Financial Planning firms have been urged to ‘grow their own’ Paraplanners.

As the demand for Paraplanning professionals continues to outstrip supply, firms have been encouraged to consider training up staff in house.

Financial Planners and Paraplanners have been giving their views to Financial Planning Today magazine which is out now and can be read in full HERE.

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”.

Ms Harrison said she agreed with the view that more firms should ‘grow their own’. She said: “I do personally - because it has worked for us. But it is not an easy thing to do.”

She said: “You have to go through the pain barrier first of having trainees who take up a lot of resource in terms of time and money and are unable to provide much support in return for that resource initially.

“However, once our training programme came to the end of its first year, it really started to come into its own.”

Kim George FPFS TEP, founder of outsourced firm Integrated Paraplanning Solutions, said: “When this can be achieved, home grown staff are embedded in the culture of the business from early on in their careers and share in the values and expectations set by the rest of the team.”

For the full article click HERE.

Paraplanner Lewys Richards DipPFS, of Prism IFA, entered the industry through this type of process.

He said: “This is the best way for firms to get the type of employee that they need be it an administrator, adviser or Paraplanner. Providing training and a career path will engender loyalty which can offset the fear of many small businesses that once they have spent the money training up an employee, that employee will then leave.”

He said: “By growing your own Paraplanner, you can mould them to your company’s culture and values. Financial planning firms needs to look at hiring graduates as an investment for the first year or two, which will convert into company turnover once they are up and running as a Paraplanner, and possibly even further if they move on to advising.”

Chartered Financial Planner Carl Lamb, who runs Almary Green in Norwich, said: “We have ‘grown our own’ by advancing staff on a number occasions from the admin team.

“Although this is a positive in that we have produced a Paraplanner just how we want them in relation to our company process and procedures, this can be a drain on resource as trainees are limited in what work they can process within the team and input is required to ensure an ‘all rounded’ training programme is provided.”

If you have not already signed up to our daily newsletter, you can receive early access to the new magazine by signing up now below:

The new publication features exclusive content including contributions from leading figures in the worlds of Financial Planning and Paraplanning plus features and insights produced by experienced financial journalists in London.

Financial Planning Today's latest issue highlights include:

• A Special Report on the trouble Financial Planning firms have been having finding Paraplanners 

• An exclusive feature on Risk Profiling Tools, with expert insight from ex-FCA tecnhical specialist Rory Percival

• Columns from high profile planner Julie Lord, PFS chief executive Keith Richards, CISI head of Financial Planning Campbell Edgar and Paraplanner John Redmond 

• Analysis of the 2017 investment prospects post the shock Trump US Presidential victory 

• New Investment and DFM section with 180+ DFM providers listed plus DFM updates

• Plus, The Client Hunter, Planner Casebook, Inside My Business with LEBC chief Jack McVitie, Financial Planning and Paraplanning news and much more 

Feedback on the new magazine has been excellent with well 3,000 people reading the first three issues and the number rising steadily. 

For editorial enquiries please contact: This email address is being protected from spambots. You need JavaScript enabled to view it.. For advertising enquiries, including recruitment advertising, please contact: This email address is being protected from spambots. You need JavaScript enabled to view it. or 01895 678629.