Paraplanning redefined
Welcome to the second edition of the Scottish Widows Paraplanner Survey, which takes the pulse of the paraplanning profession and provides an insight into the vital role that paraplanners play within the financial planning industry.
Paraplanning is always having to evolve and redefine itself
Our survey of 200 paraplanners* reveals how they feel about paraplanning, the impact of regulation, the technology they use everyday and the much-vaunted potential of generative AI. In contrast to some alarmist press views, our findings show paraplanners are positive on AI.
Paraplanning is always having to evolve and redefine itself and our survey suggests it is in great shape to go on doing so. It is that adaptability that inspires our title, Paraplanning Redefined. What was once seen principally as a report-writing role has – thanks to the many talented paraplanners who have grown the role beyond its origins – recast itself as a vital support role working alongside advisers, covering product research, tax planning, cashflow modelling and advice recommendations. All of that and the suitability report!
We present three main themes in Paraplanning Redefined in the shape of regulation; role definition; and technology. Our first article unveils what paraplanners really think about regulation and gives a revealing insight into the heavy impact of regulatory compliance on paraplanner workloads. Our second article lifts the hood on what it really means to be a paraplanner and smashes some popular misconceptions (and definitions!). The third article gives an insight into what paraplanners think about AI and platform engagement.
On the latter, paraplanners believe the technology they use can be better integrated and more automated. They are calling on their firms to invest more heavily in technology that can streamline processes and reduce their workloads. Many paraplanners are still using off-platform applications, which carry a higher risk of data errors from the re-keying of information.
At Scottish Widows, we are determined to deliver on our ambition of being the easiest platform with which to do business. We know we can only do that by engaging with paraplanners. That engagement has already informed our platform roadmap, allowing us to make significant progress on connectivity by integrating back-office systems into our platform and providing on-platform applications like EvPro and Voyant. We have also invested heavily in our onboarding journey, which is now highly rated by onboarded advisers and paraplanners. We look forward to working ever more closely with paraplanners in making the ‘connected back office’ a reality.
* We surveyed 200 paraplanners sourced from Research in Finance’s panel and Professional Paraplanner subscribers. The fieldwork was carried out from 4th – 17th June 2024. We would also like to thank the Paraplanners’ Assembly for their contributions to the survey analysis.
