I am not, but my brother is an IFA, he employs two paraplanners.
The paraplanner role is very admin driven, basically you are preparing files for the IFA prior to him meeting with his clients and then doing the paperwork that flows from the meetings. From the outside looking in it seems quite dull and repetitive and there is a lot of attention to detail required to ensure compliance with a multitude of rules.
Having said that, as an apprenticeship for a role as an IFA it is probably one of the best routes to go, you get to understand the job from the ground up, and realise the true depth that goes into being a modern financial planner.
My brother loves being an IFA, dealing with his clients and their families really drives him and he believes that he offers a good service and adds value to their lives. He used to earn a lot of money, but the whole industry has changed, meaning that commissions are no longer the driver of income. You now get paid by the client through a fee model, as a result most IFA’s have seen their incomes fall substantially.
If you are good with people, don’t mind the exams and can cope with the regulation it’s a great job and there are opportunities to get on and build a career. The thing you need to consider above everything else is where are you going to get your clients from, new clients are hard to come by and can be fickle when you first start dealing with them.
Hope this helps.
