Based on current industry research, the time that an average paraplanner in a financial advice business stays in their role is 18 months to 2 years. After this amount of time, they typically either decide to leave the profession or move on to a financial adviser role. The reasons for the move to financial advising are typically:
- More responsibility within financial advising role
- Higher pay structure as a financial adviser
- More autonomy
- Less administration (although this is questionable)
- Hire another junior paraplanner, invest in training and spend (on average) three months getting the paraplanner to a point where they are confident to take on mid-level advice documents.
- Hire a senior paraplanner and spend (on average) one month training them in your systems.
- Hire an outsourced contract paraplanner (either an in-house paraplanner or an off-site paraplanner). The training time for paraplanners whom I have overseen (offsite outsourced paraplanners) is typically one to two days.
- A combination of the above options.