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LondonMetric poaches CIO Richards from British Land
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Paraplanning steps out of the shadows
It may be surprising, but it appears more people have considered becoming a senior paraplanner than a financial adviser.
Research from recruitment platform Indeed, with the St. James’s Place (SJP) Financial Adviser Academy, found just 4% of respondents had considered becoming a financial adviser, while 9% had considered becoming a senior paraplanner.
The research looked at attitudes towards careers among over 4,000 UK workers, highlighting a good salary, work/life balance and the opportunity to work from home as factors that create the ideal role.
This data was combined with job searches to produce a list of 10 of the best careers people have never considered. Senior paraplanner was second on the list, while financial adviser was fourth.
Broad appeal
This may go against the grain of expectations, as you would think advisers would have a higher profile among the general public as they are more client facing.
However, Gee Foottit, senior manager, partnerships, at the SJP Academy, points out we cannot draw conclusions about the level of public awareness for either role, as the research only shows whether respondents had considered these careers for themselves.
Foottit acknowledges the common perception is that advisers have the dominant career but people also have out-of-date perceptions of advisers as male economics graduates in suits who work in the City.
“Women make fantastic financial advisers,” she says. “The skills required can be more difficult to train people in – things like emotional intelligence, being inquisitive and feeling at ease to ask questions.”
Foottit says that while men – who outnumber women as advisers 80/20 – can certainly have these attributes, more women tend to already possess them.
It is widely accepted paraplanning has more of an equal gender split and commentators suggest this is because there are elements that appeal to everyone.
People whose main focus is to drive their career forward have pathways to follow, perhaps moving into financial advice.
Versatility and flexibility
The versatility of paraplanning also enables people to flexibly juggle work with the demands of bringing up children, while still having job satisfaction and options to progress in the future, when their families are more self-sufficient.
Although being an adviser also offers many of these benefits, there is a feeling the advice role is more defined, while paraplanning can be moulded around the needs of businesses and individuals.
Liam Chapman-Lyes, senior paraplanner at Succession Wealth, believes this is why the gender split is more balanced in paraplanning relative to advice.
“Paraplanners have worked from home since Covid – technology has opened up the role across the whole country rather than locally. And you don’t have to worry about client calls and working out of hours,” he says.
“You can do your hours, switch off at the end of the day and it’s less stressful.”
That is not to say men do not appreciate the flexibility and versatility that paraplanning offers. Chapman-Lyes has spent the last seven years building a career in paraplanning.
At Succession Wealth, there are different roles within paraplanning, such as associate paraplanner and senior paraplanner. This enables the firm’s paraplanners to occupy ‘light advice roles’ where they combine technical work behind the scenes with client engagement or cashflow planning.
“Paraplanning didn’t really exist 20 years ago but it has developed so much in the last 10 years. Now there are pathways for qualifying as a financial planner or staying in a paraplanner role – you can choose,” says Chapman-Lyes.
“I have bit of client contact – I speak to clients over email, assist on drafting the advice and cashflow modelling – but there’s lots of scope to do more.”
A growing profession
While hosting the Personal Finance Society’s (PFS) Purely Paraplanning Conference in April, Altus Consulting platforms consulting director Amira Norris was struck by the realisation that the paraplanning community is ‘growing and thriving’.
“Once seen as a stop gap to becoming an adviser or a way to promote administrators, paraplanning has evolved over the last decade or so to become a respected and valued career in its own right,” she says.
“The main institutes now all recognise paraplanning as a career path, with dedicated qualifications pathways and initiatives, such as the PFS Paraplanning Panel and the CISI paraplanner award.
“The role of a paraplanner has become invaluable to advice businesses, as the need to keep up with the regulatory and technical complexity of financial planning increases,” she says.
“We are also seeing offshoots of specialisations in areas such as cashflow planning, complex pension reviews and intergenerational wealth expertise.”
Money
Construction giant ISG collapses into administration, leaving questions over major projects
The eight arms of ISG’s UK business, which include its construction, engineering and retail branches, have all been placed in administration.
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Money
NewRiver agrees £147m takeover of CapReg
Combination of the companies would create portfolio of 29 community shopping centres and 13 retail parks across the UK and Northern Ireland.
The post NewRiver agrees £147m takeover of CapReg appeared first on Property Week.
Money
FCA clears chair of whistleblowing misconduct following internal review
The Financial Conduct Authority has cleared its chair of whistleblowing wrongdoing following an internal review.
The whistleblower sent emails to Alder in December and March to raise concerns over “opaque hiring practices” at the FCA.
However, Alder reportedly forwarded the whistleblower’s correspondence, revealing their identity without their consent, which goes against the regulator’s policy.
The whistleblower told the Financial Times that they were left “angry, stunned and speechless” when they saw the forwarded emails unredacted.
They called the breach “institutional betrayal” and accused the FCA of “incompetence and incapability”.
A second former FCA employee also made a similar allegation as to the handling of their whistleblowing communication to the chair.
Following the FT report, the FCA launched an internal review to investigate the complaints.
The board’s senior independent director, Richard Lloyd, led the internal review of the handling of the two individuals’ whistleblowing communications by the chair.
Lloyd concluded that “while the FCA’s chair did not follow our existing policy to the letter in handling two complex cases, he had sought to ensure the concerns raised, if appropriate, were acted on”.
“The FCA’s chair, Ashley Alder, therefore consulted senior colleagues confident they would treat the information with the utmost care,” he added.
He also said the chair “reasonably took the view that he was providing information of which those colleagues were already aware”.
Alder welcomed the review findings, insisting that he acted appropriately.
He said: “These were unusual and complex cases involving two employees who had left the FCA some years ago and who have raised a range of issues over an extended period of time, in one case through multiple public channels.
“I wanted to ensure that, as non-executive chair, I was in the best position to act on the concerns of both individuals.
“To do so, I needed to consult an extremely limited number of senior colleagues and, while I did not follow the policy to the letter, I knew that they would treat all information with utmost care, and there would be no risk of prejudice to the individuals involved.”
Simon Morris, a financial services partner with law firm CMS, said: “The FCA chair twice disclosed the identity of whistleblowers to colleagues when seeking help to respond. He thought this wouldn’t harm the whistleblowers, and that their names were already known.
“The Lloyd review concludes that this ‘did not follow to the letter’ – meaning breached – the FCA whistleblowing policy, but that the chair was acted reasonably.
“It will be interesting to see if the FCA takes a similarly benign view if a bank chairman reveals a whistleblower’s identity in analogous circumstances.”
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