My boss says that when you have been around as long as he has, you have the privilege to look at time through a very long lens.
He certainly looks old, but the way he talks sometimes, you’d think he is ancient.
One trend that he says has persisted in financial advice and financial planning is the need to bring in young talent.
It would be a bit presumptuous to call myself talent, but I am young and a new entrant into the profession, so I have been asked to share some of my perceptions.
We all have wide life and career aspirations, but the specific choices we make at a young age, particularly as a final-year university student, can define our path for the upcoming years, making this a stressful and uncertain time comprising of many different factors.
When I graduated with a degree in banking and finance, I applied for a role as a trainee paraplanner at The Timebank and here I am.
As I’m sure we’re all aware, paraplanning plays a crucial role within the financial sector, and stepping into this field provoked a mix of emotions. The types of challenges this role exposes us to vary significantly from the structured environment at university, but the transition is exciting.
Assignments for professors turn into reports for clients, with shorter deadlines and higher stakes.
At the start of every academic year, you receive relevant course details in the module handbook. These handbooks provide all crucial deadlines and assignment details, giving you the opportunity to start thinking and planning there and then – which unfortunately wasn’t always the case.
The professional world moves much quicker, but as we all know, diamonds are formed under pressure. The quality of your work no longer reflects your grade; it now reflects the service provided to a client and your organisation’s reputation.
Another shift can be felt with team collaboration and project approach. You transition from gathering information, drafting reports and checking all the data numerous times independently, to working with designated departments and maintaining continuous communication with colleagues to ensure seamless and efficient workflow.
Financial planning, and specifically paraplanning, offers great benefits and is a unique and rewarding career
Being a fresh starter, you’re excited to finally turn theory into practice, but it is only then you realise how much you don’t actually know.
Making mistakes and spending a large portion of your day asking questions was bound to happen, but embracing the continuous learning journey becomes rewarding – the next day becomes slightly easier and before you know it you’re becoming confident in the role, hoping the next client offers something you’ve never seen before.
Financial planning, and specifically paraplanning, offers great benefits and is a unique and rewarding career.
As a profession, however, it’s not great at marketing that.
When catching up with friends or relatives, not many know what a financial planner is, let alone a paraplanner!
For me as a new entrant, I took a real interest in the paraplanning role after a guest speaker at university discussed his experience, as well as comparing the ‘role expectations’ and ‘benefits’ to other roles within the financial sector and scanning the job market.
I’m in a fortunate position being able to work full-time from home, with great flexibility offering a great work-life balance.
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Being paired up with a ‘mentor’ allowed me to grow into the role with ease, and enabled me to understand the expectations set for myself.
The possibility of professional qualifications being funded gives me the ability to deepen my expertise and progress through the ranks of paraplanning.
Beyond career growth, knowing the work you do is helping someone achieve their various financial goals is incredibly rewarding. Transitioning from university into a career in paraplanning is a transformative experience.
As for the continuing need to nurture more young talent, I think we could do better to engage with higher education
However, it is important to remember that the pressures of the professional world allow you to grow personally and professionally. The collaborative nature of the role provides the opportunity to learn at every step.
So, whether you’re an experienced professional or a student exploring potential career opportunities, I hope this article gave you an insight from the perspective of a fresh paraplanner.
As for the continuing need to nurture more young talent, I think we could do better to engage with higher education as this is where we are most likely to work out what we want to do professionally.
Fortunately, some universities continue to promote the profession, with financial-planning modules to wider degree courses.
What is disappointing is that specific financial-planning degrees tend to come and go.
I understand from two of my colleagues who joined The Timebank at the same time as financial planning and practice graduates that their course will be closing soon.
Could the profession create some form of bursary to support these specialist degree courses?
Gerard Smialko is a graduate at The Timebank
For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.
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