Timeline CEO, Abraham Okusanya, emphasized the importance of paraplanners matching the qualifications of financial advisors during The Verve Group’s Evolution 2024 conference. Speaking alongside Cathi Harrison, CEO of Verve Group, on a panel titled ‘The tale of two paraplanners,’ Okusanya stressed that paraplanners should strive for equivalent expertise as advisors.

Both Okusanya and Harrison, who previously worked as paraplanners, highlighted the significant role paraplanners play within smaller and independent advisory firms. Okusanya noted that paraplanners offer more than just report writing and due diligence on platforms. He highlighted the advantage of paraplanning, allowing individuals to delve into areas of interest and work on them effectively.

Harrison shared insights on paraplanners who opt not to transition into advisory roles, despite the common career progression path suggested by Unbiased to senior paraplanner or advisor roles. Okusanya underlined that paraplanners possess a deep understanding of the financial services business, a sentiment echoed by Scottish Widows’ research post-conference.

The study revealed a growing acceptance among paraplanners regarding the transformative potential of artificial intelligence (AI) in enhancing the financial planning services they offer. It indicated a shift in perception with nearly two-thirds of paraplanners viewing AI tools as beneficial, up from the previous year. Notably, younger paraplanners exhibited even higher positivity towards AI adoption, hinting at a future where technology plays a pivotal role in the industry.

Furthermore, Harrison expressed concerns over the slow pace of evolution in the financial services sector compared to other industries experiencing rapid change. She highlighted the need for the industry to adapt and innovate more swiftly to meet evolving consumer needs and expectations.

The comments section following the article showcased diverse opinions on the topic, with individuals discussing the regulatory responsibilities of paraplanners and the evolving landscape of financial services. The debate underscored the importance of aligning qualifications with responsibilities in the financial advisory realm.

In conclusion, the call for heightened qualifications for paraplanners reflects a broader trend towards professionalization and specialization within the financial advisory sector. As technology continues to reshape the industry, adapting to new tools and methodologies becomes imperative for both paraplanners and advisors to deliver enhanced services to clients effectively.