Research Round Up

Survey Demographics: Paraplanners defined

Three quarters of our paraplanners are under 50, with a 91% majority employed directly by adviser firms, either full or part time. 9% are freelance or employed by an outsourced paraplanning company. 27% of females work on a part-time basis versus just 9% of males, which aligns with the positive result about paraplanning offering the flexibility to achieve a positive work-life balance for those with caring responsibilities (69% agree it does; 4% disagree; 24% neutral). The overwhelming majority of paraplanners (92%) hold a financial qualification: 64% are level 4 qualified, 21% are level 6 qualified and 8% are fellows of the PFS.

Age

Firm type

Paraplanner Qualifications (highest level)

Do Paraplanners feel supported by their firms?

Paraplanners still feel well supported by their firms, but the proportion who feel fully supported has slipped from previous surveys. When it comes to how firms could be more supportive, perhaps unsurprisingly, remuneration still comes out on top, but it scores materially lower than in the past. Meanwhile, ‘invest in better tech’ and ‘employ more paraplanners’ both score more highly than before. This suggests the heavy workloads mentioned in our first article are causing a relative shift in the nature of support paraplanners want from individual reward to improving the working environment via reducing workloads and improving working efficiency.

Do you feel supported by your firm?

How could firms be more supportive?

Paraplanners see technology as a key area for improvement

Following on from that firmer call for their firms to invest more heavily in technology, paraplanners are reporting a clear and present need. When asked if they feel the technology they use could be improved, 83% of paraplanners now agree that it could; a significant increase on the 64% level of our last survey. Greater “integration” of systems and tools and further “automation” of manual processes were the most cited ways in which paraplanners felt advice firm tech could be improved. Many paraplanners are still using a wide variety of tools off platform, which can increase the risk of errors due to the need to re-key data. Platforms that offer integrated, on-platform applications can speed up and strengthen back-office process by reducing data risks.

“Investing in a more integrated platform to use as a one-stop-shop for advice, planning, and client communication.”

Do you feel that the technology you use could be improved?

“We still have a lot of processes which are done manually that I believe would be better if automated.”

Paraplanners use a range of financial planning apps but mostly off-platform