from the provider, so it’s always a good idea to keep a well organised task list and notes on each case so you can easily ‘put down’ and ‘pick up’ a case as necessary.
Along with client work there are other activities that Paraplanners typically slot into their career journeys such as studying for exams, attending webinars, getting to grips with the latest piece of technology, attending industry related events or integrating themselves within the wider financial planning community such as on LinkedIn.
Many of the provider websites have a ‘paraplanner zone’ or ‘technical zone’ where you can find out lots of a technical information or answers to queries you may have or just for further learning.
If you are interested in a career in Paraplanning then now is absolutely the time.
For me, the role is challenging, varied, satisfying and a sure way to increase your knowledge and skills every single day – what more could you want?!
For your best chance of success in the industry, start by getting yourself a mentor from ‘The Paraplanning Club’ or for any study materials, contact Bespoke Training Solutions! These are my two personal favourites! I often create content on LinkedIn around Paraplanning too so feel free to follow me or drop me a message with any questions!
Kimberley is a Paraplanner at Four Oaks Financial Services Ltd.
For more information on the different paths to becoming a Paraplanner, including qualifications, exams and salary information, check out the Paraplanner Role Profile.
Read our Certificate in Paraplanning FAQ’s to find out information such as;
How do I enrol for the Certificate in Paraplanning
How long does it take to complete the CII Certificate in Paraplanning
What is the CII Certificate in Paraplanning
What is the difference between CF1 and R01
and more!
Read another insightful article on ‘A Day in the Life of an Authorised Chartered Paraplanner’ to find out more information about the Paraplanner role.
