what is a paraplanner?

As a paraplanner, your job is to handle administrative tasks and support financial professionals in a financial services or investment firm. This allows financial planners to spend more time advising clients. Your duties may include managing schedules, data entry, and filing. Initially, you may only perform back-office tasks as a junior paraplanner. However, as you gain experience, you may also take on some client-facing tasks, such as meeting clients on behalf of the financial planner.

Your main responsibility is to review investment portfolios and suggest financial services that can benefit the client. You analyse a client's financial data and recommend ways to improve their investments. You plan meetings with clients since you provide support to financial advisors. You work in financial institutions like banks and investment companies, as well as organisations that offer financial services or loans to clients. These organisations may include building societies, manufacturing, mining, and telecommunication companies.

As a paraplanner, you need organisational skills to manage schedules, teamwork skills to collaborate with other professionals, and technical expertise to create documentation for investments. You should also possess analytical skills to research and evaluate financial data before offering the best financial products for a client. Remember, your role is to support other financial professionals.

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average paraplanner salary

As a paraplanner, your remuneration package fluctuates based on experience and qualifications. The average salary of a paraplanner is $70,000 to $80,000 per year. When you are new in the role, you start in a junior position with a remuneration package of $75,000 annually. With years of experience, your earnings may increase to over $90,000 yearly.

what factors influence the salary of a paraplanner?

Your salary is dependent on your qualifications and work experience. If you hold a bachelor's degree, you are more likely to earn a higher salary since you can take on additional client-facing tasks such as building relationships with clients and attending meetings. With only an advanced diploma or Certificate IV course, you may earn a lower salary initially, but your earning potential will increase as you gain more experience.

In addition to qualifications and experience, the size of the organisation you work for also plays a role in determining your salary. Typically, working for a larger company will result in a higher salary due to the increased complexity of responsibilities. Conversely, working for a smaller company means working with a smaller team of financial advisors, resulting in a slightly lower salary.



types of paraplanners

The common types of paraplanners include:

  • in-house paraplanners: as a paraplanner, you can work in-house for one company. In-house paraplanners usually work for financial services companies like investment banks and financial institutions. You work with one financial advisor or provide administrative support to financial planners in your department.
  • outsourced paraplanners: as an outsourced paraplanner, you work independently as a freelance contractor and collaborate with multiple firms for shorter periods. This allows you to work with financial advisors who specialise in various niches within the financial industry.
smiling males having a meeting
smiling males having a meeting

working as a paraplanner

Although paraplanning is a supportive role, your expertise and contribution are highly valuable to the company. Below are the specific duties, schedules, work environments, and career opportunities that come with this role.


education and skills

Some of the educational qualifications of a paraplanner include:

  • tertiary qualification: pursue a tertiary qualification to learn the industry-relevant skills of becoming a paraplanner. For instance, a Certificate IV in financial services introduces you to the role. However, if you aspire to become a paraplanner, consider completing an Advanced Diploma in paraplanning. If you are considering moving to a financial advisor role, complete an accredited bachelor’s degree in business or financial planning.
  • work experience: you require industry experience to excel as a paraplanner. Consider seeking an internship opportunity while studying to gain experience. An entry-level role, like a junior paraplanner or an assistant in the finance team, prepares you for the role.

paraplanner skills and competencies

Some of the qualities of a paraplanner include:

  • organisational skills: as a paraplanner, you manage large volumes of financial data, and organisation skills help you improve efficiency. With organisational skills, you can plan your schedule and organise things in the office. Strong organisational skills help you meet deadlines and work effectively to ensure the needs of every client are met.
  • analytical skills: as a paraplanner, your job involves reviewing financial data for clients. You require analytical skills to take an in-depth look at the finances and data provided during financial analysis. You also translate complex information to simple terms and determine how to fix problems that arise.
  • attention to detail: as a paraplanner, you complete many tasks simultaneously, especially when reviewing clients' financial data. It is important to complete your job accurately and minimise room for error. Your detail-oriented skills help you improve accuracy when analysing large sets of data.
  • teamwork skills: as a paraplanner, you require strong teamwork skills since you collaborate with various professionals in financial services. Being a good teammate involves practising empathy, humility and being a good communicator.

FAQs about working as a paraplanner

Here, you will find the answers to the most frequently asked questions about the profession of a paraplanner.

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