Paraplanning is an often overlooked role

Paraplanning is a “fundamental role in financial services that is often overlooked”, Wise Investment paraplanning team leader, Heidi Woźniak​​​​, has argued.

Woźniak, an award-winning paraplanner, said there is a common perception that paraplanners act as “a financial planner’s assistant”, whereas the two roles work in parallel. 

She said at Wise Investment, where she has worked for the past nine years, there is a team of six financial planners and three paraplanners who work side by side.

“A paraplanner is essential to support advisers in a busy role as they benefit from someone who is qualified but office-based,” she explained.

This allows advisers to “spend more of their time having meaningful interactions with clients and developing the long term relationships that are important”.

As part of this collaboration, Woźniak stated that some of her duties include writing client reports, researching clients' existing arrangements, and cashflow modelling. 

She added that as a developing career path, she is excited to see how paraplanning as an industry develops in its own right over the years to come.

Award

Woźniak has been recognised for her achievements, having recently been named as Apprentice Paraplanner of the Year at the Chartered Insurance Institute’s annual awards.

The judges stated that Woźniak was “promoting the benefits of professional standards via her desire to equip herself with the knowledge to succeed in her role” and that she had a “positive impact within her company”. 

The judges were also impressed with her involvement in the Pimfa “40 under 40 Forum” in 2019, where she was one of 40 young professionals from the financial services industry who collaborated to make policy suggestions to government and industry leaders. 

Woźniak recounted that her team’s final proposal was about closing the inter-generational wealth inequality gap and that, as a result of this work, the team were invited to take this proposal to Downing Street in early 2020.

“Unfortunately, as we all know the government was a little busy in that period," she said. “I'd love to think our proposals could be revisited again in the future”.

Woźniak knew Wise Investment had intended to nominate her, as early as February of 2023, but was “surprised” when she was announced as the winner in September. 

“I think it’s fair to say that I do suffer a little bit with imposter syndrome. The idea that I’d done enough to be noticed within the business was praise enough but to be recognised nationally was just incredible really,” she explained.

“It’s a massive honour even to have been shortlisted.”

Career journey

Woźniak found herself working in financial services “a little bit by accident”.

While originally studying as an architect, in her early 20s Woźniak was made redundant and decided to embark on a career change but did not know what career would suit her. 

However, this uncertainty was dispelled upon her noticing an advert for an administrator job nine years ago, which she took while not particularly thinking of a long-term career. 

After starting at Wise Investment she realised that she “loved every minute of it” and very quickly decided that she would like to stay for the long term. 

Shortly after making this commitment, Woźniak started her exams and climbed the ranks from technical assistant, to paraplanner, to team leader.

Next steps

Looking to the future, Woźniak said she is working to complete her advanced diploma exams, with the aim of achieving chartered status. 

While soon to go on maternity leave, she is “excited” to take on the role of financial planner upon her return. 

“Paraplanning has been a really important step in my journey to develop an understanding of the industry and the legislation,” she said. 

“There’s a lot to learn and completing my exams, both through the apprenticeship and beyond, while also working under the guidance of such a supportive team, has really helped me to build my knowledge and experience.”

Giving advice for how to succeed in the profession, Woźniak said: “You have to be quite driven to move forwards because it’s fast paced.” 

As a specific example of this hurried pace, she pointed to constantly changing legislation that paraplanners have to keep up with and the reactive nature of working within a client servicing role.

She said: "I know that a new job and being a first time mum sounds daunting, but I’ve never been one to shy away from a challenge. 

“I’m passionate about my work and I know that I have the best support system, from Wise and my family to help me achieve my full potential”.

tom.dunstan@ft.com

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