Brief Role Objective:
The primary role of the Paraplanner is to provide a full professional and technical support function to both Senior Wealth Planners and Wealth Planners in meeting the client’s financial objectives. The Wealth Planners being supported may be based in the London office or across LGT’s UK regional offices (Bristol, Edinburgh, Birmingham and Leeds). The Paraplanner will be based in the London office.
The Paraplanner may also be required to carry out other duties allocated to them by the Senior Wealth Planners, Wealth Planners, Compliance team, Operations Manager or Paraplanner manager to meet the wider needs of the Wealth Planning team.
Preparation and maintenance of client files
- Collect and analyse client’s financial information and work with the Senior/ Wealth Planner to determine strategies for meeting the client’s financial objectives.
- Ensure that all compliance documentation is recorded in line with LGT Wealth Planning’s procedure manual and FCA guidelines.
- Accurately record client information and documentation within ‘Intelligent Office’ back office management system.
- Identify and obtain the information necessary to complete a cash flow model (if required).
Cash flow planning (if required)
- Interpret data received from the client and build a cash flow model using our cash flow modelling tool.
- Ensure that all data input into the cash flow modelling tool is accurate and correct.
- Build the cash flow model with consideration to the client’s financial circumstances and objectives.
- Prepare an analysis document which details the outputs and key findings from the modelling, in line with the requirements of the Senior/ Wealth Planner and client.
Advice and recommendation
- The Paraplanner may attend client meetings with the Senior/ Wealth Planner (as required).
- Research and record all technical and product data relevant to the client and to the specific advice we are providing.
- Research should be undertaken both independently and alongside the Senior/ Wealth Planner.
- Provide technical support to the Senior/ Wealth Planner regarding specific queries relating to the advice we are providing.
- Analyse the client’s existing products/ financial arrangements to determine suitability in meeting the client’s objectives.
- Work with the Senior/ Wealth Planner to identify suitable solutions to meet the client’s objectives.
- Undertake financial calculations relevant to the financial advice.
- Manage the preparation and completion of comprehensive financial advice letters and suitability reports in line with LGT Wealth Planning’s procedure manual. Ensuring any recommendations are detailed in a clear, concise, jargon free manner. This would include (but not limited to) retirement planning, estate planning, cash flow reports, or financial strategy plans.
- Ensure that all client data detailed in our financial advice letters and suitability reports is accurate and correct.
- Ensure that the correct advice sign off is obtained prior to issuing the financial advice letters and suitability reports.
- Liaise with the client’s LGT investment manager, legal advisor, accountant and tax advisers, etc (where applicable).
Oversee implementation of recommendations
- Ensure the advice file is in order prior to passing onto the Administration Manager for new business submission.
- Oversee the completion of application forms by the administration team prior to issuing to the client.
- Work with the administration team to oversee the implementation of the agreed recommendations.
Prepare for client reviews.
- Act as main point of contact with providers / third parties.
- Where required update existing cash flow models.
- Research and record on file technical and product data relevant to the client’s annual review.
- Although the team has an administration team primarily responsible for liaising with third party suppliers; the onus is on the Paraplanner to ensure the administration is completed in a time-efficient manner. This may involve letter writing, chasing letters of authority, and chasing information from third parties.
- In the absence of the administration team, the Paraplanner will be expected to undertake their own administration.