Then it was a relatively new discipline that sat somewhere between administrator and financial planner.

What is unchanged over the years is that at a most basic level a paraplanner works alongside an adviser and drafts the client advice report. However, in 2015 a great paraplanner is a lot more than just an adviser’s glorified assistant.

A good paraplanner can add real value to a firm in terms of creating capacity for its advisers, allowing them to spend more time with clients and therefore driving more income.

They often become a source of referral and guidance and are there to ensure that any advice is suitable, of the very best quality and fully documented on the file - critical in the compliance-orientated post-RDR world.

This guide spells out what a paraplanner can deliver for your business, the cost to your business of having such a resource and how to make sure you attract and retain top talent.

Supporting material was provided by: Emma Watson, technical development and quality specialist for Towry; Damian Davies, director and founder of Timebank; and Linda Todd, head of operations at Bankhall.