Anybody working in paraplanning or financial planning?

Hiker4879

Hi

I'm looking to switch careers to paraplanning. If anybody is working in this or the related field, I'd much appreciate any time you can give to answer some questions I have!

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.

I've started studying for the 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 it could potentially negatively impact demand for paraplanners in future?
• 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

Marcon

Hiker4879 said:

Hi

I'm looking to switch careers to paraplanning. If anybody is working in this or the related field, I'd much appreciate any time you can give to answer some questions I have!

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.

I've started studying for the 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:

1. Is paraplanning still a good career choice in terms of both current and future expected demand?
2. How will AI impact paraplanning, and if it could potentially negatively impact demand for paraplanners in future?
3. Does demand for paraplanners decline during economic downturns?
4. Once Level 4 qualified and with sufficient experience, is c. £45k salary achievable (NW)?
5. Would this be a good career choice for introverts?
6. Out of interest, what other careers could gaining Level 4/DipPFS lead to? (such as financial planning, compliance etc)
7. 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

1. Most good IFAs are run off their feet, so a decent paraplanner is likely to be well placed to find a support role
2. Do some googling. No careers are 'safe' from AI - sometimes it gives rise to more interesting work, other times...
3. Depends on the client base. Again, some googling would get you useful info
4. Look at what's being advertised in your area - and what sort of experience level is required
5. Not if you envisage being in any sort of client facing role
6. Probably most use in the two roles you mention, especially if accounting wasn't for you.
7. Yes. Get your CV in sparkling form and then send it speculatively to some of the larger firms in your area (see if you can get a named individual to whom you can send it), preferably by post, which is harder to disregard than an email. If you're in a position to take up an unpaid internship to get experience, say so. If not, ask if you could do a week's work experience with them - you'll get a lot of non-replies/refusals but if you don't ask...

Have you checked out possible apprenticeships in this area?