What exactly is a paraplanner I hear you ask? I came to Belmayne from a role outside the financial services industry and I have to say, initially, I didn’t have a clue either!
Paraplanning is a relatively new profession and it is ever-changing and adapting. According to Investopedia, it refers to ‘the administrative duties of a financial planner, carried out by junior members…to allow financial planners to focus on working closely with clients and identifying their investment needs.’
Now this does not sound sexy in the slightest! Who could be content with being a ‘junior member’? Should I push on with my exams and become a fully-fledged planner?
A career or a steppingstone?
So, you’re probably thinking that I do all the boring stuff while our financial planners visit clients and reap the praise. This is not quite the picture I would paint.
I like to use an analogy favoured by my boss and mentor: I see myself as a chef to his maître d’. I take the ingredients – the client’s aspirations, future forecasted finances, attitude to investment risk and so on – and create the perfect dish using a sprinkle of report writing and a dash of data analysis.
The financial planner then delivers the tasty offering, takes instructions and makes decisions in a calm and professional manner. Meanwhile, I am back in the kitchen getting hot and bothered under the pressure of time constraints, charts and numbers – so many numbers!
Horses for courses
So, am I in the right career? Do I want to be a paraplanner forever? Should I get out there and impart my financial wisdom on the world?
The answer is, I enjoy my job and as long as I feel I’m making a valuable contribution to the services we offer, I’m happy being part of a team that has a positive impact on people’s lives.
I get to meet clients, find out what makes them tick and look after their income and outgoings. I map their financial future and work out if they can afford to take that longed-for round the world trip. If not, I’ll establish what is required to enable them to reach their goal.
Being a paraplanner is exciting, its challenging and it makes dreams come true. How many people can say they do that for a living?
If you would like to find out more about the range of financial planning services Belmayne provides, don’t hesitate to contact us on (01246) 289191 or email: enquiries@belmayne-ifa.com
