Looking at a career change - have some questions
Good afternoon,
I've been in the Management Information/Data Analyst field for a couple of decades now but have long wanted to do something different. Not wishing to pursue the sales/targets aspect of the financial planning industry, I feel the role of a Paraplanner would suit. I've read many forums, including this one, where there are those in a similar position, but still I'd like to reach out with my specific questions.
I'm not far off fifty and the data world is all I've ever known. My current line of work is always in demand, I don't fear lack of opportunities or, due to my experience, age discrimination. I read that Paraplanners are in demand, however when I search 'Paraplanner' on the Indeed jobsite, covering various locations, hardly any jobs are returned.
Are Paraplanners really in demand or is it a positive spin that Paraplanner articles put out?
What is the best method to seek Paraplanner roles (certain website, agencies, cold calling, etc..)?
I intend to self-fund the CII Level 4 DipPFS. It'll give me insight to the subject before any decisions are made and a potential boost in entering the industry.
Would you advise to complete the full diploma, some exams (which exams?), or switch without any knowledge, and what position do you suggest I target (admin, junior Paraplanner, Paraplanner - clearly based on the qualification(s) I possess)?
I see there are plenty of options for study materials - textbooks, revision cards, online tuition, mock exams, etc.. Bearing in mind I am self-funding and that I have zero industry knowledge, which of the materials do you suggest I purchase and is there a preferred publisher of these materials?
Being a later age in my working life and hoping to work for another fifteen years, is this an industry that is suited to the older person?
Is AI, or will AI, reduce the demand for Paraplanners over the next fifteen years?
It would be brilliant if you can advise on the above or provide your own experiences. I don't wish to close of my questioning and limit your answers, so feel free to add as you wish. I'm nervous about making a switch but I shouldn't let the unknown stop me if it can lead to greater enjoyment and still provide job security. Best and regards.
Comments
Hi Peter, welcome! Thanks for the questions and looking into the amazing career that is Paraplanning.
I think MI and data analysis is a big part of paraplanning, but just in relation to clients, financial institutions and tax rules, so I think you could draw a lot of comparisons to your existing career which will help when interviewing.
Are paraplanners in demand? In my experience, yes, but in waves and probably picks up between April-December. You could try contacting local recruiters that are specifically hiring for advice firms and let them know what you're looking for. They are always talking to firms and usually find out about roles early on. I recommend Peter Fozard @ Financial Divisions if you are based in the south-east but there are many recruitment agencies specifically for IFAs and wealth management firms, have a quick google and sign up to a couple (also try LinkedIn).
Which Exams? From a qualification point of view, most employers happily fund the exams but I understand you want to get a feel for the industry before making the move. I would recommend doing the CII Diploma in Regulated Financial Planning, but there is also the Certificate in Paraplanning which consists of completing R01/R02/R03 and J09 (Paraplanning).
People usually recommend doing them in the order of R05 (Protection - the technically easier one as it's level 3), R01 (Regulation), R03 (Tax), R02 (Investments), R04 (Pensions), and finally R06 (Financial Planning). R01 for me was a hard read but the others I enjoyed doing.
The CII give you access to RevisionMate which has chapter questions to test your knowledge and they also have mock exams within the exam guides. There's also questions in the textbooks. If you feel you need more study material you can get revision notes and mock exams from Bespoke Training Solutions https://www.bespoketrainingsolutions.com/ or Brand Financial Training https://brandft.co.uk/ . They have samples you can access before buying so you can try them out.
Are you a suitable age for paraplanning? Absolutely! I think general life experience always helps, especially in the advice industry.
Will AI reduce the demand for Paraplanners over the next fifteen years? I don't think so and others would agree. AI definitely has its uses but it's not good enough yet to rely upon and I don't think it will be in the near future. We free up time for advisers to spend more time with clients and help advisers deliver personalised compliant solutions - relying on AI would use up more of advisers time which they don't have!
Feel free to get in touch if you have any other questions.
All the best,
Daniel.
@Peter101 Welcome! There's not much we can add to @Spaniel_Sandal 's terrific answer. You might check out this Assembly - Getting into paraplanning - to hear from other paraplanners on their routes into paraplanning. One of the participants - Chris - is also a career switcher so his experience might resonate. Good luck and keep us posted on how you are doing.