Emma Watson, technical development and quality specialist for Towry, says one of the biggest frustrations for paraplanners occurs where the information advisers are gathering from clients falls short of the information needed to formulate and demonstrate the suitability of the advice.
To keep an in-house paraplanner happy, Ms Watson says advisers need to work with them and see them as essential support for themselves and their clients. In terms of ongoing development, Ms Watson says advisers should think about the remit of the role that can be offered.
Unless the adviser is part of a large firm, Ms Watson says career opportunities in paraplanning can be limited if the individual does not want to move on to become an adviser.
Ms Watson says: “By offering a role that involves lots of client contact, the ability to manage other team members and even the possibility of giving limited advice to clients, you can offer career and skills development.
“Support with qualifications is a valued benefit with many employers offering free study materials, exam incentives and study leave to encourage their paraplanners to progress.”
Linda Todd, head of operations at Bankhall, recommends to keep and develop your paraplanner don’t just sign them up to exams but provide them with the time to study together. Community and a sense of belonging is key.
Towry’s Ms Watson encourages advisers wanting their paraplanners to feel valued and developed to get them networking.
She says: “There is a real paraplanning community out there now so supporting attendance at events such as the Paraplanner Powwows and the annual IFP conference is important.
“It will motivate your paraplanner and help them bring fresh ideas into your firm.”
Damian Davies, director and founder of Timebank, says you should create an effective training and competency scheme. He says this was one of the hardest things his company did, and it is still evolving, but it gives each person control over their future.
Mr Davies says: “If someone wants to develop through exams, practical implementation or just experience, a T&C scheme will create a path from where they are to where they want to be.
“All the employer needs to do then is support them and help them make their own decisions. Never force someone into a direction of your choice – it has to be theirs.
“Finally, allow an individual to follow their passions, as it will be beneficial to the business.
“For example, we have two jobs in The Timebank; support and paraplanners. Then, within these jobs each individual can develop their own roles, such as account management, sales, management, training or anything else they want to do.”
