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A Paraplanner is a financial professional who evaluates and recommends investment plans. Paraplanners work with Financial Planners, performing a variety of tasks from file maintenance to making investment sales. Paraplanners generally work for investment firms or banks.
In short, in this position, you are an assistant to a Financial Planner. A Financial Planner meets with the client and evaluates the financial goals of the client. How much do they wish to invest? How much risk are they willing to take? How liquid should the funds be? Are they looking at long or short-term investments? Once the Financial Planner gathers this information, you provide an assessment of investments that fit the client’s goals.
The Financial Planner then takes those investment options to the client. If they meet the client’s approval, the Financial Planner then refers the client to you. From that point on, you are usually the point of contact for the client. You make the purchases and sales, answer questions, and meet with the customer to review their investments on a regular schedule (generally every six months). Taking over these responsibilities allows the Financial Planner to meet with new clients and potentially bring in more business.
Obviously, this position requires a passion for the stock markets, but it also requires strong written and verbal communication skills. It takes patience to relay technical financial information in a way that is understandable to those with less knowledge in the subject. You also need an eye for details and an analytical nature.