The survey found a young, confident and increasingly professional sector with more than 60 per cent holding QCF Level 4 qualifications or higher and more than 20 per cent holding the Level 6 qualification, Certified Financial Planner^CM. The Institute of Financial Planning conducted its third annual Paraplanner survey in May 2013, ahead of its sell out Paraplanner Conference which is taking place today, 23 May, in Warwick. The conference is sponsored by Seven Investment Management.

Paraplanners from across the country were asked to take part in the IFP survey, designed to provide further insight into this important role. The survey findings confirm that Paraplanners are well qualified as a group, with almost a third being graduates. Of those surveyed, more than 60 per cent have professional qualifications to QCF Level 4, with more than 20 per cent holding Level 6 professional qualifications such as Certified Financial Planner^CM certification.

The majority of respondents (80 per cent) were in the age range 25-44, including 55 per cent aged between 25-34. Two thirds of respondents were female. With such a large proportion under 34 years of age, the fact that 46 per cent report annual earnings in excess of £30,000 per annum reflects the value that Financial Planning firms are now placing on this role, says the IFP.

Looking at the details of the role, the minority (21 per cent) are authorised and regulated by FCA. The use of cashflow modelling within their work was indicated by a large majority (82 per cent). Some 78 per cent work with three or fewer Financial Planners, and 86 per cent feel valued as a team member. Face to face meetings is the most common means of communication with Financial Planners or advisers, followed by email. Speaking on the telephone is less important. The use of social media as a business tool is strong among this group, with more than half of respondents using LinkedIn for business, and more than a third engaging with others using Twitter.

Looking ahead to their future careers, 49 per cent of respondents see themselves as remaining as a Paraplanner while 29 per cent are looking to become a Financial Planner or financial adviser.

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Rebecca Taylor FIFP, CFP^CM President of the IFP, made the opening address at today's Paraplanner Conference. She said: "From personal experience, I know what a hugely important role Paraplanners fulfil within a successful Financial Planning business.

"Building an integrated team approach to client service allows firms to go for growth and ensure that they continue to exceed clients' already high expectations. These survey findings confirm what an attractive career choice this is for younger professionals. It's particularly good to see that Paraplanners are being increasingly well respected as a valued team member, are well paid and very well qualified segment of the Financial Planning profession. I'm sure that this will continue and that it will encourage more and more highly skilled individuals to follow a rewarding career in Financial Planning."

IFP board director Richard Allum CFP^CM , of The Paraplanners and Moneyscope, is chairing today's Paraplanner Conference. He said: "What's clear is that Paraplanning is no longer a job but a career choice. Whether Paraplanning is their chosen professional path, or a step on their way to becoming a Financial Planner, these findings show that today's Paraplanners demonstrate real commitment and enthusiasm for Financial Planning as a profession.

"Evidence of really positive working environments being fostered by Financial Planners and Advisers must be a big factor in that commitment. Nothing is more motivating than feeling valued as a member of a team. That can only be good news for the wealth of clients of advice practices today and for the health of the Financial Planning profession in the future."

Sue Whitbread, communications director at the IFP, said: "We expect to see the significant growth in the use of Paraplanners and administrators continuing in future, as the success of a team approach to client service gains greater recognition. Since the RDR, the focus is growing on building client-centric business processes which add real value for clients. The more time that advisers can spend actually engaged with clients will maximise business profitability. They can do this safe in the knowledge that the Paraplanner can provide the technical support, research and analysis which will enable them to do just that."

The survey was conducted online by IFP in May 2013. 61 Paraplanners responded to the survey.

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