Administrator to Paraplanner - Struggle!
CCatkins12
Member
Hi all,
Summary: Qualified admin, 3 years experience, technically capable but incapable of finding a paraplanning role. Can't get experience without getting a paraplanning job, can't get paraplanning role without experience
I'm in bit of a quandary and was hoping for some advice from some of the more experienced heads around here, or those who have found themselves in a similar situation.
I have been diploma qualified for what is coming up to two years now with a couple of other certificates and hopefully a pass in AF7 come December.
I started in the IFA world about 3 years ago as an administrator, I am still an administrator. I am really struggling to find a paraplanning position. The firms I have worked for, advisers write their own reports, with research done by technical support. Despite being told of opportunities to move into the tech support roles at these firms in the interview stage and by recruiters the reality has actually been different (for various reasons), therefore I have little exposure to applying the exam material and no report writing experience. Basically the past two times I've been brought on have been to manage difficult advisers as a more technically able/ experienced admin. But now I feel like I'm stagnating and it's the classic case of "if you don't use it you lose it".
I am currently applying for trainee paraplanner roles however for the majority even if they only ask for a couple of exams and a couple of years experience they still want you to have experience in technical report writing. It seems they want a fully fledged paraplanner for a trainee salary?
I feel a little bit disillusioned when I look at friends who have gone the SJP route and are now already trainee advisers from the same point of leaving uni and being equally qualified.
I apologise for the vent and wall of text, but if anyone has any advice it would be appreciated. Feeling very stuck at the minute and my intention is not to be a chartered administrator.
Comments
Where abouts are you based CC?
This why I think they should re-do J09 Paraplanning as that includes report writing , but every employer instead looks for the full diploma.
I'm an administrator where we have also technical team and then the advisers, but I'm practically working under the other groups and compliance since I see so many mistakes or omissions from letters done by those who have whizzed through the diploma in under a year and need corrections made.
Looking to pass the final exams early next year, but from what I've seen of job adverts I'll be in the same position.
I'm based in London - therefore feel as if I really shouldn't be having this much difficulty finding something.
Yes, I feel a bit silly really, diploma qualified with some extras but feel as if put in front of an adviser to discuss a client situation and propose solutions to meet whatever aims and objectives they have... I'd be a complete spare part.
I had considered JO9, but then it's a case of explaining to my employer why I'm doing that over chartered exams, when I won't be writing reports until I'm an adviser. Unless I did both at the same time and paid out my own pocket for JO9.
Could you put a proposition to your existing employer as a Junior Paraplanner, to take some of the letter-writing burden away from the advisers? It would allow the advisers at your firm to concentrate more on networking, generating new clients and servicing existing ones?
That's a great idea Gustavo. I had thought this even for simple ISA top ups, switches etc. As yes, you would think an adviser would much rather be doing what you say rather than writing letters. I think the issue lies in the structure of the firm itself, admin staff are kept very very busy. I would need to find time to do this, but it's definitely a start!
"I think the issue lies in the structure of the firm itself"
Advisers should be advising and generating new leads and business, not report writing.
Absolutely @Jona, I would 100% agree.
We have technical support, but the advisers still write the bulk of the report anyway. Does not seem logical.
I was thinking of doing something like the below, and you could use whatever report writing tools you see on job adverts for some basic experience. Then if you get moderately proficient you could put it on the CV, or at least mention in interviews how you've experimented?
If you google for "CII AF5 Fact Find" on the CII website there is a a sample fact find along with all the tax tables, you could then try a free trial of Voyant and try some report writing yourself of made up scenarios adding small contributions etc.
That's what I was going to do after the exams anyway.
I cheat on my reports. I either use the company's own templates or Genovo.
Actually, I don't use Genovo yet, but I've had a free trial. I'm using the templates at the moment
If you wanted some actual paraplanning experience have you thought of freelancing if you can't get it where you work? There are people here on the Big Tent that will welcome an additional pair of hands. I've done work for a couple of them in the past
That's a great idea @MB15. I suppose if anything it shows a willingness to employers that you really want to develop.
Andy I do remember looking at Genovo a few months back and would be something I'd probably look at if I did do some freelancing... Interesting, thanks very much!
Am I being too paranoid in that if I did freelance there would be a regulatory burdens to take into account?/ Declarations to make with my current employer?
Well... I took the view that my freelancing activities were being done outside of work hours, and were not impacting on my day job. I did throttle back a little bit when I got near to my exams, but took on more afterwards.
I forgot to mention to my employer...
