New career path opens up for paraplanners
Last year we did some research on the trajectory of career paths in wealth management and interestingly, yet not surprisingly, the results revealed paraplanners were frustrated with the lack of new career opportunities available to them. Recently however, ongoing scrutiny of the financial planning industry and a renewed focus on oversight has seen the emergence of new governance and compliance roles in the financial services sector.
We’re seeing a rapidly growing need for professionals with financial planning experience and strong technical knowledge to take up new compliance roles to meet the demand for greater governance. Such skills are often attained and honed by paraplanners who may have spent years working alongside senior financial planners and have a strong knowledge of due process and regulations.
Right now I’m working with clients looking to recruit professionals with the right skills to enhance the financial planning process for consumers, ensuring it is both technically robust and passes the best interest test. Such roles offer technically proficient financial planning professionals a rare opportunity to deploy their core skill set, working alongside high calibre teams which include analytical and technical finance professionals with qualifications in related disciplines who know how financial planning and business works.
We have been inundated with responses from candidates who meet the skills requirements and are eager to shift their career in a new direction. These roles have created a great opportunity for paraplanners who may be restricted in a boutique practice to gain further exposure and grow their technical skills. The roles also appeal to senior advisers who have some 10 to 15 years’ experience in financial planning who are looking for a unique, compliance-focused position to add an extra dimension to their skill set and experience.
With FOFA legislation looming and ongoing scrutiny of the sector a certainty, we expect to see more of these emerging roles creating a new career path for the right professionals.
If you’re a paraplanner looking to take the next step in your career, contact me at firstname.lastname@example.org or call us on 03 8399 9300