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Paraplanners critical for a successful firm, claims adviser
London-based IFA Bradbury Hamilton has called for a greater number of firms to incorporate paraplanners into their businesses to keep the advice market healthy.
Managing director Sheriar Bradbury said contrary to popular belief within the intermediary community that paraplanners are an unnecessary cost, they are actually instrumental to success.
He said: "An experienced paraplanner can take on other roles such as running investment review services and managing junior staff, all in all, they are seriously under-utilised.
"Particularly when you consider that in a TCF environment highly qualified paraplanners can often ensure the firm's compliance, which is why we pay for all our paraplanners to complete professional qualifications, not only for their own personal development but to ensure the robustness of the whole advice process."
Bradbury said paraplanners were even more critical now advisers' 'bread and butter' income previously generated by mortgages had all but dried up.
He explained a paraplanner could ensure that advisers' time is not wasted writing reports and running service propositions, rather than generating new income streams and maintaining existing ones.
"The financial advice process in the UK is going through considerable change and the winning proposition for successful firms of the future will mean providing the client with ongoing service and quality advice from well qualified advisers who only advise, backed up with a highly qualified specialist team.
"Firms will be able to do this through the prudent use of paraplanners. Those that don't may struggle to survive."
