Behind the Scenes – How a Paraplanner Affects You

Behind the Scenes - How a Paraplanner Affects You

Do you plan to begin working with a financial planner? This step is surely one that will help put your new year on a good path financially. And as you consult with your new financial planner, you may be directed to do some tasks alongside a paraplanner. What is a paraplanner, and how can they help you reach your goals? Here is a brief guide to this unique part of the financial planning world.

What Is a Paraplanner?

A paraplanner works in a similar way in the financial planning world as a paralegal does in the world of law. They perform many technical services at the direction of the financial planner (or advisor) themselves. This support primarily consists of administrative, communication, research, or preparatory tasks rather than direct interaction with clients.

A paraplanner’s background varies from person to person, as there is no one set or mandatory path to becoming one. Generally, they will have advanced education in accounting or finance at least to the bachelor’s degree level. They may also be trained in bookkeeping, statistics, communication and writing, and financial planning. And they keep up on all current laws and regulations affecting finances, taxes, and investments. 

This means your paraplanner is a highly educated and experienced person upon whom you and your advisor can rely for quality support work. 

What Are Some Things a Paraplanner Does?

So, what are some common things that a paraplanner might do for you? While you may not see them in person, you will see (and take home) the results of their work. 

A paraplanner might analyze your financial pattern and current strategies. They prepare reports at the behest of the advisor. They keep notes about meetings. They may handle billings and payment. They gather information about your financial plan and update projections. They follow up once the plan is in place. And they do the legwork of getting documents or information from banks and brokerage companies.

Likely, then, any document you give a planner will see a paraplanner during its lifetime — perhaps more so than the planner. And any document you receive — such as an annual review — will likely have been at least partially prepared by a paraplanner

How Can a Paraplanner Affect You?

A good paraplanner is an important part of achieving your financial goals because they do so much of the behind the scenes work. Along with affecting you by working on projections or checking in on how your strategies are going, they also free up time for planners and advisors. This way, the advisor can be your point of contact and look at the big picture when it comes to your money. 

A support team of paraplanners also means that the advisor can do more during the same amount of time. Whereas one person might be able to run a limited amount of projections, a team working together can create more scenarios and better tailor them to your specific needs. Ultimately, you may feel that you end up with better service. 

Where Can You Start?

If you haven’t already started your journey to better financial health, make an appointment with a financial planner today. Working in tandem with the experience of educated paraplanners, a professional advisor can help you find solutions that are a perfect fit for your goals and are within your means. 

At Monheit Frisch Group PLC, our team includes financial professionals of all designations and training. Planners, advisors, accountants, and paraplanners work together to provide the best outcome for you and your money. Call today to make an appointment or learn more about how we can help you.

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