In terms of regulatory burdens, you would need to get registered with the ICO which doesn't cost much (I think £35 if you pay by direct debit), but as far as the advice goes, you have nothing to worry about, as that is on the adviser. It's their name on the report, and they need to check anything you give them as they are presenting it to the client. My terms are clear on this, and in any event, my liability is limited to the cost of the work.
That's great Andy, I will take a closer look at doing this - part of the reason I wanted to find a paraplanning position is that in the longer term I could look at freelancing opportunities after building up the experience and skillset.
I have seen a few threads on freelance/ one person band use of platforms and research tools so I will look at these for some more detail. I.e. cost of licences. I imagine there would of course be an initial out lay to take into account for FE analytics etc.
Hi @CCatkins12 and @mb15 Just having a look at this thread thought I'd throw my twopenneth in!
Starting with the trainee paraplanner role, I'm certain that there are a couple of the larger companies like Brewin that have Paraplanner Academies so this might be something to look into. I know SJP are a dirty word to some people but they also have an academy and by all accounts, it's a very good training programme, so this is maybe something to try, if you are looking for experience.
You could also try looking at Client Services with report writing responsibility roles with companies; this may give you a foot in the door and whilst not paraplanning in full per se, it will give you a bit of experience on that side of things.
Report writing is obviously a massive part of the paraplanner role, but there are lots of other bits to it too and you are obviously doing the right thing, passing your exams and gaining knowledge, and asking for help on here! Another thing you could try is the PFS Connect mentoring https://www.thepfs.org/membership/benefits/connect/#:~:targetText=Connect is an online platform,would like to work together.
There are lots of people on here who may be able to give you some insight on how they got past the quandry that you're in, there may also be people on there who could give you a steer about which companies offer trainee places, so could be a good place to network and learn.
Re the freelancing, if you are working for an employer as well, I would be very careful with this. Lots of companies could see that as a conflict of interest which could create all sorts of issues with this for you. I would check your contract very carefully if this is a route you are planning on going down as I'm not sure all employers would be fully understanding if you don't make them aware of any extra curricular work, so to speak.
From a regulatory point of view, you would not be authorised and so you would not be responsible for the advice provided, but this would be covered in your TOB, which you should get done properly before taking on any work for anyone. You would need to register with the ICO as Andy said.
Freelancing could be a good way to gain some experience but, (and not wanting to put you off!) if I'm being honest, it would be a hard way to learn if you are working on your own with no other paraplanners, and haven't had much opportunity to work on real cases before the freelancing. Most of the freelancers and outsourcers I know have had a few years in house paraplanning and often as an employee of an outsource company before going out there on their own, because as an outsourcer, you are responsible for the product (report and case) you provide to your client, the adviser.
Re the J09 exam, this does count as points for chartered and fellow, and gives a really good background into how to prepare a file, and a case up to preparing a report. If your employer queries this, I would simply say you want to do this as it gives a good background to how you organise a client case, covers a wide range of subjects that you do in your role (make sure it does!) and gives a different perspective to how to look after a client. If you can demonstrate to them the benefit it will bring to the business and the value you could add to both the business and the clients as a result of doing it, (what's the commercial benefit to them as your employer?) then it's in their best interest to let you do it.
I would say though that if you are doing all of these exams, then just keep plugging away looking for a job because lots of people would bite your arm off to have you I'm sure! If you keep networking and putting yourself out there, something will turn up as good people are hard to find.
Sorry this is a bit of a long one, I hope it helps, and good luck with it all.😊👍
@CCatkins12 said:
"I have seen a few threads on freelance/ one person band use of platforms and research tools so I will look at these for some more detail. I.e. cost of licences. I imagine there would of course be an initial out lay to take into account for FE analytics etc. "
I use the financial advisers' own licences. There are a couple of reasons for this. Firstly, it saves you money. FE Analytics I understand is horribly expensive.
Secondly, the adviser can go back and access that client's details at any point in the future without you having to share logins, etc.
I know some outsourced planners have their own licences, so it may be worthwhile getting their view on that.
@Caro I really appreciate the detailed response you gave, thank you.
You've echoed some of my thoughts re. freelancing in that, an adviser would be paying for your time, expecting you to be a ready to go paraplanner.
I have started to look at the client support roles that do require you to write reports and have recently been getting some positive responses from firms now and have a couple of interviews lined up over the next couple of weeks!
I'll have more of a look into JO9 and see if there would be a case for my employer to pay for it as it seems like for the sake of a few ££s it sounds like a good introduction to paraplanning and even better if it goes towards chartered.
That's great @CCatkins12 excellent initiative! Good luck with your interviews and your case for J09, if you need any help with anything, just drop me a message