What is a paraplanner or paraplanning?
Many times we've been asked What is a Paraplanner or What is Paraplanning?
Our definition of a paraplanner is:
A paraplanner is a person within the Financial Services industry that prepares Statement of Advice documents, financial modelling and other financial planning documents.
To further define this role, we will look at some of the tasks that a paraplanner performs. Each paraplanning role has a slightly different focus and can have more focus on areas such as client meetings, research, financial modelling or administration.
Some common tasks include:
  • Prepare Statement of Advice documents and update Statement of Advice templates
  • Prepare Record of Advice documents
  • Prepare financial planning file notes
  • Perform financial modelling
  • Manage outsourced paraplanning staff
  • Compare different financial planning modelling scenarios for clients
  • Prepare personal insurance cover quotes
  • Enter client data into financial planning software (popular software programs are COIN, Xplan &Midwinter)
  • Update model portfolios based on research house views
  • Follow up information from fund managers, share registries & banks
  • Prepare client review documents related to investment strategy and portfolio re-weighting
  • Maintaining client files (electronically and physically)
  • Prepare letters to clients
  • Complete client application forms, rollover forms & redemption requests
  • Print and bind Statement of Advice (previously known as Financial Plan) documents
  • Make client phone calls to follow-up information
  • Client appointment scheduling
  • Check adviser process for compliance
  • Update or be trained in financial planning software when new versions are released
  • Update financial planning templates
  • Update approved product list
  • Complete ongoing paraplanner training
  • Segment client groups according to business needs and service packages
  • Training of other paraplanners
  • Run client seminars with a focus on different strategies (common topics include Aged Care, Debt Reduction, Pre-Retirement Planning, Post-Retirement Planning, Superannuation, Self Managed Superannuation Funds (SMSF), Gearing, Insurance & Centrelink issues)
  • Keep up-to-date with technical knowledge, PD schedules & appropriate strategies
  • Manage adviser’s diaries
  • Reception work
  • Follow up of sales leads
  • Website management