The headache of being headhunted
Financial Planning Today reports that headhunting of Paraplanners is rife within the Financial Services industry with recruiters and rival firms regularly contacting Paraplanners offering new opportunities – it’s a classic case of demand exceeding supply. It has also been reported that firms are finding it difficult to find paraplanners with the right skills and experience.
The best way to mitigate this issue is for IFAs to outsource paraplanning work to a specialist firm, like Integrated Paraplanning Solutions. We can either provide you with an end to end paraplanning service or complement your existing in-house paraplanning function to alleviate bottle necks or holiday cover.
Talk of the creation of a Paraplanner Standard, an initiative of Standards International, is great news for the paraplanning profession but smaller practices may struggle to recruit, or to develop their existing, paraplanners to reach the required level. Using an experienced outsourced Paraplanner alongside a junior in-house Paraplanner can drive up standards and experience without the cost of training.
With full time experienced paraplanning roles commanding salaries of £36,000 to £45,000 plus pensions, National Insurance and other benefits, and recruitment fees on top, an IFA could realistically outsource £55,000 of client work to Chartered Financial Planners with vast experience in the industry.
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