Paraplanner Job Description
Throughout the course of an individual's life, the amount of financial information that can accumulate can be difficult for even a highly trained personal finance adviser to make sense of, especially when an adviser has as many as 100 clients. In order to help manage this large work flow, financial advisers need more than just personal assistants. They need highly skilled paraplanners.
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Function
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Paraplanners work for financial planners performing administrative tasks such as calculating figures and entering in client data. According to paraplanner Erika Preston, the main part of the paraplanner's day involves compiling data so that the client can have a full understanding of his finances. The paraplanner is also responsible for providing the client with risk-related data. These paraplanners are needed in order to free the financial planners up for performing tasks that only they are qualified to do. Paraplanner also perform secretarial work such as answering phones, but with more thorough knowledge of the financial situations of the clients calling. Many paraplanners eventually move into financial planning positions, according to Rick Miller of Investment News. However, these paraplanners cannot give out financial advice until they are promoted to the position of financial advisor.
Conditions
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Paraplanners usually work the standard 9 to 5 work week, five days a week. A great deal of stress can be placed on paraplanners since they must get financial data correct. Most of the time that paraplanners spend working is sedentary, often writing reports. Paraplanner Erika Preston said she writes one to three client reports per day.
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Skills
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Many paraplanners have only taken one course in financial planning basics and other paraplanners are trained completely on the job. There are certificate programs available to paraplanners such as the Chartered Insurance Institute's (CII) Financial Planning Certificate. Interpersonal skills are essential since paraplanners need to interact with clients on a daily basis. Time management and multi-tasking skills are also needed since paraplanners are usually managing several tasks simultaneously.
Outlook
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Between 2008 and 2018, the need for finance advisers is expected to grow by 30 percent. Growing with these financial advisers are their assistants. The need for paraplanners continues to grow as financial planners acquire increasing numbers of clients. The growth in the need for these kinds of workers is driven by many retiring Americans who need planners to manage retirement accounts.
Earnings
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Payscale.com reports that the annual earnings for a paraplanner can range from $33,052 to $56,101. Entry-level paraplanners can sometimes earn as much as $49,132. They are paid the most by private practices and firms, while they are paid the least by franchises.
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References
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