Who Are You and What Do You Want?

Exploring Career Paths for Paraplanners and Strategies for Career Advancement

Publication date:

21 February 2025

Last updated:

28 February 2025

Who are you and what do you want? These are two pivotal questions that you need to be asking yourself if you don’t know what you want to do with your career.

It’s worth a bit of honest soul searching so that you can focus on what you actually want out of your career. If you are reading this then hopefully you are fully aware of what a crucial role paraplanners play in the advice process. When I was starting out the paraplanning role was very much seen as a stepping stone to advising and looked far more like a trainee adviser role than today’s paraplanner will recognise.

Now the role of a paraplanner is not just a stepping stone; it is a rewarding career in its own right with opportunities for growth and advancement.

The CII recently surveyed over 400 people from the paraplanning community. This research is due to be published in the near future, but they have given me a “sneak peek” into some of the data. One thing that really stuck out for me (and I was thrilled at) is that around two thirds of the respondents wanted to stay in a paraplanning role, which is really great to see and feeds into the idea that paraplanning has now evolved into a desirable career.

This tallies with the recent Lang Cat SOTAN report, which noted that about 58% of paraplanners were planning to stay as a paraplanner or run their own paraplanning firm.

What is interesting is that only 14% thought they wanted to be something other than a paraplanner or adviser. This may have something to do with the respondents being more likely to be those who want to be involved and want to stay in the paraplanning world. I know a lot of people want to understand what is available for them both within and outside of paraplanning, and this article provides some ideas for how your career could progress depending on where you want to take it.

Career Paths for Paraplanners

The below areas are some common career paths that could come from being a paraplanner where skills are likely to be transferrable.

There were a number of reasons highlighted in the survey that show why people valued the role over becoming an adviser. These included (among others):

A preference for technical and analytical work over client-facing roles

Enjoying the research, report writing, and problem-solving aspects of the job

Better work-life balance and flexibility compares to being a financial adviser

Alignment with personality traits (e.g. introverted, behind-the-scenes)

Senior Paraplanner

So, maybe you have decided that you want to stay in paraplanning, as you (quite rightly) love it. As you gain experience, you might be eyeing up a Senior paraplanner position. This role involves more complex tasks, greater responsibility, and often the supervision of other paraplanners. You might need to get more involved in processes, peer checking and typically you will be responsible for a much broader range of activities. This requires a different skillset to being a paraplanner. The CII research suggests that some Senior paraplanners also manage people, allocate workloads, and attend meetings.

You might need certain qualifications for this role. Some companies require either Diploma or even Chartered for some Senior paraplanner positions. So, make sure you know what the criteria is in your company, or look at other roles in the market to understand what qualifications you may need to advance. Often it will be a mixture of qualifications and experience.

Paraplanning Manager / Head of Paraplanning

This is definitely not for everyone, but if you are looking for a new challenge, then management can be a good place to move to. It is a very different prospect, and you have to be prepared to have difficult conversations, motivate, be responsible for your team’s output, and have a lot more demands on your time. Being a successful manager requires your constant input and attention. You need to be prepared for the reality that you are unlikely to be able to complete the same number of reports as you are used to, and sometimes they will be few and far between. It can be very rewarding to help others in their career growth, but it is a big transition, so make sure you are prepared.

The Head of Paraplanning role is another step up from the manager role. Expect to get more involved in process, training, operations, proposition, decision making, and less and less involved in typical paraplanner work. Those in this role tend to enjoy developing people and having a say in how processes are shaped.

The CII survey showed that, while there are fewer roles available at the more senior level than at paraplanner level, there are still opportunities.

Around 36% of respondents held a senior or managerial role, moving to 41% if you include business owners.

One thing to think about is the skills you may need. The CII survey showed that those who are already in a management role cite leadership skills as being essential, which makes a lot of sense. However, training in this area is not always available and if you are looking for this type of role, it may be useful to try and find a suitable course to improve your skills in this area.

Adviser

Maybe, after some introspection, you have decided that you really want to move into advice. Many paraplanners do aspire to become advisers. The survey showed 21% wanted to move into an advice role. I think it is probably higher than that, from experience. As mentioned earlier, the survey may have been more likely to be answered by those who are more focussed on paraplanning as a career. Common reasons given in the survey included:

Higher earning potential and financial rewards

Desire for more client interaction and building relationships

Preference for client-facing roles over behind-the-scenes

Personal fulfilment from directly advising and impacting people's lives

Better alignment with their skills and personality traits

Perceiving limited growth opportunities in paraplanning roles

This transition can be tough as the skillset required is very different. Go in eyes open. If you can, see if you can talk to someone who has gone through this role change and see how they managed it, and if they have any useful tips. There will be a period of feeling uncertain, especially if you have become very comfortable in a paraplanning role, but hopefully you will have done the work upfront to understand what you want out of your career and you can refocus on the end goal if you are finding it a tough transition.

