Yet one of the persistent challenges facing paraplanning is the way it is seen as a stepping stone to advice rather than a career in its own right.
Part of the problem is the lack of definition around what the role actually entails.
With the role defined at firm level, the spectrum of paraplanners can range from administrators entering data and writing simple reports, through to those attending client meetings or even fully participating at senior management level.
Officially there is no minimum qualification requirement and the exam route itself can be confusing, with no defined pathway and several different professional bodies and certificates to choose from.
The CII and CISI offer level 4 certificates in paraplanning and the London Institute of Banking & Finance offers a diploma in paraplanning.
While great strides have been made in terms of progressing the influence of paraplanners, for it to be truly recognised as a standalone profession, more needs to be done to raise awareness of paraplanning as a career – internally and externally to the industry.
For this to happen, paraplanners should be supported by their firms with proper career pathways.
More firms need to incorporate structured learning programmes or training academies for paraplanners, both as recognition of the importance of the role and to attract fresh talent from schools, universities or other professions.
Career pathways need to be available for paraplanners who want to become advisers, but equally for those who want to focus on their paraplanning career, so they have established routes to grow and take on more responsibility.
Pippa Oldfield is assistant manager and a chartered paraplanner at Mazars
