Diploma Qualified Administrator - Is it realistic to jump straight into Paraplanning?
SmallShrimp
Member
Hi all,
I'm looking for some career advice!
I made a jump into financial planning in mid 2023 to pursue a career in paraplanning. I had a strong start, securing a trainee paraplanner role at an SJP practice with two R0 exams under my belt and several years of experience in financial services. It gave me a closer look at the paraplanner role and confirmed my feeling that this is the right job for me.
Unfortunately, after a year, the company went downhill, and I was made redundant. I managed to get an IFA administrator role in a growing wealth management firm. Although I was initially disappointed not to continue in paraplanning, I saw it was an opportunity to learn about the IFA world and gain experience that I didn't have at SJP.
I passed the final R0 exam last April and am now fully qualified; however, my company, despite being very supportive when I asked to move to paraplanning, continues to keep me in the admin role. I feel like they are prioritising hiring experienced paraplanners instead of training someone internal for the role.
I'm starting to feel a bit stuck. I know there are still many things I could learn in the admin role, but I'm eager to get some real paraplanning work. I’m thinking about looking for a new firm to help me take the next step. But I’ve noticed 'Trainee Paraplanner' roles are pretty rare.
From your experience, do you think it’s realistic to apply for Paraplanner roles with a full Diploma but mostly Admin experience? I’m really keen to avoid 'admin-hopping' and want to make sure my next move is the right one for my career.
Any advice or insights would be much appreciated!
Comments
@SmallShrimp I'm sure others will share their thoughts but we did a series on careers in paraplanning last year and I wondered if you'd watched or listened to this Assembly where the participants share their experiences of breaking into paraplanning.
Great user name, by the way.
Yes. It can be a risk taking on a trainee paraplanner:
That said, a well trodden path into paraplanning is via admin. And there will be lots of firms who actively want to bring staff into the admin role to progress them through the back office. Often the admin role has trade-offs for both - employee learns culture and fit whilst in a position where skills are already mature (good for both), but employer pays less for that position (bad for employee) and also employee might leave if the progression is too slow (bad for employer).
You're a strong trainable candidate on paper, with Diploma and solid admin experience. I think my advice would be to get comfortable asking potential employers challenging questions about how they will support your progression. Cover letters should be explicit that you don't want to admin-hop and that you want a firm to invest in you. At interview, ask them if there are staff in post who have made the move you want to. If you present well and you can demonstrate potential then firms who are genuinely looking for someone to do what you want to do, will want to have you onboard.
Also try and gain exposure to functions of the paraplanning role at every opportunity in your current job. Even small amounts of practical experience will give you an edge.
Thank you, that was my nickname when I was in high school
and yes, I watched it two weeks ago. It was Chris who gave me the idea of applying for paraplanner roles if I met 60-70% of their requirements. But it seems that I don't have the most important requirement, which is paraplanning experience.
Great series btw. Hopefully, we can have more content like this to help people like me break into paraplanning.
@benjaminfabi Thanks for the great advice. Maybe I need to be a bit patient in the admin role and wait for the right opportunity.
I enjoyed my job when, alongside my admin duties, the adviser I worked with let me help him with cashflow modelling and building a portfolio on FE. However, I was told that I shouldn't do that anymore as it isn't an admin job. I was very disappointed and felt the urge to move on asap. At least, I've gained some exposure to Voyant, CashCalc, FE which I hope will help boost my application.