Paraplanner Salaries 2014
A survey of Paraplanner remuneration carried out by the IFP for the annual IFP Paraplanner Conference has found that one in three Paraplanners earns between £30,000 and £30,499 per annum.
The majority of Paraplanners (63%) earn between £25,000 and £45,000 per annum.
Unveiling the survey results at the IFP Paraplanning Conference this week, conference chairman Martin Vaughan CFPCM said the survey suggested Paraplanners were valued and doing well in the salary stakes.
He said a similar survey conducted five or 10 years ago would have seen many Paraplanners struggling to even define their role.
The survey paints a picture of an increasingly well qualified, well paid emerging profession.
Significant numbers of Paraplanners are earning salaries well above the national average. Some 8 per cent earn between £40,000 and £45,000 while another 6 per cent earn over £45,000 a year and half of these earn over £50,000 a year.
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The survey also found that in contrast to many expectations, the vast majority of Paraplanners work as in-house Paraplanners (85%) although nearly 10% now work in outsourced Paraplanning companies.
Increasingly, many Paraplanners see Paraplanning as a long-term career rather than a step to another role such as Financial Planner.
The biggest sub-group (39%) worked for one Financial Planner but 24% worked for five or more Financial Planners.
Qualifications are becoming increasingly important with 30% educated to degree level. Some 18% are CFPCM professionals and 23% are Chartered Financial Planners. Some 22% are working towards Level 6 qualifications.
Other results showed that 79 % used cashflow modelling either personally or their firms used it.
More than 100 Paraplanners attended the IFP Paraplanning Conference with many taking part in the survey.
