One of the best things about being a paraplanner is not having to bring the work home with you, according to last year’s Personal Finance Society paraplanner of the year.
Speaking to FTAdviser, Marlena Eltringham, a paraplanner at BRI Wealth Management, said there are a number of great reasons to become a paraplanner, but good pay and work-life balance top the list.
Asked whether she would recommend a career in paraplanning to a recent graduate or school-leaver, Eltringham was quick to answer yes.
“It’s great because you can progress - you have challenges and technical queries, but it’s never boring and it’s well paid,” Eltringham said.
I remember studying for my exams with my notes in one hand and a dictionary in the other“If you want, you can become an adviser in the future as well but what I like about it in particular is that I go to the office, I do the best of what I can in those eight hours and then I go home and I can focus on my family and my private life.”
Eltringham is a seasoned paraplanner at this stage having worked in the industry since moving from Poland to the UK in 2006.
Reflecting on her career so far, Eltringham recalls that building a career and making a home in a new country was no simple feat in the early days.
“It was very challenging. I remember studying for my exams with my notes in one hand and a dictionary in the other.
“My English wasn’t very good at the time, I had the basics but within the industry you needed the relevant vocabulary,” she said.
Like many, Eltringham was not familiar with what a paraplanner did before she started in the profession, and having completed a masters in economics before moving to the UK, she did consider going down the adviser route when she first moved here.
However, after building some experience in paraplanning she decided that advice was not for her.
“When I finished my studies I got married in the same year and we planned a family. When I realised how much time advising takes - it’s not only an eight hour job with client events and networking - I thought I’m not going to do it."
“In 20 years time if you ask me again - maybe,” Eltringham added.
Having been with BRI Wealth Management for 12 years, last year Eltringham was looking for a new way to challenge herself and stand out in the industry.
That was when she decided to enter the Personal Finance Society’s awards.
Eltringham said she never expected to win paraplanner of the year but described it as “a great experience”.
“I got the qualifications 10 years ago so I had good paraplanning experience and I didn’t really want to do any more exams - I have two young kids so I didn’t really want to spend time at home studying when they needed me.
“So I was looking for something to do to progress and I wasn’t sure what would be best, but then I heard about the awards and thought it would be a great top-up to everything I’ve achieved so far.
“It was really amazing. When I entered it I didn’t know what to expect and didn’t even think about getting to the final,” Eltringham said.
Paraplanner retention
Speaking about some of the issues in the sector at the moment, Eltringham acknowledges that staff retention is a challenge for firms.
In her view, above all else, offering a decent salary package is the number one thing a firm can do to keep staff.
"At the end of the day we work for money because we need to provide for ourselves and our families. So a good basic salary and other benefits like pension contributions, private medical or income protection would be good - and potentially a bonus," Eltringham said.
"The environment at work is also very important. We spend eight hours a day, five days a week at work. It's like our second home so we want to work in a nice environment with a nice team."
jane.matthews@ft.com
