Expert: Eric Sharrad, Senior Recruitment Consultant, Financial Services & Regulated Wealth Management, Pavilion Recruitment Solutions Facilitator: Adam Flowers, Senior Consultant - Asset & Wealth Management, Davies Group
Headlines:
- There is an increasing recognition of paraplanners as a distinct profession, with opportunities for specialization, management roles, and entrepreneurship
- However, challenges such as glass ceilings, lack of clear career pathways, and the need for continuous learning need to be addressed
Context:
This session focused on career progression and meeting one's potential in the paraplanning profession.
Delegates shared their experiences with obtaining professional qualifications, such as the Diploma in Regulated Financial Planning and the Chartered Financial Planner. While some firms required or sponsored these qualifications, others valued practical experience over formal certifications. The discussion explored the potential benefits and challenges of mandating minimum qualifications for paraplanners, as well as the need for continuous professional development to keep up with industry changes.
The traditional path of becoming a financial adviser was discussed, with some participants expressing interest in pursuing this route, while others preferred to remain in paraplanning or explore alternative roles. Alternative career paths mentioned included compliance, operational management, team leadership, practice management, and roles within mergers and acquisitions. The increasing recognition of paraplanners as a distinct profession and the potential for specialisation were highlighted.
The impact of technology and artificial intelligence (AI) on the paraplanning profession was then discussed. While some welcome the potential for AI to automate routine tasks and enable paraplanners to focus on more complex work, others expressed concerns about the need for continuous learning and adaptation.
Several delegates shared their experiences with entrepreneurship and self-employment as paraplanners. The benefits of flexibility, control over workload and pricing, and the ability to work with diverse clients were highlighted. However, the challenges of establishing a business and managing client relationships need to be considered.
The discussion also touched on the potential need for regulation or professional standards for paraplanners, similar to other professions such as solicitors or accountants. The pros and cons of establishing minimum qualifications, continuing professional development requirements, and a governing body to oversee the profession were also debated.
Key takeaways:
- Explore the potential for establishing a professional body or regulatory framework for paraplanners to standardize qualifications, continuing education requirements, and professional standards.
- Encourage firms and industry organizations to provide clear career pathways and support for professional development opportunities, including qualifications, certifications, and training in emerging technologies like AI.
- Promote the recognition of paraplanning as a distinct profession with diverse career opportunities beyond the traditional path of becoming a financial advisor.
- Foster collaboration and knowledge-sharing among paraplanners to facilitate the exchange of best practices, experiences, and insights into navigating career progression and alternative career paths.
- Advocate for the inclusion of paraplanning as a recognized career option in educational institutions and career counseling programs to attract and develop new talent in the profession.
