# The rise of the paraplanner: why consider a career in this up and coming role Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2020-01-09 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Why Paraplanning is the Career of Choice in Financial Meta Description: Discover the evolving role of a paraplanner in the financial services sector - a key support to financial advisers with great career prospects and benefits. URL: https://financedigest.com/the-rise-of-the-paraplanner-why-consider-a-career-in-this-up-and-coming-rolehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/finance-4-1736838957942-compressed.jpg) By **Alex Russon**, Managing Consultant – Financial Services While the financial services sector is abundant with career opportunities and pathways for development, one role that is really emerging as a career of choice is that of a paraplanner. Hailed as the incremental and complimentary sidekick to a top-class financial adviser – these employees have rapidly increased in importance in recent years. **What does a paraplanner actually do?** ![Alex Russon](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/alex-450x450-1736838957919-compressed.jpg) Alex Russon While a lot of people know that a paraplanner is a more junior member of a financial planning [team](https://www.financedigest.com/protecting-the-finance-team-from-burnout-to-drive-employee-retention.html "Protecting the finance team from burnout to drive employee retention"), you could be forgiven for not knowing exactly what they do, day-to-day. The simple reason: it varies a lot depending on the size of the firm, responsibility level and workload of the paraplanner in question. But one thing that everyone seems to agree on is how much [the role has changed over the last 15 years.](https://www.moneymarketing.co.uk/analysis/paraplanners-soft-skills-financial-advice/) As financial advisers [work](https://www.financedigest.com/making-sure-you-are-compliant-when-working-in-the-finance-industry.html "Making Sure You Are Compliant When Working in the Finance Industry") hard to build their book of business, attend client meetings and retain long-lasting relationships with these clients, the paraplanner has become the reliable right-hand support to keep workloads manageable, accurate and by the book. The integral [need for top-quality paraplanners has signalled a rapid rise](https://www.financedigest.com/inflation-is-on-the-rise-you-need-a-bookkeeper.html "Inflation Is On The Rise, You Need A Bookkeeper") in demand for this role. Cue, the rise of the paraplanner. **Benefits of a career in paraplanning** Many may underestimate the important [role a paraplanner can play](https://www.financedigest.com/advisors-must-play-a-bigger-role-in-unlocking-scale-up-potential.html "Advisors must play a bigger role in unlocking scale up potential") and are quick to write it off as an administrative function. This isn’t entirely accurate – in fact there is a great amount of technical ability required to do the job well and effectively. These more analytical skills are often nurtured and developed with compliance front-of-mind, allowing these workers to build and refine technical accuracy quickly and effectively. Due to the increase in demand for these employees, many firms are shifting the traditional format of the role in order to be more competitive against rival companies and more appealing to candidates– particularly to the [younger generation](https://www.financedigest.com/british-monarchys-fashion-mantle-passes-to-younger-generation.html "British monarchy’s fashion mantle passes to younger generation"). As a result, a lot of firms are introducing more of a client-facing capacity to the position, allowing paraplanners to mirror skills often found in a top-tier financial adviser. This is not necessarily to accommodate a change of career in the long run, but more to polish and target particular skills and experience to better the candidate. The nature of paraplanning in many cases is analytical, using technology to simplify processes, which means a lot of this [work can be done remotely](https://www.financedigest.com/remote-working-during-covid-a-successful-social-experiment.html "Remote working during COVID: a successful social experiment"). At Heat Recruitment we are seeing an enhanced offering of flexible and [remote working](https://www.financedigest.com/digital-insurance-and-the-remote-working-and-studying-boom.html "Digital insurance and the remote working and studying boom") options offered to candidates as an incentive. Not only can this help employees achieve a better work-life balance, but itcould also help alleviate financial pressures linked with a lengthy commute. We’re [currently experiencing a candidate-driven