A career as a Paraplanner can be a rewarding one, with a multitude of benefits that sell it as a good opportunity. Commonly, Paraplanners will progress into Financial Advice, but nowadays more and more people are deciding to continue as a Paraplanner with no plans to develop into advisory. There is variety in a Paraplanners day and different responsibilities between different roles which can leave someone with a sense of variety within their career.
There are a variety of reasons why choosing a career in Paraplanning could be the right choice for you. Some of the main advantages to a career in paraplanning are as follows:
Job stability and growth potential
As a Paraplanner, you would be working within the Financial Services Industry. The Financial Services industry is a stable one, and has kept up this reputation for more than a decade. According to a 2021 survey, in the UK, the whole Financial Services sector employs around 1.1 million people and that number has stayed relatively consistent for the last 20 years. More specifically, in 2018, Money Marketing took an educated guess that there were around 1,600 to 9,000 Paraplanners in the UK. This is compared to the 27,839 staff advising on retail investment products in 2021.
Finances will always be an important part of everyday life and society, therefore Financial Services in some form will always be needed. Even though the economy fluctuates with peaks and troughs, whether times are good or bad people still need advice on how to grow/preserve their wealth.
As a Paraplanner you will be immersed in all things financial advice. During this, you will learn about the products, services and processes that relate to financial planning and investment management. After being a Paraplanner, it is common for people to become Financial Advisors due to the experience and knowledge gained by being a Paraplanner. However, it is also becoming increasingly common for people to stay as Paraplanners and develop within that role rather than progressing out of it. There are Junior and Senior Paraplanner roles so there is a natural progression within Paraplanning alone.
Since Covid, the Financial services industry has embraced different technology that has the potential to make your job more flexible. During lockdown, many firms used apps like Teams and Zoom to hold meetings and complete tasks. Lots of these firms have continued utilising this and there are now many hybrid opportunities for Paraplanners. In fact, 80% of UK firms have some percentage of workers who are hybrid, according to a 2021 study. Paraplanners also typically only work Monday to Friday, whereas Advisors sometimes have to take appointments on weekends and late evenings.
Sense of purpose
As a Paraplanner, you will work alongside Financial Advisors. Paraplanners are a crucial part of financial advice and many firms and Advisors may not be able to function without them. A 2019 survey found that Britons ranked finances as their biggest stress (outside of work) so to be a part of alleviating that stress for clients will be very rewarding. Financial advice can help people grow their wealth also and to play a major part in that can be hugely exciting!
Good earning potential
A career in Paraplanning can often lead to a high salary. The Financial Advice industry is a prosperous one and Paraplanners pay an instrumental part in providing people with advice.
Premier Jobs UK– The average Paraplanner job we see at Premier Jobs UK is £35,000- £45,000.
Reed- According to Reed, the average salary is from £34,331- £43,916.
Total Jobs– Total Jobs saw £37,500- £42,500
Talent.co– Talent.com saw £32,000- £45,000
It is fairly common within Paraplanner roles to receive discretionary bonuses also which could increase your earnings even more.
There are multiple professional bodies that can award Paraplanners with certifications that are specific to paraplanning. This gives Paraplanners the option to always grow within their career and become more developed in their skills and their knowledge. The main two providers of qualifications are the LIBF and CII with DipFA and DIPpfs respectively.
We’ve also made content comparing the two qualifications which you my find useful as well.
Some other examples of boards that offer certifications are the Chartered Institute for Securities and Investment (CISI) and the London Institute of Banking and Finance (LIBF) who offer the Diploma in Paraplanning (DipPP).
Furthermore, Paraplanners can also achieve Chartered status through the completion of the Adv DipFA (LIBF) and the Advanced Diploma in Financial Planning (CII). This is commonly expected when Paraplanners are dealing with high net worth (HNW) clients. It’s these extra qualifications and experience (especially in tax, trusts and pension transfers) that can justify even higher earnings.
Overall, becoming a Paraplanner can be an excellent career option with lots of benefits. There is many variations in what a career as a Paraplanner could look like, and different options for progression that could lead you to have a very fulfilling career.
Here at Premier Jobs UK we have lots of exciting Paraplanner vacancies that could be a great fit for you.
Call us now at 0208 0044 154 to have a free, no-pressure chat with one of our experts.