Paraplanning Course Questions

Paraplanners are professionals who work in the financial services industry under the guidance of financial advisers. Paraplanners provide valuable support to advisers by undertaking a range of tasks. This enables advisers to focus on their role, delivering quality advice and support to their clients. Depending on a paraplanner’s role and the practice they work in, they can have a variety of technical and administrative responsibilities. This can range from simple document preparation through to more holistic adviser and client support tasks.

 

Common responsibilities of a paraplanner may include, but aren’t limited to:

    • Undertaking client, strategy, market and product research
    • Preparation of advice documents, reports and statements
    • Establishing and maintaining client records
    • Administrative duties, such as client appointment scheduling

 

By contributing to the achievement of financial well-being and the protection of Australians through quality and ethical advice, paraplanning is a rewarding career. It can even be a logical step towards a career as a financial adviser.

Although paraplanners and financial advisers work closely together, they both have different roles and responsibilities.

 

For financial advisers to practise, they must meet legal, regulatory and ethical obligations. This includes mandated education levels and licensing and registration requirements. Financial advisers must understand and follow all aspects of the financial advice process. This can range from skilled client engagement, fact finding, strategy, and advice development and presentation, in addition to providing ongoing client advice and service. Financial advisers are legally responsible for the advice provided to clients. This also includes when a paraplanner assists in preparing advice or engaging with clients.

 

Paraplanners work under the guidance of financial advisers. They support advisers by providing advice that meet a client’s goals and best interests, while delivering quality client service. By understanding financial advice, generally through studies and experience working in a financial planning practice, paraplanners can carry out a range of responsibilities. A paraplanner’s main focus is to create a range of advice documents. However, depending on their role, the practice they work in, and their level of technical expertise and experience, they may also engage with clients directly. This may include fact finding, organising appointments, extensive strategy, market/product research and analysis, generating alternative strategies, and preparing advice documents for financial advisers. By having a skilled and knowledgeable paraplanner to undertake these tasks, financial advisers can significantly leverage their time and productivity.

 

For further information, you may find our financial planning FAQs helpful.

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