A registered paraplanner is an assistant to a certified financial planner. The registered paraplanner's primary job function is to gather and organize client and potential client data so that the financial planner is available to answer complicated questions and make sales.
The paraplanner's duties include helping new clients fill out questionnaires. The information on these questionnaires will help the financial planner organize a plan that is well suited to the client's needs.
The paraplanner then takes over the administration of the client's data and the collection of the client's financial statements. Then monthly, quarterly, and yearly statements will be prepared to keep the client up to date on his or her financial status. Quarterly and yearly tax documents are usually supplied by the registered paraplanner.
I many ways, the paraplanner is like a specialized administrative assistant. Paraplanners need to answer phone calls, field customer questions, draft documents, and answer correspondence and emails. The paraplanner generally attends meetings between the planner and the customer, as well, and will take notes on the customer's needs. Good customer service skills and professional manners are a must.
A registered paraplanner might work for a bank. Paraplanners might also find work as assistants at a financial planning institution or at a brokerage or investment firm.
Most employers look for a registered paraplanner with a BA or BS in business. A person who has completed a registered paraplanner program is also acceptable. In some cases, a person who already has three to five years of experience is acceptable, even if he or she doesn't have the appropriate education.
Registered Paraplanner Tasks
- Construct visual aides including charts, graphs, and tables to be used in meetings with clients.
- Research financial databases and products that match clients' needs.
- Support financial advisors in serving clients by preparing for meetings, investment research, making preliminary financial planning recommendations, and coordinate marketing events.