Compliance

If you are one of those who loves the regulation side of things (and are finding paraplanning doesn’t quite give you enough time with COBS) then you could consider moving into Compliance. A strong foundation in applying the rules in real life scenarios can really benefit a compliance role. Many skills are directly transferrable and there is a lot of overlap. There are some great opportunities out there in this area. The CII survey showed that paraplanners already spend about 10% of their time on compliance areas. So, if this just isn’t enough time for you, maybe think about a compliance role. You really do have to love the rules side of things though!

Operations

For those interested in the administrative and operational side of financial services, moving into an operations or practice manager role can be a natural progression. These positions involve overseeing the day-to-day operations of a financial planning practice, managing staff, and ensuring the efficient delivery of services. You have to be extremely organised and happy to take on a lot of responsibility, but a lot of skills are definitely transferrable.

Learning and Development

Many paraplanners end up doing some sort of training of others. If this is something you really enjoy, there are opportunities within the L&D area. This might be within a financial planning company, or even with a company who offers exam help. paraplanners need to have a lot of technical knowledge, and if sharing knowledge is a passion, this could be for you. This role might involve developing training programs, delivering educational sessions, and staying updated with industry changes to ensure the training material is relevant and effective.

Investment Analyst

This route is slightly different as it would involve a sidestep into a different career path. I’ve included it as I know a lot of paraplanners who are very interested in the investment side of things and some have actually transitioned to an Analyst role and even eventually become Fund Managers.

There is a lot of skill crossover in being an investment analyst and a paraplanner, so if you are really passionate about investments and don’t feel you want to stay in a paraplanning role then this is one to consider. It is a competitive environment and you will need to follow a different exam route. The most common is taking the CFA exams. Again, if you feel this is something you might want to go into, do some research, talk to current analysts, see if you can find anyone who has moved from a paraplanning role.

How to take charge of your career

Ok, so you’ve decided where you want your career to go (and been honest about your skillset), but how do you actually make that happen (or give yourself the best chance at least)? I have highlighted a few things I think are key to concentrate on below.

Set clear goals

I've already mentions this but it's worth reiterating that if you don't know what you want out of your career then you are unlikely to make much progress towards it. Your end goal might not be your next step. Look at setting short and long-term goals for your career. This will help it feel less overwhelming and give you something tangible to aim at in the short-term. As paraplanners we should be used to trying to write SMART objectives for clients, why not try it out on yourself!

Pursue Professional Development

Once you know which way you want to go, make sure you understand what qualifications you will need. You should also look at other learning opportunities that improve any skills that you will need. Demonstrating a commitment to professional development shows your dedication and keeps you competitive.

Seek feedback and mentorship

This is a really important one. If you ask for feedback to understand your strengths and areas for improvement then you will be able to tailor your learning towards these areas.

A lot of people find that having a mentor can really help as they can provide valuable guidance, advice, and support on developing your career path.

There is a mentorship programme through the CII, or the paraplanner Club offers mentorship specifically for paraplanners.

Actively network

Building a strong professional network can open doors to new opportunities. Attend industry events, join professional associations, and connect with peers on platforms like LinkedIn. Networking can lead to new job opportunities, partnerships, and collaborations. Paraplanners can be more on the introverted side and find in-person networking difficult, but it's worth attending some events throughout the year if you can, and you can do a lot of virtual networking if you prefer online interactions.

Communicate your ambitions

just letting your manager know what your career aspirations are can open doors and put you in mind for any opportunities that might come up within the company. They can also help you get the right development opportunities if they know where you want to focus.

Kickstart your journey

Understanding who you are and what you want from your career is essential for navigating the diverse opportunities available to paraplanners. Whether you aspire to advance within the paraplanning field or transition to a different role, setting clear goals, pursuing professional development, seeking mentorship, and demonstrating leadership are key strategies for taking charge of your career. By actively managing your career path, you can achieve your professional aspirations and contribute meaningfully to the financial services industry.

Talking to people in the roles you are thinking about can really help cement if that is the right thing for you or not, so reach out, most people will be willing to chat.

Be patient and kind to yourself as well. Not everything will happen at once, and remember you are gathering experience as you go, even if you haven’t managed to make the next step yet. Also, don’t feel pressure to do something else; if you enjoy being a paraplanner and want to continue, then do! It’s a great role and extremely rewarding in its own right. Sometimes the best career move is to realise that you are already doing what you want to do.

Good luck on your career journeys, however they take shape!

Hear from your peers

The next Lab session hosted by the PFS Paraplanner Panel involves discussions with professionals who have all been paraplanners and have either stayed within paraplanning or moved into other specialist roles.

You can register here: https://event.on24.com/wcc/r/4861189/67F9FABAD315E5E3508ECA280F97375D