2. Defining the role of tomorrow’s paraplanner
Richard Allum CFP APP
Paraplan Plus

3. Last 10 years Pre RDR momentum Formal professional standards
Approach to advice process
Flight to quality
Rising popularity of paraplanners
Significant factor in quality of service
Paraplanning barely existed
Australia
Momentum towards pursuit of higher standards
Tandem – rise of PP to support flight to quality
Growing presence of analysis & evaluation of financial plans – PPs significant factor in business reputation with clients & ability to deliver service
2,100

4. What is a paraplanner? Cover the extremes
How different to administrators

5. Not just report writers (typists)
Can be part of role but far more

6. Joke = howls of laughter 

7. The role Establish client needs Collate & interpret client information
Research & prepare recommendations
Present solutions
Review & relationship management

8. The role Prepare & maintain client file Prepare recommendations
Implement recommendations
Review

9. Key attributes Technical knowledge Research & analysis skills
IT literate
Lateral thinker & common sense
Good communicator
Attention to detail
Demographics
See in all good paraplanners

10. Time spent

11. Increased responsibility
Guiding advisers
Due diligence
Provider meetings
Justification & suitability
Increased influence
Client relationship
Influence over selection of provider, products, platforms, investments

12. Why all financial planners need paraplanners
They don’t
Look at benefits and how they compliment each other

13. Benefits Co-ordinated team approach Deliver the process consistently
Insight & ideas
Sounding board
Challenge
Focus on delivering best advice to client
More than 1 adviser?
Scalability

14. Team structure
Advisers
Administrators
Paraplanners

15. Team structure
Advisers
Paraplanners
Administrators

16. Team structure
Advisers
Outsourcing

17. Team approach Adviser Paraplanner Administrator Relationship
Reviews data
Data processing
Presents plan
Analysis
Support process
Provides advice
Prepares plan
Implementation
Line between adviser & paraplanner moving

18. Do you need one? Sound business case What will they add?
Where do you find them?
Employ or outsource?
73% hold or studying level 4
19% authorised
26% from outside the industry

19. Evolution of a profession
They don’t
Look at benefits and how they compliment each other

20. Journey so far Progression from support role Move from advising
Trainee adviser
Qualifications
Graduate entry
Career path
73% hold or studying level 4
19% authorised
26% from outside the industry

21. Career aspirations

22. Formal standards

23. Formal standards
Aspire beyond these

24.
Come a long way in 10 years
Where we stand today lots of developments happening

25. In 10 years … Essential component of advice process
Key career option in the profession
Regulated?
Own professional body?
Unified professional standard
FSA/FCA – don't know what they’re going to do

26. Don’t want this

27. Unified approach Professional bodies working together
Universally accepted standard
Advisers can know & trust it
Understanding of each role
Keep raising standards
Agreed definition
Not about the certificates but the standards it represents
Understanding each others roles in delivering financial advice
All have a responsibility to keep raising standards