IFP Paraplanner Conference: £27k, 36 years old, female

How much do you know about the average paraplanner and their aspirations?

Paraplanners are set to play a vital role in altering perceptions of the financial planning industry and driving change but who are they?

Speaking at the Institute of Financial Planning (IFP) Paraplanner Conference, Gemma Davies, a certified financial planner with Bluefin Wealth management, cited new research by NMG Consulting, which highlights the demographic differences between IFAs and paraplanners.

It showed the male-female split among paraplanners is 53%-47%, while 91% of IFAs are males.

Meanwhile, at 36, paraplanners are on average 12 years younger than IFAs, and Davies insisted they represent the future for advisory firms.

She said: "If we're going to change public perception of financial planners as being male, middle aged and middle class, isn't this a great gene pool to choose from.

"Let's face it, our clients don't fit into one social group, so why should we?"

"This is why I firmly believe paraplanners can become a part of the financial planning elite if they want to."

Davies also said 2010 had been the year in which the industry gained better understanding of the role for paraplanners and insisted the retail distribution review would further cement their importance.

NMG's latest paraplanner census, which is based on a survey of over 200 paraplanners, also showed their average income is £27,000, with 71% either hold or are working towards a Level 4 qualification.

The census also backed the idea of paraplanning being more than just a stepping stone to become an IFA, with 60% saying they want to remain in their current role.