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What is a Paraplanner or Paraplanning?​

Many times we've been asked What is a Paraplanner or What is Paraplanning? 

Our definition of a paraplanner is:

A paraplanner is a person within the Financial Services industry that prepares Statement of Advice documents, financial modelling and other financial planning documents.

To further define this role, we will look at answering:
  • What qualifications are needed to become a paraplanner?
  • Why do financial advisers need paraplanners?
  • Where do I find a paraplanner in Australia?
  • What is the difference between a paraplanner & a contract paraplanner?
  • What is the career progression for a paraplanner?
  • What salary does a paraplanner earn?
  • What are some of the tasks that a paraplanner performs?
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What qualifications are needed to become a paraplanner?

Under the Australian Corporations Act, individuals looking to provide financial product advice to retail clients are required to meet initial and ongoing educational requirements as outlined in ASIC Regulatory Guideline 146 (RG146). These RG146 guidelines are also used by employers looking to hire paraplanners with relevant financial planning knowledge. There are several qualifications that paraplanners who work for Paraplanner.com.au hold. These qualifications include the current Advanced Diploma of Financial Planning, the Advanced Diploma of Financial Services, CFP and various Bachelor degrees related to Financial Planning.

We would recommend that future paraplanners complete the Kaplan Advanced Diploma of Financial Planning course (either via distance education or at their offices, with an estimated cost of $2,000). Another option for study to become a paraplanner is to partake in paraplanner training provided by larger dealer groups (such as AMP). The benefit of these programs is that the study is often fast-tracked and offered at a subsidised cost or no cost at all.

Why do financial advisers need paraplanners?

As financial advisers often have past experience of being in a paraplanner role, advisers can be technically able to complete Statement of Advice documents and utilise financial modelling software.
The main benefit of using an outsourced paraplanner is that advisers can focus on seeing more clients leading to more sales. From our experience, advisers can find it difficult to block out 6-8 hours of time to complete a Statement of Advice without distractions. By operating off-site, the distractions are very limited for contractors and assist in faster turnaround times and minimal changes to the finished Statement of Advice.

Where do I find a paraplanner in Australia?

You've come to the right place. Paraplanner.com.au offers Australia's most comprehensive network of experienced paraplanners to enable you to find your next team member. If you are looking for a paraplanner to work in your office for an administrative role or to be promoted to an adviser, we recommend that you advertise on SEEK or MyCareer in order to find the best paraplanning candidate.

What is the difference between a paraplanner & a contract paraplanner?

We would love to say good looks but the real answer is that a paraplanner is often employed to work on-site in the adviser's office receiving a full-time salary whereas a contract paraplanner is utilised on a variable contract with no fixed term, no SGC or leave payments by the employer & no set ongoing payments. We see this flexibility as a win-win for employers and paraplanners.

What is the career progression for a paraplanner?

The most common career progression for a paraplanner is:
  • Administration Assistant (est. salary $40,000pa)
  • Junior Paraplanner (est. salary $50,000pa)
  • Paraplanner (est. salary $60,000pa)
  • Senior Paraplanner (est. salary $80,000pa)
  • Financial Adviser (est. salary $100,000pa) or Contract Paraplanner
  • Practice Owner or Senior Financial Adviser (est. salary $120,000pa+)

Within a retail banking environment, the progression is often:
  • Customer Service Officer
  • Lending Officer
  • Associate Financial Adviser / Paraplanner
  • Financial Adviser
  • Senior Financial Adviser
  • Servicing Adviser

What salary does a paraplanner earn?

For more details of a paraplanning salary range, read our article on paraplanner salaries.

What are some of the tasks that a paraplanner performs?

Each paraplanning role has a slightly different focus and can have more focus on areas such as client meetings, research, financial modelling or administration.
Some common tasks include:
  • Prepare Statement of Advice documents and update Statement of Advice templates
  • Prepare Record of Advice documents
  • Prepare financial planning file notes
  • Perform financial modelling
  • Manage outsourced paraplanning staff
  • Compare different financial planning modelling scenarios for clients
  • Prepare personal insurance cover quotes
  • Enter client data into financial planning software (popular software programs are COIN, Xplan & Midwinter)
  • Update model portfolios based on research house views
  • Follow up information from fund managers, share registries & banks
  • Prepare client review documents related to investment strategy and portfolio re-weighting
  • Maintaining client files (electronically and physically)
  • Prepare letters to clients
  • Complete client application forms, rollover forms & redemption requests
  • Print and bind Statement of Advice (previously known as Financial Plan) documents
  • Make client phone calls to follow-up information
  • Client appointment scheduling
  • Check adviser process for compliance
  • Update or be trained in financial planning software when new versions are released
  • Update financial planning templates
  • Update approved product list
  • Complete ongoing training
  • Segment client groups according to business needs and service packages
  • Training of other paraplanners
  • Run client seminars with a focus on different strategies (common topics include Aged Care, Debt Reduction, Pre-Retirement Planning, Post-Retirement Planning, Superannuation, Self Managed Suprannuation Funds (SMSF), Gearing, Insurance & Centrelink issues)
  • Keep up-to-date with technical knowledge, PD schedules & appropriate strategies
  • Manage adviser's diaries
  • Reception work
  • Follow up of sales leads
  • Website management

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