I always love hearing other people’s views about Paraplanners and their role in Financial Planning. Most people are very positive; they see the value a good Paraplanner can bring to the client experience.

I say most people, unfortunately, not everyone though. I recently saw a piece where an adviser was questioning why anyone would use a Paraplanner – ‘I’ve never used a Paraplanner, they are used by advisers who either don’t know how or are too lazy to do research and write reports themselves.’

It won’t be any surprise that I didn’t agree with this! I’m sure there are probably many successful planning and advice businesses with advisers completing their own Paraplanning. However, my question is, wouldn’t you rather be meeting, advising and planning with your clients than researching or writing about it for them?

Using a Paraplanner, in-house or outsourced, gives the planner the gift of time – time that can be well spent helping clients. Businesses who have embraced Paraplanning, often building a ‘team’ for the client made up of the planner, Paraplanner and administrator, supported by compliance professionals, have found the exceptional value that this structure can bring to clients and the business alike.

The planner is able to build and develop client relationships while the Paraplanner works on the tech and together they work on the client’s planning needs. The client benefits from a team of professionals working collaboratively to ensure great service.

And they need them. It’s clear we’re in some of the most challenging financial times for many people, and the need for good quality, accessible financial advice for consumers has never been more important. Fundamental to that is a strong, well respected Financial Planning profession, made up of high quality, qualified, competent individuals working together.

So, my advice? – Paraplanning - don’t knock it till you’ve tried it!

• This column first appeared in Financial Planning Today magazine, Sept-Oct 2022 edition. Matthew's column appears in each issue of the magazine. You can subscribe to the magazine by registering for this website and then checking package options.

Caroline Stuart has been working in Paraplanning for 20 years and is the founder of outsource paraplanning and consultancy business, Sparrow Paraplanning. Caroline is a Fellow of the PFS, is on its board and Paraplanner Panel, and has been involved with the Paraplanners Assembly since launch. She was recently elected President of the Personal Finance Society.