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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:
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What qualifications are needed to become a paraplanner?
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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?
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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?
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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.
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What is the difference between a paraplanner & a contract paraplanner?
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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.
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What is the career progression for a paraplanner?
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The most common career progression for a paraplanner is:
Within a retail banking environment, the progression is often: |
What salary does a paraplanner earn?
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For more details of a paraplanning salary range, read our article on paraplanner salaries.
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What are some of the tasks that a paraplanner performs?
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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:
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