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Cathi Harrison started outsourcing group Para-Sols in 2009. She is based in the North East but has clients right across the country.
Cathi Harrison started outsourcing group Para-Sols in 2009. She is based in the North East but has clients right across the country.
Q. How did you get into paraplanning?
A. I started considering potential career options when I was in the final year of my Business and English degree. Financial services was mentioned and really appealed to me. I thought the only options for me were as an administrator or adviser and I managed to find a job doing sales support at an IFA with a firm view to progressing to adviser level.
I completed my Certificate in Financial Planning in 10 months and started on my Diploma and was promoted to paraplanner. I really enjoyed that role, so after four years, at two different firms, I decided to set up my own outsourced paraplanning business, Para-Sols.
Q. What is your daily/weekly routine?
A. My typical day consists mainly of doing specific work for clients, such as the research and report writing. However, I will also spend part of my day speaking with potential new clients and working on my website and blog, to make sure they are up to date.
I spend time attending industry seminars and conferences. I have to be careful to choose the ones that are most beneficial for updating industry knowledge as if I tried to attend them all I would never get any work done.
On top of this, I will sometimes go and visit a financial advice firm to work with them to implement new systems and train their staff, as well as doing their paraplanning. So each day can be really varied.
Q. What qualifications do you have?
A. In addition to my degree, I hold the Certificate in Financial Planning and the Diploma in Financial Planning. I have also started on my Advanced Diploma and aim to be Chartered by this summer.
In addition, I will be putting in for the new paraplanning exam which is being launched by the IFP towards the end of June. I think it is extremely important as a paraplanner to keep up-to-date and exams are a great way of doing that. They also give the advisers you work with confidence in your ability.
Q. What qualities should a good paraplanner possess?
A. As well as having the aptitude to be continuously learning, and the ability to explain sometimes complicated matters in a straightforward way, a paraplanner also needs to be a good ‘people person’.
They deal with such a range of people in so many capacities including giving support to the IFA, mentor to sales support, point of contact for clients.
They are often now the contact for insurance company reps to update on current products and so on. I think the ability to empathise with each of these people in each of these roles is a great quality in a paraplanner.
Q. How is the role of paraplanner evolving?
A. I think everyone in the industry is now starting to understand that, not only is paraplanning a core role within an IFA firm, but the role is far from at its peak and is going to grow and develop over the years.
Paraplanners now have their own awards, and their own National Occupational Standards and qualification will be in place by the end of this year. It goes without saying that it is now a profession in its own right.
I am also interested to see what happens to the role in 2012. I know several advisers who have said they will stop advising then and will instead go into paraplanning. It should be a very interesting time.
More information can be found at www.para-sols.co.uk
| Comment | Paraplanner Zone: Cathi Harrison |
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Strange comment by Peter Taylor...
Why would anyone object to having a group of people dedicated to improving their skills and abilities to allow Financial Planners to concentrate on the 'get to know clients part' to which he refers. I do the client facing part and the involvement of a Chartered and Certfied paraplanner in my business allows me to do more of that and do it better. That is surely the definition of win win. Steve
Posted by: Steven Martin
Each to their own but.....
Steven has said what I am thinking. I guess Peter does all his own research, report writing, analysis, administration, compliance then which does leave me wondering how he finds any time to 'create clients'. There does appear in some circles to be a view that paraplanners are second class when compared with planners. In most of the successful businesses I have seen, there is a team approach to ensure that each person maximises their own skills to provide a better service to the client. That often involves a planner, paraplanner and administration team all of whom are happy and able to work with clients and have no phobias about doing so. Just for the record Peter, I have my own business which involved me opening doors, 'creating' clients and providing tailored solutions for them. My clients happen to be financial planners and IFAs and I do not have a phobia about dealing with them.
Posted by: Richard Allum
Each to his own, eh (or her own!)!)
Congratulations to Cathi on a great article, and good for her - posing a question about the future. Personally, I got the qualifications long before I really learned to sell. (Of course, I didn't see it that way at the time...) Peter Taylor's right - that we're no use to our clients without the sales skills, but we can ALL learn them. We're also no use to our clients if we don't keep abreast of new tax/markets/laws/opportunities. I'm one of Cathi's customers... and Richard's, in fact! They both do a marvelous job. I'm not sure that the, er, 'failed' advisers will make good paraplanners, though Cathi; they'll be too bossy, trying to advise by proxy. I know this because I was one of those, once! Perhaps
Posted by: Flora Maudsley-Barton
Client Phobia - far from it!
I also find Peter's comment strange, I have been a Paraplanner for 2 years now and a large part of my job is dealing with clients face to face/ on the telephone each day. I dont offer advice to these clients as I am not qualified to do so however I spend a large amount of time going over products etc with them, whether the adviser is with me or not. However I have to add that I have no intention of 'selling' to clients in the future, this is not my forte nor would I expect the advisers I work for to expect me to do this. The 'back office' support I provide enables them to spend longer dealing with clients and providing them with the advice, as after all thats what they aim to do!
Posted by: Heather Allison
Centre of the world
No surprise really with Peters comments advisers have always thought themselves centre of the world. Surely the whole approach is team based,as an ex adviser who can create clients, i'm actually making one now. I have always appreciated the efforts of the admin teams or paraplanners who I see as essential in getting the job completed and crucial in organising the business so that time is created to service and see new clients. As a paraplanner I speak to clients constantly, in fact they generally prefer to speak to me as i'm more likely to be in the office rather than playing golf, or eating some grannies biscuits :)
Posted by: Mungkey Magic
client phobia!
Seems to me that Peter is typical of the 'old style' adviser that all of the changes wit RDR is trying to get rid of. I bet he takes maximum commissions and thinks his clients are lucky to have him! He needs to enter the 21st century and bring his business model up to date - or - better still just leave the industry!
Posted by: Sue Holmes
client phobia!
Seems to me that Peter is typical of the 'old style' adviser that all of the changes with RDR is trying to get rid of. I bet he takes maximum commissions and thinks his clients are lucky to have him! He needs to enter the 21st century and bring his business model up to date - or - better still just leave the industry!
Posted by: Sue Holmes
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Client Phobia
Paraplanning:for those who can't open doors. the future will be full of 'Chartered planners'or back office advisers who have the time to study, whilst we develop and get to know clients to provide specific sdvice. To all those who create clients and provide tailored advice, I salute you.
Posted by: Peter Taylor