What is Paraplanning?
A paraplanner creates, prepares and implements a client’s financial plan. You will work as a paraplanner in a team with a financial advisor and an administrator. Each team member has specific responsibilities to ensure that the client gets the best Outsource paraplanning Services. Paraplanners assist financial advisers by researching, writing suitability reports and answering technical questions. Paraplanners can also help clients with technical questions and tax information.
What are some tasks that paraplanners perform?
Paraplanning roles can vary in their focus. Some may be more focused on client meetings or research, while others may be more concerned with financial modelling and administration.
Some of the most common tasks include:
- Preparing Statement of Advice documents and then updating Statement of Advice templates
- Making a record of the Advice Documents
- Preparing financial planning notes
- Performing financial modelling
- Managing Paraplanning Services Staff
- Comparing different financial planning modelling techniques for clients
- Preparing personal insurance cover quotes
- Entering client data in financial planning software
- Researching house views, which are used to update portfolios
- Following up information from share registries, banks and fund managers
- Preparing client reviews documents on portfolio reweighting and investment strategy
- Maintaining client records (electronically as well as physically)
- Writing letters for clients
- Completing client application forms. Rollover forms. Redeem requests
- Printing and binding the Statement of Advice (previously known by Financial Plan) documents
- Calling clients to get follow-up information
- Client appointment scheduling
- Checking adviser process for compliance
- Learning financial planning software and updating your software as soon as new versions become available
- Financial planning templates updated
- List of products updated
- Completing ongoing training
- Segmenting your client base based on business needs and service offerings
- Training paraplanners
- Hosting client seminars that focus on different strategies
- Some topics include aged care, debt reduction, pre-retirement planning, post-retirement planning, and superannuation.
- Staying up-to-date on technical knowledge, PD schedules and the appropriate strategies
- Monitoring adviser’s diaries
- Reception work
- Following up on sales leads
- Website management
Employers are seeking skills and experience.
Paraplanning
Accreditation for Rg146
Service-Oriented Design
Retirement Planning
Estate Planning
Technical ability
Communication skills
Microsoft Office
Time Management
Nice Personal Presentation
Daily Tasks
Paraplanners are more than just an administrative role. Today’s paraplanner jobs offer many challenges and exciting opportunities. A paraplanner’s day can be very varied in this sense.
Paraplanners can participate in anything from due diligence to researching new products and industry areas. They can also work both individually and in a team. They might be responsible for analysing bonds, keeping track of regulatory changes or crunching numbers. The daily tasks depend on the firm and the paraplanners to assist them.
You might find yourself in client meetings with the financial advisor, researching investment funds and financial products, preparing cash flow forecasts for clients to show their income and outgoings and how this impacts their plans, researching tax and legislation changes and how this impacts clients, and preparing a financial plan and advice/recommendation reports for clients. It’s not a complete list. There will be ongoing training and development to ensure you are updated with the latest industry regulations. You could also opt to earn a diploma, certificate or CFP licence.