Financial Paraplanner Salary
An average Financial Paraplanner in the United States can expect to take home roughly $44K per year. Most workers in this position report high levels of job satisfaction. Male Financial Paraplanners are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 52 percent of the field. The larger part enjoy medical while one in three get dental coverage. Vision coverage is also available to roughly a seventh. The data in this summary comes from the PayScale salary survey.
Job Description for Financial Paraplanner
Financial paraplanners are primarily responsible for assisting financial planners and associate financial planners in a wide range of tasks and services. Paraplanners work by using computer software and a printer to assemble meeting documents, produce financial reports, and update and maintain financial data in financial planning software. They also prepare documents such as investment management agreements, financial planning agreements, account applications, and account transfers.Read More...
Generally, financial paraplanners conduct client-specific research and other work assigned by financial planners or their associates. Paraplanners must maintain client files in database systems, conduct research to answer questions for clients and supervisors, and assemble documents such as agendas, performance reports, investment detail reports, financial planning scenarios, and insurance and beneficiary designation inventories for meetings with clients.
Financial paraplanners also help solve service problems with clients by working with custodians, trustees, mutual fund companies, brokers/dealers, and other third-party administrators. During the tax season, they provide support by doing cost-basis research for securities transactions, including delivering IRS Forms 1099 to clients, reporting management fees, and calculating required minimum distributions.
Aspiring financial paraplanners should have report-writing skills and the ability to conduct research and analyze statistics. They should also have time-management skills, in-depth understanding of federal and state compliance issues, and excellent information technology (IT) skills. Finally, financial paraplanners should have an undergraduate degree in a business-related field and prior experience in financial planning; they should attain the FINRA Series 7 and 66 within one year and seek to obtain other financial planning credentials, such as the CFP designation.
Financial Paraplanner Tasks
- Support financial advisors in serving clients by preparing for meetings, investment research, making preliminary financial planning recommendations, and coordinate marketing events.
- Research financial databases and products that match clients' needs.
- Construct visual aides including charts, graphs, and tables to be used in meetings with clients.
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Pay by Experience Level for Financial Paraplanner
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $41K; however, individuals with five to 10 years of experience bring in $49K on average — a distinctly larger sum. Financial Paraplanners claiming one to two decades of experience make an estimated median of $47K. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $55K, which is substantially larger than the medians reported by folks with fewer years on their resumes.
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Key Stats for Financial Paraplanner
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