The Paraplanner’s role may be broken down into four key parts:
- Preparing and maintaining the client files – software entries
- Understanding and analyzing the recommendations to confirm that the compliance requirements are met
- Implementing recommendations
- Review external networks.
A. Preparing and maintaining the client file:
Generally the Financial Planner would collect the qualitative information (client attitudes, life goals etc.) leaving the Paraplanner to collect all the quantitative detailed information required to compile a financial plan.
Specific activities include:
§ Check all compliance paperwork is present
§ Confirm client risk profile is determined
§ Discuss client objectives with planner
§ Identify and obtain the information necessary to compile financial cash flow forecast
§ Compile draft net worth statement; income and expenditure statements and financial
§ Cash flow forecast and discuss with planner.
B. Understanding and analyzing the recommendations
- Identify areas for planning
- Undertake research both independently and with the Financial Planner to identify suitable solutions to meet the client’s needs
- Prepare information/comparisons for analysis.
- Complete current and future net worth and cash flow projection as per the recommendation.
- Prepare draft recommendation reports to be discussed/signed off by planner.
C. Implementing recommendations:
- Complete application / proposals forms
- Ensure all compliance paperwork is in order
- Make changes to clients’ investments as instructed
- Implement the chosen investment strategies
D. Review
- Organise future planning meetings with client as per the review period.
- Complete review packs in preparation for client meeting.
- Review investment portfolio, asset allocation, risk profile etc.
Key Skills:
- Excellent Verbal and Written Communication Skills