Paraplanning staff is the group of employees that prepare drafts of plans and reports in order to allow financial planners to focus more on their work with clients.
Paraplanning staff works with sensitive data and needs to have special qualifications. Usually they are trained inside the companies or certified by independent bodies. Typically paraplanning staff has minimal client interaction, they work only with documents.
Paraplanning stuff is kept also in order to find individuals that are able to work as financial planners. In some corporations paraplanning stuff is outsourced.
A type of paraplanner is contract paraplanner - an individual that works on variable contract. Usually paraplanners work on full-time salary, as it is cheaper and less risky for the company.
- Callan, V. J., & Johnson, M. (2002). Some guidelines for financial planners in measuring and advising clients about their levels of risk tolerance. Journal of Personal Finance, 1(1), 31-44.
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