Over seven in ten (70%) of those who want to develop their career within paraplanning feel less confident in achieving their career goals in the next two to three years, according to a new report.
The findings of The Langcat’s State of the Adviser Nation report suggest that “structural issues” relating to a lack of definition surrounding the role of paraplanners and entry points into the profession were the reason behind the drop in confidence.
When asked to rate how well-defined the role was in the sector, where 0 was not at all and 10 was very well defined, the average score was 5.1. Although this represents a gradual increase from the previously reported figures(4.4 and 4.2) this still suggests paraplanners feel the industry doesn’t have a collective understanding of their role within firms.
Half of those surveyed for the report (51%) wanted to progress their career within paraplanning, with only 13% seeing themselves becoming financial advisers in the future (down from 24% in 2025).
Steve Nelson, insight director at The Langcat, said: “Despite being a core part of the advice process, paraplanning is still lacking its definitive place and recognition within the sector.
“SOTAN highlights consistently that many paraplanners want to carve out a career from within the profession and find it frustrating that most of the visibility for the profession centres around it being a stepping stone for advice.
“Some have described having to repeatedly explain what a paraplanner is, even to those within the industry, with one noting the frequency that this occurred being staggering. Into the bargain, a lack of developed leadership and career paths, along with visibility which misrepresents the role creates a significant barrier for entry when trying to attract new blood.”