Financial Planner: How did you get into Financial Planning and what attracted you to the profession?

Julie Pipe: The move into Financial Planning wasn't planned. I initially started in financial services as a financial adviser in 1996. After several years I moved away from advising and I was employed as an office manager/report writer by an IFA, managing the office and writing reports for up to six advisers. While there I was 'headhunted' for a Paraplanning position at Andersen Charnley who were Financial Planners based in Bagshot at the time. I remember asking what a Paraplanner was as I hadn't heard the term before. Andersen Charnley were Financial Planners and the cashflow spreadsheet was a fundamental part of the advice process. I realised how different fully integrated 'Financial Planning' could be to 'financial advice' and how much more valuable it could be to a client. I completed the assessment to become a Certified Financial Planner professional in 2013.

FP: How long have you been in your current role and what year did you start your firm?

JP: I have been Paraplanning since about 2001, interspersed with time as an adviser and Financial Planner, and I have been an outsourced paraplanner for 2 years. I initially started working on my own but about 18 months ago met Alan Gow and we started to work together. Alan had been working as an outsourced Paraplanner for about two years at the time. We decided it made sense to amalgamate and that process completed in July 2013.

FP: Can you tell us about your firm? What sort of company is it and what services does it offer? Does it specialise in particular clients or services?

JP: Argonaut Paraplanning is an outsourced Paraplanning company and we work with a number of mostly retained clients offering all aspects of Paraplanning. Primarily our work consists of producing both suitability reports and bespoke Financial Planning reports. We don't really specialise in any one particular type of client but we are finding increasingly that the work we are asked to do is of a more technical nature. We like to work with advisers who have good processes in place and who understand the value of a well written report.

FP: What have been the key lessons you have learned in your time at your firm? What tips would you pass on to other Paraplanners?

JP: You never stop learning and just when you think you have dealt with most aspects of financial advice someone will ask you to research or write a report on an area where you haven't done that before. We have built a suite of templates that help to ensure that all of the reports we produce are compliant. These templates are constantly being updated. We have to keep up-to-date with changes in legislation and with guidelines issued by the Financial Conduct Authority. This is almost impossible working on your own and certainly 'two set of eyes are better than one. It is really important to discuss changes, analyse them and consider how they will affect what you do.Tips I would pass on are:Study. It is important that a Paraplanner is qualified, I believe, to at least Diploma level. They should be as qualified as the adviser they are working with as I regard the adviser / Paraplanner relationship as a team of equals. You need a 'buddy', someone that you can talk to and discuss a case with even if you think you know what you are doing. Sometimes you need someone else to confirm your thoughts. Never be afraid to ask a question, however simple it may be, if you are unsure, ask.If you aren't sure why something is being recommended discuss it with the adviser, they can then give you the full picture and this will enable you to personalise the report so that it is 'the client's' report.Remember that the Suitability Report is not just for today. It is also for the future so that they can refer back to it in the years ahead.

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FP: How has your team/company changed and what has the journey been like? How many clients do you have?

JP: We are a small company and the journey over the last 18 months has been exciting as there is so much potential for the Paraplanning profession. We have recently started to grow our company, although it has been hard to find the right people to work with us.
It is exciting to really be at the start of what we believe is a change in the Financial Planning industry. As Paraplanners become more qualified and grow in numbers I think that they will become a fundamental part of Financial Planning. At the moment many regard Paraplanning as conducting research and writing suitability reports. Going forward I expect more paraplanners to work closely with Financial Planners, producing detailed financial plans and linking these with cashflow to provide clients with a report that details all of their finances, demonstrating the journey that they need to take to meet their short term, medium term and long term goals.

FP: What has been your greatest source of achievement so far in running your business and what are you proudest of?

JP: In all honesty I never expected to have my own company, but now here I am a co-owner of Argonaut Paraplanning. I am proud of what Alan and I have achieved in a short space of time and we are now embarking on the next steps. We are growing our company slowly and steadily, offering a high quality Paraplanning service to a select number of Financial Planners.

FP: What has been the biggest hurdle or challenge to overcome for you personally in your career and for the company itself?

JP: Personally in my career I have been very lucky. I have always worked hard and studied. I became a Chartered Financial Planner in 2007 and Certified Financial Planner CM Professional in 2013.
The challenge of Alan and I in merging our two companies and of working successfully together actually happened very smoothly. Alan and I have the same work ethics and beliefs. Of paramount importance to both of us is that the team produces high quality reports at all times. We proof read all reports before they are sent to advisers and this will always be the case, however large we grow.

