Questions from a prospective career switcher to paraplanning!
HikerSean
Member
Hello everybody
I've spent some time browsing the forum and this is my first post. This place seems to be made up of a friendly bunch, and any help or suggestions would be greatly appreciated!
For some background, I'm mid thirties. Originally studied accounting and finance at uni, and completed a graduate scheme in accounting for a Big 4 firm. Wasn't quite for me and I fell into working as a self-employed financial services contractor for 8/9 years.
Wanting to move out of contracting and start a new career, after much research I believe that paraplanning would be a suitable career choice. I've started studying for my DipPFS and I've passed my R01. I know that I'll have to start in an administrative role and progress from there.
However, I don't know anybody working in the field, and would appreciate any further information in relation to the main queries on my mind. Namely:
- Is paraplanning still a good career choice in terms of both current and future expected demand?
- How will AI impact paraplanning, and if could potentially negatively impact demand?
- Does demand for paraplanners decline during economic downturns?
- Once Level 4 qualified and with sufficient experience, is c. £45k salary achievable (NW)?
- Would this be a good career choice for introverts?
- Out of interest, what other careers could gaining Level 4/DipPFS lead to? (such as financial planning, compliance etc)
- I've noticed a lack of available administrative roles without previous related IFA/financial planning administrative experience etc - any tips for getting one's foot in the door?
And, anything else that I should be aware of or that would be useful for a prospective career changer would be very much appreciated.
Thank you 
Comments
I would definitely say paraplanning is a good career choice. As a wider industry, financial planning is very attractive as lots of advisers are close to retiring. This means more paraplanners are stepping into advising roles, which in turn reduces the amount of paraplanners. Separately, the demand for financial advice is only increasing as we get a population that is growing older.
AI will have an impact but we are long way off. Financial planning is a people business and clients prefer to deal with people.
Demand for paraplanners doesn't really decline during economic downturns. A large part of revenue for advice firms is recurring ongoing advice fees. This means an economic downturn doesn't impact advise businesses, as much as it does for other businesses.
Once you are level 4 qualified and have a decent amount of experience, £45k is definitely achieveable. In London, you could probably edge towards £50k+.
Yes, paraplanners is a very popular choice for introverts.
Other career options involve becoming a financial planner, compliance officer/manager or a business development manager.
I would suggest looking for trainee paraplanner roles, some of the major firms (SJP, Mazars) should have openings. They will be prepared to fund your exams and help you develop.
Thank you SA96 - much appreciated!