Paraplanners reveal extent of staff poaching by rivals
Recruiters and rival firms are tapping up Paraplanners on a frequent basis, due to the lack of required Paraplanning professionals, Financial Planning Today magazine has been told.
Paraplanners have told FPT that they, friends and colleagues are frequently being head hunted.
Paraplanners were speaking to the magazine for issue 4 which is out now and can be read in full HERE.
Andy Marshall, of Octagon Consultancy, said: “There is an obvious lack of Paraplanners in the market place. Demand very much outstrips supply. Everyone is being approached by other firms or recruiters all the time. I even know of someone who got a new job through someone they met at their gym. Given that the number of Paraplanners attending Paraplanner events has increased over the last few years but yet there is still a shortage of the right people, I would suggest that demand is rising at least as quickly as supply.”
Lewys Richards DipPFS from Prism IFA said: “I would definitely say that demand has risen (in the last two years). I am regularly being contacted by recruiters through LinkedIn regarding Paraplanning opportunities. To overcome the competition, firms will have to be prepared to pay more for a good quality Paraplanner.”
For the full article click HERE.
Kimberley George FPFS TEP launched Integrated Paraplanning Solutions last June with aspirations to deliver a valued and trusted Paraplanning service that can complement an existing in-house Paraplanning team.
She stressed the advantages of an outsourced Paraplanning service and told FP Today that good Paraplanners are an expensive resource, both in time and salary, particularly to a small IFA practice.
Outsourcing up to around £4,000 of work per month can “work out more cost effective than paying for a new team member”, she said.
Read more from Ms George HERE.
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