Paraplanners and financial advisors go together like lime and soda. But you didn’t ask what kind of tasty drink we’d make. You asked, ‘what is a paraplanner?’ And you’re curious because you’re wondering what it is that these loveable yet mysterious people do. 


Crack open your favourite bev, lean back and let’s break down the lot. Here’s exactly what a paraplanner is and does, so you can make an informed decision on whether you need one.


Here’s a peek at what’s ahead:


  • The definition of a paraplanner
  • What a paraplanner does
  • What a paraplanner v outsourced paraplanner is
  • The benefits of outsourced paraplaners

The definition of a paraplanner

According to Monarch Institute:

“Paraplanners are financial services professionals who take care of accounting, administration and sometimes client-facing tasks for financial advisors.”

  • Monarch Institute

But as you can see, this definition is pretty dang broad. 


It doesn’t even touch on the time-saving, stress-banishing and absolutely critical role that paraplanners play in the financial planning process. Or how paraplanners are growing in popularity, since they help financial advisors provide excellent workflows and high quality services. 


We’re the hard workers behind Statements of Advice, making hard information easy. We’re the triple checkers of financial plans to make sure they’re thorough and accurate. We’re the final nod of ‘go for it!’ making sure the plans genuinely help clients reach their goals. 

We research, analyse data and are complete pros at presenting refreshingly simple plans. 


But that’s just the beginning…


So it might be more useful than a lineup of fancy cups at a pool party to learn more about what it is that we do.


Business newspaper being read by a financial planner

What does a paraplanner do?


We’re considered the unicorns of the finance world.


Okay, I just made that up. 


But when you think about it, we squeeze a delicious mix of tasks into one neat role.


A paraplanner’s responsibilities include:


  • Researching investment options
  • Developing tax planning strategies
  • Analysing financial data (then making it pretty!)
  • Working side by side with financial planners 
  • Developing concise plans that work towards client goals
  • Running our laser beam eyes over documents and reports for accuracy

What qualifications does a paraplanner need?

To become a paraplanner, a Diploma in Financial Planning or Bachelor’s Degree in a related field is ideal. For example, our founder Kristy (AKA your secret weapon) holds a Bachelor of Business (Financial Planning) and Graduate Certificate in Financial Planning. 

Fresh Paraplanning pop up creating an opportunity to get in touch

What makes a good paraplanner great?


Simple. A thorough understanding of financial planning as a whole. Lucky for you, Fresh Paraplanning’s own Founder is an ex-financial planner. So? The team’s up to speed on exactly what you need (and how). 


Plus, sophisticated cybersecurity systems that keep client information safe is essential (we’ve got these ready and raring to go for you). 


We’re also a bunch that know our stuff when it comes to:


  • Understanding complicated financial information
  • Creating succinct and clear reports everyone can understand
  • Working to tight deadlines and under pressure
  • The attention to detail of a literal lie detector machine
  • Collaborative skills for working closely with financial planners

In-House Paraplanner v Outsourced Paraplanner – what’s the difference?


In-house paraplanners pop their lunch in the fridge, slide into a seat and get to work in your office. They’re an employee of your team and hired by Financial Advisors to work in house. 


Outsourced paraplanners on the other hand, aren’t on your payroll and work per project. This gives financial advisors the flexibility to outsource work the moment they need to. Instead of on an ongoing basis. This clever option also lowers overheads as outsourced paraplanners pay for their own electricity, internet, office equipment and more technical things like tax.


Man working as an outsourced paraplanner


Benefits of outsourcing to a paraplanner


Lower overheads


Say ‘buh-bye’ to unnecessary expenses. Read: training up in-house staff. Not to mention the electricity, internet and office equipment skips as well. 




Our outsourcing paraplanners (located right here in Australia) aren’t distracted by water cooler chat, late because of traffic jams or going out for after work drinks that go on a little too long if you know what we’re saying. Just, what you need done, the moment you need it. 


Lighten your workload


Financial advisors revel in the relief paraplanners offer in the form of technical and administrative support. This gives financial advisors to focus on other important things, like nurturing client relationships.

Mint your fresh approach: your go-to paraplanner is ready to start!


Now that you’re well aware of what a paraplanner is, does and offers to your financial advisory, could one help you and your business? 


Book an obligation-free 30-minute call to see if we’re mint to be!