Ever wondered exactly what a paraplanner does all day, or exactly what a paraplanner’s role is in a financial planning firm? We interviewed our paraplanning team to give you a greater understanding of everything it means to be a paraplanner at Complete Financial Balance.
Welcome to the inaugural post of our new series, ‘A Day in the Life’. This series will provide you with an honest account coming straight from our CFB team members. Their unique insights, the details of their day to day duties, and how they show they CARE are the many ways which make them interesting as individuals.
How do we CARE at CFB? Read our value statement to find out more
Today we are taking a close look at the Complete Financial Balance Paraplanning team. We sat down for a quick chat with our three resident paraplanners, Nicole Griffis, Edyta Tumalski and Abigail Wanigaratne, to get an in-depth understanding of their daily schedule.
Firstly, what is a Paraplanner? Can you give us a quick overview?
Abby: The role of a Paraplanner in the financial planning industry involves providing written and verbal technical assistance to financial advisers. Whilst preparing Statement of Advice documents (SoAs, previously known as Financial Plans) is the main role, paraplanners also assist in research, meeting with clients, preparing reviews and working on financial modelling.
Edyta (Dee): Financial Planning is a multi-stage process, from managing personal relationships with clients, through to research and investigation, analysis, modelling, report writing, compliance, liaising with financial providers, and more. As a paraplanner with CFB, we assist our advisers with these processes, specialising in the preparation of each client’s financial plan / Statement of Advice document.
So, tell us about your role here at CFB? What does a typical day look like for you?
Nicole: I work as a Paraplanner for Complete Financial Balance; here is currently myself and two others that make up the paraplanning team, making us a small but very efficient group of three!
I normally get in to work early to make myself a coffee in the kitchen and have a quick chat with the rest of the CFB team. We have a great friendly team culture and saying hi and catching up in the morning is a bit of a ritual. But I’m at my desk chipping away before my 8:30 work start.
Dee: Typically, my day starts with checking my emails to address any immediate issues, or identify any changes to information that I have been or will be working with when preparing documents.
Abby: Once I have worked through my outstanding emails, I will either continue proofing SoAs that I was working on the day before, or if I completed the SoA I was working on, I review my timesheet for upcoming client meetings and start working on a new SoA for the next upcoming presentation.
So Statement of Advice reports are your most regular task?
Nicole: Definitely writing Statement of Advice reports. These documents range in length from 15 pages to 80 pages, covering client information, costs, strategies, projections and maybe a disclaimer or two (try 100). We apply the adviser’s proposed strategy at a tactical level, in easy to understand language.
Where does your role slot in as part of the CFB unit?
Dee: Our role is almost sandwiched between that of an adviser and administrator. On a quiet day, we will team up with the admin team to help administer client requests, however most days we offer skills to the adviser to assist in providing the client with a positive professional experience.
What fuels your passion for working at CFB as a paraplanner?
Abby: The best part about being a paraplanner is working towards meeting our client’s goals through our advice and financial strategies. Its lovely when, having worked in the same company for several years, you get to write the first advice document to a client, and then the review documents, so you get to see that the clients have achieved their goals over the years. It’s very rewarding.
Want to learn more about Nicole, Abigail and Edyta?
Click here to visit the “People” page on our website for detailed profiles on each of our team members.Stay tuned for the next post in this series, where we will give you an insight into the world of a CFB Client Services Officer!
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