I’m glad you asked! There’s a little different definition for every Planner/Paraplanner relationship, but the idea behind it is the same.
The Virtual Paraplanner helps a financial planner complete technical tasks “behind the scenes” for the financial planner. This allows the financial planner to have more capacity to find new clients and serve existing clients.
In other words, you can do more without having to expand the office building. If you’re not ready to hire an associate advisor or other full-time employee, a part-time paraplanner might be a great fit.
What Tasks Can Paraplanners Do?
Many paraplanners are eager to help and learn while gaining experience in the industry. Tasks can range from helping prepare client reviews to building entire plans in popular financial planning software like eMoney or RightCapital.
Once the planner and paraplanner work out the details, the paraplanner can usually work pretty autonomously. This allows the financial planner to focus on tasks that they enjoy or just become more profitable in their business!
Degrees and Credentials for Paraplanners
Many paraplanners are working on or have already obtained financial planning degrees and credentials like the Certified Financial Planner, CFP(R) or Chartered Financial Consultant, ChFC(R) designations.
You might even find paraplanners with complimentary skills like content creation or marketing. For the most part, if yo have a need, just ask.
Specializations in Paraplanners
Many Paraplanners have unique skills and specialties that can add great value to the team on a part-time or as needed basis. I personally specialize in content creation and marketing ideas.
Many other paraplanners offer specialized tax planning expertise. Look for a paraplanner with an Enrolled Agent designation.
Adding a Paraplanner to the team is a great way to get jobs done without having to add someone to the payroll. Many of us offer flexible contracts to fit your needs.
Websites for More Information
Simply Paraplanner FAQ
https://simplyparaplanner.com/paraplanner-frequently-asked-questions/
Kitces – What Does A Paraplanner Do To Support A Financial Advisor?