Cathi Harrison FPFS, Cert CII (MP), who set up Para-Sols about seven years ago, said her company had adopted a policy of bringing in graduates for a training scheme instead due to the difficulties she had experienced.
The PFS board director, speaking to Financial Planning Today magazine, explained that it has been more effective to embark on a trainee programme.
Cathi Harrison appears in this month’s Inside My Business feature. Details on how to see the full article are below.
She said: “We found the recruitment of experienced and qualified Paraplanners to be virtually impossible; hence the graduate scheme.
“This is partly due to the fact our team are office based, which means there are geographical restrictions, unlike if we had Paraplanners working from home.
“We eventually decided to try and ‘grow our own’ Paraplanners, by recruiting graduates, starting them as administrators and training them up.
“This has worked so well that we have just repeated it, with our second intake, and will do so each summer.
“That said, we are always open to hearing from existing Paraplanners, who are looking for a new challenge and are able to work from our offices.”
Her graduate trainees have included students coming from a wide range of degrees, including zoology.
Difficulties with recruiting Paraplanners have been highlighted as a growing issue for employers in the last 18 months, with demand outstripping supply.
Nicola Watts CFPTM Chartered MCSI, director of Jane Smith Financial Planning in Buckinghamshire, said last December that most candidates she had recently considered for a Paraplanning job failed to “hit the mark technically”. She said they were unable to apply knowledge to a real life scenario despite being well qualified.
Financial Planning Today columnist Joanna Hague CFPTM Chartered FCSI, a Paraplanner with Doncaster-based Investment for Life, recently advocated a similar approach to Ms Harrison for finding new Paraplanners.
She wrote: “More advisers should consider training someone up who has the potential to be a star, to help them understand how Financial Planning works for their clients, rather than expecting your Paraplanner to be perfect from the start.”
The second issue of Financial Planning Today, our new 40-page digital magazine, is now available to our email newsletter subscribers and is packed with news, features and comment for Financial Planners, Paraplanners and Wealth Managers.
To receive the £6 magazine free of charge you must be a subscriber to our free daily website newsletters. Only newsletter subscribers will get early access to the magazine. If you are not already a subscriber and would like to view the new magazine please subscribe now (use the orange subscription box to the right of this article to sign up immediately).
It takes just a few seconds and you will then be sent a link to the new publication by lunchtime today in our next daily newsletter.
If you are one of the thousands of current subscribers to the newsletter you don't need to do anything as you will be sent a link to the magazine at lunchtime today and every day for the next seven days.
The new editorially-independent digital magazine has exclusive content produced by a team of experienced financial journalists in London.
Financial Planning Today's second issue includes:
• Entrepreneurial Paraplanner Cathi Harrison on her growing business and her confidence in Paraplanning's future
• Comment on the heated Cashflow Modelling debate from the CISI's Campbell Edgar and Financial Planner Julie Lord
• Insights from PFS chief executive Keith Richard and Succession boss Simon Chamberlain
• Exclusive Report on Platforms post the Cofunds takeover - including Cofunds comments on planners' concerns
• New Investment and DFM section, with analysis from senior fund managers at Lombard Odier and Architas plus 180+ DFM providers listed
• A special News Report on Sipps after the capital adequacy reforms
• News summaries, company news, professional body events coming up...
And much more too...
The magazine has been launched by Portfolio Publishing, publishers of Financial Planning Today and Sipps Professional websites, both of which carry daily news to thousands of professional financial advisers.
Financial Planning Today Publisher & Editor Kevin O’Donnell said: “Our first issue was extremely well received and we're delighted to offer the only publication aimed exclusively at professional Financial Planners, Paraplanners and Wealth Managers. Our second issue is packed with features, analysis, comment and business tips.
"Readers can also click on much of the exclusive content in the magazine to learn more. We believe it's an invaluable read for all professional advisers who want to keep up with their profession and learn from their peers. The emphasis is very much on professional and business growth and readers have told us they value this hugely."
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