FP: What do you think are the most significant developments in Paraplanning over the last 10 years and how do you see it progressing in the next 10?

JP: Ten years ago I'm not even sure that the term Paraplanning existed. Paraplanning, as a recognised career, was in its infancy. It was regarded as either a stepping stone to becoming an adviser or something an adviser did who was slowing down to retirement. Now Paraplanning is a career in its own right with recognised qualifications. FPSB UK offers the Certificate in Paraplanning which allows use of the APP (Accredited Paraplanner) designation. The CII also offers its Certificate in Paraplanning which, once passed, allows use of the CertPFS (Paraplanning) designation. I hope that over the next 10 years Paraplanning continues to grow and attracts more young graduates and school leavers to join as trainees. At the moment there is a shortage of qualified, experienced Paraplanners with strong technical knowledge. Paraplanners are needed to meet the demands of Financial Planners who increasingly realise that their time is better spent with their clients than writing reports.

FP: What difference have the Budget reforms to pensions and retirement made so far to your business and how do you anticipate these will impact on you as the changes take effect in 2015?

JP: We have had to consider all of the changes that we will need to make to our templates to ensure they remain compliant.
Going forward I think that more advisers will need to use cashflow planning to explain to their clients how much they can withdraw from their retirement savings to make sure that they can maintain their standard of living for the rest of their lifetime. I think that we will be asked to produce more cashflow planning reports than we are at present.

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FP: What's the best thing about being a Financial Planner/Paraplanner?

JP: I love what I do. I take pride in producing a quality report that 'tells a story'. By this I mean that it explains to the client what they have done and why, in a way they can understand.

FP: Many planners are concerned about the rising cost of regulation and other threats to their businesses. What do you see as the main threats to your business?

JP: As outsourced Paraplanners we currently have little or no regulation. I expect that to change in the future as Paraplanning becomes more recognised in its own right and Paraplanning companies become more important in the Financial Planning industry. We are fortunate in that at the present time I see little threat to our business. The main one would be that in the future there are too many Paraplanning companies and supply outstrips demand. I think we are a long way off that at the present time.

FP: If you could change anything about the Paraplanning profession what would you choose and what's the future for the profession?

JP: My main concern at the moment is that anyone can call themselves a Paraplanner and set up a business offering a Paraplanning service. I think that we need to ensure that Paraplanning continues to move towards being a recognised career and that there should be a minimum level of qualification required. I think in time all Paraplanners will need to obtain a minimum level of qualification and I think this should be on a par with that required by Financial Planners.
The future of the profession is bright and I think that, as it grows and attracts younger people, it will become more and more important as an integrated part of the whole Financial Planning industry. I hope to see Financial Planners and Paraplanners working together as equals.

FP: What do you like doing in your spare time outside of work? Do you have any unusual hobbies?

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JP: My main source of relaxation is spending time with my family. I have three children and two grandchildren, aged three years and three months and I just love my time with them. I switch off completely and when my granddaughter says "Grandma" I just love my Grandma days, it puts life totally in perspective.
I also like to walk, my favourite being the beach at West Wittering, where I go whenever I can. It is pure relaxation. I go there winter or summer, and just escape for a few hours.

Key Points

1. Don't take anything for granted and check and check gain the information you are given by an adviser to prepare a report.
2. If you are unsure, ask; go with your instincts. If you think something isn't right, it probably isn't.
3. Write a report, read it and then get a second pair of eyes to check it again. We all read what we think we have written, not what we have actually written.

MY BUSINESS DAY

My typical working day consists of an early start, often about 6am as I am an early riser. I find starting early means I can concentrate on report writing before emails and phone calls start!
Alan and I usually have a catch-up about 9am to plan work etc. Part of the morning will be taken up with answering queries and checking reports. In the afternoon I concentrate on new reports, finishing about 7. Alan and I will have a quick review at
the end of the day and, after a short drive home, I often go for a walk for exercise and thinking time.

JULIE PIPE CFP^CM ARGONAUT PARAPLANNING CO-OWNER

I am a Certified Financial Planner CFP^CM Professional, Chartered Financial Planner and Accredited Paraplanner. My early career was in general insurance and I am an Associate of the CII. I moved into financial services in 1996 as an adviser at the Halifax.
I became a Paraplanner in the early 2000s and have been a Paraplanner manager for much of that time, managing a team of up to 14 Paraplanners. While employed by Andersen Charnley they asked if
I would return to advising as a Financial Planner which I did, and enjoyed. I moved into outsourced Paraplanning two years ago.

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