Aifa: separating client-facing and admin staff could cut IFA costs

And put admin staff on self employed contracts to reduce EBR and therefore capital adaquacy requirements.

What is new about this ?

Firms have been doing this for years but they still have to pay the market rate for good admin staff and they are not easy to find.

I agree John, its something that we really struggle with even if offering above average wages for the area - and we are in a cracking location. Finding a Paraplanner with DipPFS or APFS would be like hunting for a transparent needle in a haystack!!

With less graduates etc coming into the industry because they'd rather not be classed as rip off bankers and an interesting work ethic that they seem to have now a days (I'm no where near the average IFA age and even I've found they want the moon on a stick but giving as little in return, nice job if you can get it but not here my love!!) I feel it will get harder before it gets easier!

Agree with Sam, the future is self employed paraplanners etc hired when needed to meet the capital adequacy requirements.

As few staff as possible.

I dont want to jump on the bandwagon of kicking AIFA when down, however we do not hear anything new from AIFA, providers or other revelation sources and really they could do with being more focussed on what they can do well whatever that may be. they are not the sources I would use for important information.

I have been a career Paraplanner for 11 years, and am qualified to both Chartered and Certified Financial Planner level. Needle in a haystack? Not at all. I can't find anyone out there who is willing to employ someone at my level outside of central London. A significant number of local firms don't seem to want/can't afford technical people, and prefer a paraplanner to spend as much of their time in an Administrative/Account Manager role as writing suitability reports. I'm now finding that I am too qualified for the requirements of the marketplace, and very, very few people are willing to pay a bit extra for someone with broader skills.

Whilst I would entertain the idea of self employment to work with the right people, this is a huge risk both personally and financially, and leaves me very vulnerable.

Guess I've just got to keep looking...