Career shift: planner to paraplanner move?
Hi everyone, hope you've all had good weekends.
I tried searching but couldn’t see a thread on moving from a Financial Planner to a Paraplanner role, so I wanted to ask if anyone has made that transition and could share their experience or any advice.
I’m currently a Chartered Financial Planner (London based) and 11 years industry experience (three of those as a planner and four as a Paraplanner/ associate planner).
I used to really enjoy the work, but lately I’ve found myself worn down by the sales focus, compliance grind, and constant admin firefighting. In all honesty, even the client-facing side has started to feel extremely draining. I often feel like I’m spinning 100 plates rather than doing much of the actual planning in “financial planning”.
I'm much more technically minded. The part of the job I do enjoy is researching, modelling, and drafting complex reports. I enjoy building strategy and working deeply on a few meaningful cases rather than juggling endless queries.
I’d really appreciate any insight from those who’ve made a similar move or anyone with any insight at all I.e. what surprised you, what you wish you’d known, and how the day-to-day compares or anything else you feel is worth highlighting!
Thank you
Comments
I made this transition at the turn of the century when the advisory environment was like gunfight at the OK Corral every damned day. I'm winding down now towards retirement so my perspective is a long-term one.
Firstly, being a paraplanner does not provide much of a shield from compliance and target grind. People at the head of organisations, rather than resolving problems, will always heap them on to their staff's shoulders with a target.
Secondly, you will continue to spin plates, they just won't be your own. I've developed an ability to ignore the sound of smashing crockery such that a waiter in a Greek restaurant would admire.
Thirdly, If these are the feelings you have about being a financial planner now then you will have them about being a paraplanner - sooner or later.
Fourthly, there are many outlets for people who are "technically-minded" other than financial services. If your personal and financial circumstances allow it then explore these.
Fifthly, and this would have been incredible if I had realised this 25 years ago, there are limitations to assuming compound interest on someone's cashflow when we live on a finite planet. Looking forward another quarter of century, I think watching over someone else's financial health is likely to be something that society sees as being less important. I think this is something we're already seeing in the stagnation of salaries for administrators in the sector.
So, being a paraplanner has enabled me to raise a family and I have been mortgage-free for a number of years but you've started to think critically about the direction of your career/life. My advice is don't waste this by not thinking critically enough.
A friend of mine who was in a senior paraplanning position (fully chartered/fellow STEP and SOLLA qualified) a few years ago left that firm to try advising at this one. After a few years, he realised it wasn't for him for similar reasons you quoted. He ended up going back to his old job at the old firm!
Personally, I am beginning to feel that there is a technology gap starting to widen between the paraplanning section of this industry and the adviser section (perhaps I'm in a bubble where I am working now, but I get the same sense from some other people in the industry). There is a much wider tolerance and acceptance of wanting to embrace the potential of AI and other tech innovations in the paraplanning world than the adviser world, perhaps somewhat down to demographics/career backgrounds/personalities.
Thank you @Sean_Fernyhough for this insightful response. Your first four points all make sense, and after some further reflection I feel you are right in that the same feelings would come up later down the line eventually. I am now seriously looking to explore some other routes, hopefully where I can study part time alongside my full time role.
Your fifth point hit struck a chord, and it's a thought that I think has been gradually forming for me over the last few years as well. There's a wider social/ ethical lens which I'm looking at this as well, so what you said resonated heavily.
Thanks again for taking the time to write this. It is much appreciated.
Thanks @Wildparaplanner. While I would have thought moving between roles wouldn't be out of the question, it's helpful to have real life case studies to back this up as well!
The AI point is a good one, I'm finding it very helpful as an adviser and fully embrace whatever makes the job easier! But I can certainly imagine, and I have come across, outright hostility nearing on fear from some advisers as to where AI goes next.