What makes a great paraplanner?
Paraplanning has evolved from being seen as just “admin support” into a specialist profession in its own right. In today’s advice firms, a great paraplanner isn’t just someone who types up reports, they’re the engine room behind high quality financial advice. But what exactly makes a great paraplanner, and why should advisers care?
1. Technical Expertise
A great paraplanner has a solid grounding in financial planning, tax, pensions, and investments. They know their way around FCA compliance, suitability letters, and financial modelling software. Advisers can trust them to spot gaps, check calculations, and ensure advice stands up to scrutiny.
Why it matters: Advisers save time and reduce compliance risks by leaning on a paraplanner’s technical brainpower.
2. Attention to Detail
Small mistakes in reports can cost advisers credibility with clients and regulators. A great paraplanner takes pride in accuracy, double checks figures, and ensures reports are watertight.
Why it matters: Advisers can step into client meetings confident that their recommendations are supported by clear, accurate, and compliant documents.
3. Clear Communication
It’s not enough to understand financial jargon – a great paraplanner translates complexity into language that clients can actually understand. Reports should inform, not confuse.
Why it matters: Clients who understand their options are more likely to trust their adviser and move forward with recommendations.
4. Commercial Awareness
Great paraplanners know that time is money. They balance thoroughness with efficiency, helping advisers scale their business without sacrificing quality.
Why it matters: Firms can grow without burning out staff or risking inconsistent client service.
5. Partnership Mindset
The best paraplanners don’t see themselves as back office staff, they see themselves as partners in the advice process. They challenge advisers (politely) when something doesn’t add up, and they share ideas that improve client outcomes.
Why it matters: Advisers gain a trusted second pair of eyes, not just a report writer. This partnership strengthens the overall advice process.
Final Thought
A great paraplanner is part technical expert, part translator, and part business partner. For advisers, the difference between a “good enough” paraplanner and a great one can be the difference between just surviving and truly thriving in today’s competitive financial services market.
If you want your advice to stand out, invest in great paraplanning. Whether in house or outsourced. Your clients (and your compliance team) will thank you.