A nationwide salary survey conducted by Bristol-based Heat Recruitment has identified a spike in demand for a lucrative, support role in wealth management.
While paraplanning has been around for some time, the position has altered drastically in recent years. Traditionally an administrative role, the job has now become increasingly client-facing – with paraplanners assisting independent financial advisers in their day-to-day roles, attending meetings and shouldering increased responsibility.
Despite this evolution of the role, it’s interesting to note these positions aren’t being filled as fast as demand is increasing.
Increased demand and a lack of supply are in turn fluctuating pay rapidly. Annual pay offering for this support position sits at an average of £44,000 in London and up to £33,750 for the rest of England, with some in the City earning £60,000.
For a role that doesn’t necessarily need a degree, the salary survey findings suggest this to be a sizeable earning opportunity for anybody wanting to progress within the wealth management sector.
Managing Consultant for the financial services arm of Heat Recruitment, Alex Russon says:
“One thing we have noticed in the last five years is the overwhelming demand for top-quality paraplanners. In fact, clients sometime refer to this type of hire as “the most important role in finance” – this demand is surging salaries to new heights.
“I think many people don’t know that it is a role that offers an abundance of potential. Many employers and IFA’s seeking to secure a good paraplanner are often happy to fund Chartered Insurance Institute (CII) qualifications, as well as offer a comprehensive progression plan.
“With this progression comes even greater remuneration. In fact, you can see from our salary survey that if you were to progress to Paraplanning Manager, youcould earn anything from £40,000 to £75,000 depending on where you are based and your experience. This a standout opportunity for anybody looking to flourish within the wealth management sector and offers incredible opportunities for potential candidates that have good administrative skill, time-management and strong organisation. The earning potential is unparalleled against many other administrative roles across sectors.”
Heat Recruitment’s salary survey covers a veritable range of roles in the umbrella sectors of mortgage advisory, pensions, investment and financial planning. You can access the full survey here.
Salary ranges are based on the hundreds of company job requisitions and candidate placements made by Heat Recruitment on behalf of its clients and candidates in 2019, plus an extrapolation of trends and insights by its expert recruitment professionals into starting salaries for 2020.