PFS Paraplanning Conferences: Evolution of Paraplanning

Paraplanning:

Evolution of a profession

Richard Allum

Last ten years

- Pre RDR momentum

- Formal professional standards

- Approach to advice process

- Flight to quality

- Rising popularity of paraplanners

- Significant factor in quality of service

What is a paraplanner?

The role

- Establish client needs

- Collate and interpret client information

- Research and prepare recommendations

- Present solutions

- Review and relationship management

The role

- Prepare and maintain client file

- Prepare recommendations

- Implement recommendations

- Review

Key attributes

- Technical knowledge

- Research and analysis skills

- IT literate

- Lateral thinker and common sense

- Good communicator

- Attention to detail

Increased responsibility

- Guiding advisers

- Due diligence

- Provider meetings

- Justification and suitability

- Increased influence

- Client relationship

Team structure

Advisers

Administrators

Paraplanners

Team structure

Advisers

Administrators

Paraplanners

Team structure

Advisers

Outsourcing

Team approach

Adviser Paraplanner Administrator

Relationship Reviews data Data processing

Presents plan Analysis & insight Support process

Provides advice Prepares plan Implementation

Benefits

- Co-ordinated team approach

- Deliver the process consistently

- Insight & ideas

- Sounding board

- Challenge

- Focus on delivering best advice to client

Career aspirations

4%

4%

5%

24%

64%

0% 10% 20% 30% 40% 50% 60% 70%

Other

Leave industry

Freelance

Become IFA

Remain in role

Paraplanning opportunities

- In-house

- Centralised teams

- Freelance

- Outsourced business

- Supply & demand

- What will you add?

Formal standards

Formal standards

Test

Principles and values

“It's about fulfilling our

profession's potential to

contribute to the

financial wellbeing of

anyone in the UK.”

Next ten years

- Essential component of advice process

- Key career option in the profession

- Own professional body?

- Regulated?

- Universally accepted standard

- Keep raising standards

How!

Yorkshire Best Practice

- Meeting in Leeds

- Discussions & sharing

- Master classes

- [email protected]

- @theactualclaire

www.theparaplanners.com

@theparaplanner

www.paraplannerspowwow.co.uk