Rising demand for paraplanners has seen significant increases in general salary levels, recruitment agencies have claimed.
Nick Tagg divisional manager, financial services and insurance division of Parkside Recruitment said: “As a ball-park figure, we have seen a 25 per cent increase in demand for paraplanners over the past year, and they are in high demand.”
He added: “In terms of salaries, three years ago the range was approximately £25,000 to £35,000 a year. But now they tend to start at £35,000 a year rising to £60,000-plus in some instances in London.”
Alex Hornall, senior consultant at Hays Financial Services, agreed that average salaries were on the rise.
He said: “A level 3 qualified paraplanner can typically command a salary of between £28,000 and £40,000 in London. Diploma qualified candidates can get anything up to £50,000, with chartered paraplanners attracting levels of £55,000 plus.
“Employers are crying out for high-quality professionals. For example, I know of a successful wealth management firm in Berkshire that recently had to withdraw its paraplanner vacancy due to an insufficient number of applicants for the role.”
Damian Davies, director of The Timebank, said: “It is no surprise to see that paraplanners are seeing their salaries increasing, as they have been a rare commodity. The thing I have most frequently heard from people is ‘I cannot find a good paraplanner’ – with emphasis on the word ‘good’. But I think that has plateaued now.”
Data from the Association of Professional Staffing Companies for the three months to August showed permanent vacancies in the finance and accounting sector rose 17 per cent compared with the same period last year. Apsco’s figures also showed that median salaries in financial services rose 10.6 per cent over that time.
Martin Dodd, an adviser at West Midlands-based IFA Midlands Investment Agency, said: “I spent the early part of my career as a paraplanner. It is necessary for you to be a jack of all trades to a certain extent. There is a definite increase in demand because advisers are so under pressure time-wise, so they need additional support more than ever. There is also growth in supply as I find I am increasingly being contacted by employment agencies asking if I am seeking to employ a paraplanner.”