In our recent Client Seminars, one of the questions related to a key Courtiers team that helps Advisers behind the scenes: Paraplanners. The question was simply, “what are Paraplanners?”.
We explain here what Paraplanners are, and how we’re using the latest technology, like artificial intelligence (AI) to increase ability in this area of the business.
Penny Birks, Senior Paraplanner, wanted to shed light not just on the Courtiers Paraplanning team, but also how they are moving forward, guiding and using AI to increase the support Courtiers offers you.
Put simply…
…Paraplanners work alongside Financial Advisers to provide the best advice to the client.
Side note: The word ‘para’ derives from the Greek word for ‘beside’.
Paraplanners provide technical assistance, which includes conducting research, analysing and assessing financial plans, and preparing financial reports for clients. While Financial Advisers focus on client relationships and advice, Paraplanners work behind the scenes, supporting the Financial Advisers by researching and analysing the Adviser’s suggestions to ensure the best outcomes for the client. Because of their ability to support the recommendations made by the Advisers, Paraplanners go through the same level of study as them – and Courtiers has a high exam pass rate.
Analytical, inquisitive, and insightful, being a Paraplanner involves combining financial knowledge with diligence and mathematics.
“I enjoy being a Paraplanner as I am passionate about helping others. As a Paraplanner I work closely with the Advisers, sharing my expertise to help clients achieve their financial goals. I help create comprehensive financial plans for clients and put those plans into presentable and clear reports.
“The work is intellectually stimulating as the role involves financial analysis, research and problem-solving. It offers an environment that requires constant learning and self-improvement is actively encouraged, as staying up-to-date with market trends and regulatory changes is imperative to the role.” – Penny Birks, Senior Paraplanner
AI as a Paraplanner tool
How are Paraplanners embracing AI to help enhance their roles? According to a report by Scottish Widows, 64% of Paraplanners surveyed believed that AI tools will be useful in their role. With sentiment improving, actual use is also increasing. At Courtiers, the Paraplanners (headed by Daniel Bell) are using AI to increase output and streamline financial forecasting and analysis tasks.
From meeting to report
We’re using new AI technology to significantly speed up the communications between Advisers and Paraplanners following meetings. Sharing the necessary information more easily across these teams allows us to prepare and respond more efficiently with outcomes, meaning we can guide you further, faster. It all boils down to efficiency and using the tools to an advantage.
What happens in a review meeting?
During a review meeting, your Adviser will discuss any changes to your circumstances, investment objectives and risk profile with you. You also have the opportunity to assess your existing portfolio and highlight any additional needs. Following this, your Adviser will update our records, which the Paraplanning Team will see.
Once ready, you’ll receive your report, confirming the outcomes of your financial review, and any personal recommendations for your circumstances.
Currently, the Paraplanning Team are trialling new AI tools to explore generating reports with hopes that the technology will evolve into helping with more complex tasks, such as calculations. It’s a steady, careful process, all conducted under watchful, human, eyes.
“AI has the potential to be an extremely positive tool for our Paraplanning team by drafting our reports more efficiently and consistently, however it won’t replace us; there will always be a need for Paraplanners and their technical expertise. AI will reduce the time needed for tasks, increasing productivity and allowing us to increase our focus on ensuring that our advice is accurate, compliant, personalised and, most importantly, in the clients’ best interests.” – Penny Birks, Senior Paraplanner
You can learn more about our approach to AI from Gary’s Q&A at the end of last year, or read about how we think AI could offer humans more time to develop in this article on innovation throughout human history.
To contact us and learn more about how we can support you and your wealth, please get in touch with your Courtiers Financial Adviser, or use the Contact us page.