Administrators work with the financial planning team, to complete general administrative tasks. This saves time for the wider financial planning team and means they can focus more on the client and less on admin. Administrators are an important part of the financial planning process as they enable high levels of client focused service.
The work an administrator does will vary from firm to firm, dependent on the firm’s specific requirements and processes. It’s always good advice to research specific role details within each form that you are looking to apply with – you’ll be surprised how much this can vary and also have an impact on remuneration.
There is no minimum qualification requirement for administrators. More and more firms are now offering support for study, that could even lead to a qualification such as the Certificate in Paraplanning or the RQF Level 4 Qualification.
Conducting study or taking exams can be part of a bigger picture with career progression into other roles, or simply to enhance knowledge and expertise of an administrator. With or without exams under the belt though, a Financial Planning Administrator is absolutely a career choice in its own right, due to the integral part administration forms within the overall financial planning process.
When completing studies or working towards a specific certification, there is choice on how the qualifications are achieved. The main examining bodies are:
Before choosing which examining body route to take, we recommend you do some research into the methods of assessment. Some examinations are multiple choice, others are written answers. Some qualifications are assessed using just exams, some use a mixture of coursework and examination, others are heavily coursework based.
At BTS, we support the CII route so the information in this profile focuses on the CII exams.
The CII Diploma in Regulated Financial Planning is an RQF level 4 diploma made up of six core modules, commonly referred to as the R0 exams. An RQF level 4 diploma is an FCA requirement for Financial Advisers wishing to provide regulated financial advice. There are six compulsory R0 exam units.
There is no set order in which to take the units, you can sit them in any order you choose. For candidates new to the industry, we usually recommending starting with R01 Financial services, regulation and ethics as this provides a sound knowledge base which is relevant to each of the other units. Then, we recommend taking R05 Financial protection as this is a level 3 unit with no multi-response questions. It is advisable to take R03 Personal taxation and R02 Investment principles and risk fairly closely together as there is significant syllabus cross-over between these two units. R04 should usually be attempted as the penultimate unit due to the knowledge required from the other units. The R06 Financial planning practice unit is usually sat as the final exam as it draws on knowledge and understanding from each of the other R0s.
Notice how three of these make up part of the Certificate in Paraplanning. For paraplanners new to the role, completing the Certificate in Paraplanning will both support you in your role and set you on the path to working towards the level 4 Diploma in Regulated Financial Planning.
Being an administrator, is a career in its own right. However, more and more administrators are now pursuing qualifications to develop their expertise within the field of administration and beyond.
Outsources administration is also an option for those considering freelancing.
Having experience as an administrator, specifically within financial services can also lead to other roles within the industry, such as:
Administrators usually work within financial planning teams in a range of settings including wealth management firms, financial advice firms, a specialised paraplanning firm, on an outsourced / freelance basis.
