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Celebrating the past and shaping the future of paraplanning

Celebrating the past and shaping the future of paraplanning

Celebrating the past and shaping the future

I have taken over the reins of this column from Richard Allum, managing director of The Paraplanners. I want to thank him for some great articles and use my first attempt to review the past 10 years of paraplanning, and look to the future.

Richard and I started our businesses at the same time. We have both ridden the waves of regulatory and professional change.

When I started at the Timebank, I often had to explain what paraplanning was before explaining why people should consider outsourcing it. Now people understand a paraplanner can help them deliver their service proposition quickly and effectively.

A great deal of this is down to people like Richard trundling around the country, speaking at events and explaining what paraplanners do and how they do it. So from me, and on behalf of everyone, well done, Richard, and thank you!

As to the future…

So what about the future of paraplanning? I think it is very healthy. As to what shape the industry will take, it is really up to us.

A paraplanner’s job is to be a critical friend to the adviser, be creative and constructively challenge advisers’ thinking.

The natural extension of this is for paraplanners to become the technical hub of an advice firm.

Once an adviser has drawn up a financial plan for a client, the paraplanner can apply that strategy at a tactical level and make sure the individual advice works appropriately.

Delineating the responsibility in this way ensures that the two parts of the advice process, strategic and tactical, are completed by the right people.

Damian Davies is director at The Timebank

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