Demand for Paraplanners has been outstripping supply for some time now, with Financial Planners bemoaning the lack of suitable candidates when they have advertised to hire for the role.
Job adverts for Paraplanners are being posted frequently by Financial Planning firms via social media platforms such as LinkedIn and Twitter.
But what is behind the problem with recruitment and has hiring been as difficult as has been suggested?
Financial Planning Today magazine asked Financial Planners for their views on the matter for for issue 4, out now.
Marlene Outrim CFPTM Chartered FCSI, a former IFP President, said it had been challenging at times.
She said: “It has been a bit like feast and famine, as there have been times when we have needed Paraplanners and very few have been available for interview.”
Chartered Financial Planner Carl Lamb, founder and MD of Almary Green, said: “We tend to find some candidates are no more than administrators.”
Chartered Financial Planner Nicola Watts CFPTM Chartered MCSI, director of Jane Smith Financial Planning, said: “When we recruited in late 2015, although there were a number of candidates, they weren’t necessarily of the calibre we were looking for, but they were expecting top level salaries because that’s what they’d seen others could demand.
“For many, I think this comes down to a misunderstanding of what a Paraplanner really is.”
Chartered Financial Planner Cathi Harrison, founder of Paraplanning firm Para-Sols, said recruiting had been “extremely difficult in the past - so much so that we’ve actually given up in the past couple of years and moved to ‘grow our own’ instead”.
Kim George FPFS TEP, founder of outsourced firm Integrated Paraplanning Solutions, said: “I know from experience how hard it is to recruit, train and retain home-grown staff, particularly in a small to mid-sized firm.”
Paraplanner Lewys Richards DipPFS, of Prism IFA, said: “There is a shortage of qualified and experienced Paraplanners in the country, but a surplus of highly intelligent, capable graduates that are looking for careers.”
Paraplanner Andy Marshall of Ovation Finance, agreed and said: “If nobody is training new entrants then this problem will only get worse.”