Developing paraplanning skills
Hello
I competed my DipPFS last year and I'm now looking to apply for my first paraplanner role because I'm feeling really frustrated in my current job. I'm doing basic admin grunt work and there doesn't seem to be much hope of doing anything more interesting in the near future, so I'm sure I'm already forgetting some of the things i worked so hard to learn.
The problem is that I don't have experience in basic paraplanner work such as writing suitability reports, because they're usually done by the adviser, and when I am asked to do one, it's based on very prescriptive templates where you just fill several blanks! We don't do much research as we usually recommend DFMs, and not much investment analysis.
If anyone could recommend anything I could read or do to help develop these skills or any other advice for me I'd be very grateful.
Comments
Have you thought about doing a bit of freelance work for an outsourced paraplanner? This is where I started while I was still employed, and I made sure it didn't affect my day job. There are more than a few people on here who are in a position to, and would be pleased, to help you.
The alternative is to change jobs, either to an outsourced paraplanner or to an alternative financial adviser practice (I assume from your post that is where you are now). An established outsourced paraplanning company will give a much wider breadth of work than an IFA, as even with the best will in the world, IFAs have their favourite type of work/platform/fund selection.
And FWIW, a lot of companies use templates. Yes, they're repetitive, but they include all the compliance stuff as well that is all too easy to miss. I'm currently working on a 60+ page report, but this is far longer than the norm.
Hope this helps!
Would it help to express willingness to recruit and train up an admin to replace you? If advisers are more willing to do reports than admin then they are using you to best effect. Unless you can make the case you can move yourself along with no gap in admin service or demands on them checking admin work, mentoring etc. I've made a lot of assumptions and happy to be corrected!
I thought there were some great responses on this thread.
https://thebigtent.paraplannerspowwow.co.uk/discussion/1208/administrator-to-paraplanner-struggle#latest
But as @Andy_Schleider said, changing jobs might be the best bet at this stage. It is what I have done and now I'm moving into a role with much better development prospects.