Paraplanner Zone: Kobir Rahman

How important are paraplanners to a firm's survival? "Well", Plutus Wealth Management's partner Robert Forbes says, "how important is food to my survival?"

Kobir Rahman, a consultant at Plutus Wealth Management, holds the CF1, CF3 and CF4 qualifications and is working towards his FPC in early 2010.

Rahman hopes to study towards Chartered Financial Planner status, before possibly looking at specialising in aspects of taxation and Islamic Shari’ah finance.

Q: What is your average day like?

A: My role is slightly unusual in that I sit in on a lot of client meetings. Because clients know me I’m the first point of contact for them so I deal with a lot of client enquiries, as well as the more routine administration work of course.

Q: What skills should a good paraplanner possess?

A: Good organisation is paramount, but as the role of the paraplanner evolves, other aptitudes are becoming important, such as gaining a detailed knowledge of the financial markets, as well as working on your people skills.

Q: Which are the main client concerns at the moment?        

A: There has been a noticeable upsurge in tax queries from clients – capital gains tax and IHT, for example – and more generally people want to know how to make the most of their tax-free allowances. This is especially the case among our high-net- worth clients, some of whom have intimated they may move abroad if they can’t find ways to offset the new higher rate of tax due in next year. This is particularly the case with bank employees not tied to the UK and foreign nationals.

Q: What are your career goals?

A: After graduating last year I wanted to get into a client-facing finance role. As I needed a way into the industry I started to work while doing my exams as a para-planner. I hope to have completed my studies by next March, at which point I hope to become an IFA. I’m well aware of the RDR, the concept of the new model adviser and the impact those changes will have on the industry, so it is a good time to get into paraplanning. I really enjoy interacting with clients, which is why I want to become an adviser, but paraplanning in itself is a worthwhile career.

Q: How is the role of paraplanner evolving? Are paraplanners now more client-facing than they were?          

A: It is evolving from a largely admin-orientated background role into one that is more actively involved with clients. As portfolios become more bespoke, an important knowledge of the financial markets and clients’ individual needs will be of paramount importance to paraplanners. I have met a lot of paraplanners whose role is more traditional, more of an analyst’s role, but Plutus encourages client interaction as it not only allows us to get to know the client, but just as importantly it makes our role more transparent for the client.

Q: How are paraplanners perceived by IFAs and clients?

A: I think as paraplanners become ever more client-facing, clients will begin to appreciate the value of the role. Advisers already have an appreciation of the work we do; they only have so much time and paraplanners are integral to helping them apportion that effectively.

Q: What is the most rewarding part of being a paraplanner?

A: I think the fact that as well as getting paid to do a job I genuinely enjoy, I’m learning so much and garnering a lot of practical experience. I also find dealing with clients immensely rewarding: reviewing a client’s case and seeing plans you have helped implement coming to fruition is always satisfying.

Q: Top tips for paraplanners?

A: Enthusiasm for the job is essential, because the administrative aspect can get quite dull, but you need to look at the broader picture. I think it is important to become involved with clients on a face-to-face basis early on. I know this isn’t usual for paraplanners, but establishing a relationship of trust with clients is important, not only because you are helping to manage their money but also because they will see you as a first point of contact when they want a more informal chat.