Paraplanning involves administrative tasks such as budget preparation and documentation organization for financial transactions. It is a useful approach for financial planning and is found in many countries worldwide. Paraplanners are highly organized and possess a combination of educational background and experience. They require skills such as accurate statistics collection and interpretation, report preparation, and resource management. Paraplanning is commonly used in financial planning for companies and individuals.
Paraplanning is a relatively new concept within the financial community. Essentially, a planner focuses on the administrative tasks that are necessary to carry out a project, such as preparing a budget or organizing documentation for the execution of a stock purchase order. Planners who provide these types of services may function as assistants to brokers and financial analysts, or as independent outsourcing companies providing these types of support services to their clients.
While the concept of paraplanning usually dates back to the UK during the 1990s, the idea is now found in many financial circles around the world. Nations like Canada, the United States, Brazil, Japan and many countries in Africa have found the incorporation of the paraplanner to be extremely effective in increasing efficiency in handling transactions of all kinds. Discount brokers, financial planners, investment advisers, and budget planners find planning a useful approach.
Although there is no clearly defined process for planning that covers all applications, it is likely that the people who function as planners function in some sort of administrative capacity, perhaps as a liaison, assistant, or consultant. In terms of characteristics, a paraplanner will tend to be highly organized, pay attention to detail, and possess a combination of educational background and experience that makes them an authority on the type of project under consideration. This positions the planner to easily identify and handle any administrative tasks that are necessary for the successful achievement of the objectives associated with the project.
It is not unusual for paraplanning to require skills such as the ability to accurately collect and interpret statistics, prepare written reports, structure oral presentations of those reports, and manage resources so that they are used to best effect. Paraplanists tend to be articulate and able to work well with others, sometimes acting as facilitators as well as leaders. In today’s world, where so many tasks are handled using electronic resources, it is not unusual for a paraplanner to also be somewhat proficient with Information Technology protocols and various forms of software programs.
In terms of the types of projects where planning can be useful, financial planning is the most commonly cited example. This planning may be related to preparing budgets to meet long-term goals set by a company, or to assist an individual in effective retirement planning. The paraplanner may also be called upon to help completely rework the financial structure of an operation, making it more competitive and capable of generating higher profits after the restructuring is complete.
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