market](https://www.financedigest.com/pharmaceutical-contract-packaging-market-current-impact-to-make-big-changes-2020.html "Pharmaceutical Contract Packaging Market Current Impact to Make Big Changes 2020"). High demand, coupled with a lack of skilled employees means that an experienced, or even an entry-level paraplanner will be [faced with the opportunity](https://www.financedigest.com/digital-ticketing-the-challenges-and-opportunities-facing-ptos-and-ptas.html "Digital ticketing: the challenges and opportunities facing PTOs and PTAs.") to secure a solid salary and benefits package. As long as the candidate is motivated and skilled, they can end up having a very successful career in the financial [services sector](https://www.financedigest.com/protecting-the-uk-financial-services-sector-from-cyberattacks-now-and-in-2023.html "Protecting the UK financial services sector from cyberattacks now and in 2023"). **Progression and opportunity** As part of Heat Recruitment’s [2020 financial services’ salary survey](https://heatrecruitment.co.uk/employer-services/salary-survey/financial-services-salaries/) we uncovered some startling statistics linked to the earning potential of a paraplanner. For more junior roles, salaries are sitting at an average of around £26,300 in London and £19,500 at a regional level which is fairly standard for the sector as a whole. However, as experience builds, and the [years rack up – the scope for earning](https://www.financedigest.com/flutters-full-year-earnings-turnaround-forecast-sends-shares-higher.html "Flutter’s full-year earnings turnaround forecast sends shares higher") is high. Paraplanning Managers, for example, are earning anything between £40,000 and £75,000 across the UK – a very generous salary for a position that doesn’t necessarily require qualifications to get into. In a sector that is focused on regulation and qualifications, this exemplifies what a fantastic career opportunity paraplanning is for candidates of all levels. It is possible to secure a job as a paraplanner without a university degree, and many [businesses are now realising the benefits](https://www.financedigest.com/how-choosing-the-right-mtd-for-vat-software-can-maximise-business-benefits.html "How choosing the right MTD for VAT software can maximise business benefits") of upskilling and training their workforce as a means to retain them. Many firms will offer opportunities to study the Chartered Insurance Institute qualifications that will enable ‘chartered’ paraplanner [status](https://www.financedigest.com/surgical-masks-market-emerging-trends-and-will-generate-new-growth-opportunities-status-2030.html "Surgical Masks Market: Emerging Trends and Will Generate New Growth Opportunities Status 2030") – offering a skilled paraplanner the opportunity to climb even further up in the salary bandings. Alongside qualifications and greater client responsibility, opportunities to [fine-tune personal soft skills](https://www.financedigest.com/fine-tuning-your-money-management-skills-today.html "Fine-tuning your money management skills today") are also accessible to paraplanners. Assertiveness, time-management, communication and teamwork are just a handful of the soft skills that candidates can [build on during their time](https://www.financedigest.com/building-economic-resilience-in-tough-times.html "Building Economic Resilience in Tough Times") in a paraplanning role. **What the [future holds](https://www.financedigest.com/what-does-the-future-hold-for-uk-smes.html "What does the future hold for UK SMEs?") for paraplanner** Firms are fast realising the importance of attracting, incentivising and retaining top-quality paraplanner talent. Not only to meet demand, but to future-proof the [business and allow for growth](https://www.financedigest.com/uk-needs-to-make-politically-unpopular-reforms-to-boost-growth-business-group-says.html "UK needs to make politically unpopular reforms to boost growth, business group says"). Additionally for candidates, [paraplanning roles are opening more doors than ever](https://www.moneymarketing.co.uk/analysis/the-many-doors-opened-by-paraplanning/). Not only can a motivated candidate [fast-track their financial](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") services career, or move into roles such as management, compliance and advice, but staying in a paraplanner role also offers great long-term remunerative rewards. There has never been a better time to start a career as a paraplanner and with the market likely to continue in its candidate-driven nature, hard-working individuals should make the most of job security and the many [progression opportunities](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029") on offer. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---