Paraplanners are being encouraged to match the qualifications of financial advisers, according to Abraham Okusanya, the CEO of Timeline. Speaking at The Verve Group’s Evolution 2024 conference, Okusanya emphasized the importance of paraplanners being as knowledgeable as advisers. The discussion took place during a panel session titled ‘The tale of two paraplanners,’ where both Okusanya and Verve Group CEO Cathi Harrison, who previously worked as paraplanners, shared their insights.

Okusanya highlighted that smaller advisory firms highly value their paraplanners and that the role involves more than just report writing and due diligence on platforms. He pointed out that paraplanners have the advantage of delving deep into any issue that piques their interest. Harrison noted that many paraplanners choose not to transition into advisory roles, despite the common career progression path outlined by industry sources.

The event also saw Scottish Widows releasing research indicating that paraplanners are increasingly recognizing the potential of artificial intelligence (AI) to revolutionize financial planning services. The study revealed a significant rise in the number of paraplanners viewing AI tools as beneficial, with a particularly positive outlook among younger professionals in the field.

Moreover, the research showed a growing interest in integrating AI tools into daily workflows, with a notable percentage of paraplanners already leveraging such technologies. This shift towards AI is seen as a means to streamline tasks and enhance service offerings rather than replacing human roles entirely.

During the conference, Harrison expressed her views on the pace of evolution in the financial services sector, highlighting a perceived lag compared to other industries like retail. She pointed out that while technology is advancing rapidly in various sectors, the financial services landscape appears to be progressing at a slower pace.

The comments section following the article featured diverse opinions on the topic, with some readers advocating for stricter regulatory requirements for paraplanners to align with the level of responsibility they hold. Others raised concerns about the overall advancement of the financial services industry, attributing the perceived sluggishness to various factors such as vested interests, regulatory inefficiencies, and the complex nature of financial advice provision.

In conclusion, the call for paraplanners to elevate their qualifications to match those of advisers underscores the evolving landscape of financial services. Embracing technological advancements like AI is seen as a pivotal step towards enhancing efficiency and service quality within the industry. As discussions around the future of paraplanning continue, the need for continuous upskilling and adaptation to changing dynamics remains paramount for professionals in this field.