Paraplanners remain one of the hardest jobs to fill, reveals Heat Recruitment
London- and Bristol-based Heat Recruitment has revealed that the number of candidates interviewing for the position of chartered paraplanning manager stands at zero, despite offering an annual salary of £70,000.
Heat Recruitment has been partnering with several of the UK’s financial services providers for over 12 years, yet of all the roles they have managed during this time it is this that is proving to be the most challenging. Despite offering a salary that has been hiked by another £20,000 and exceeding the industry average salary of £50,000 for this type of role, the chartered paraplanning manager position has been left vacant for several months.
Edward Holdaway (pictured), senior financial services consultant at Heat Recruitment, said, “While the last six months has seen a gradual increase in demand for financial planning jobs in The City and across the UK, Paraplanners are in the shortest supply and it is these roles that are seeing salaries outpace those of others positions.
“This role is particularly unique in that it is not only offering a salary far higher than what a Paraplanner can normally expect to be paid, it also comes with a degree of autonomy that is rare for this type of role. Not to mention having one of the most attractive benefits packages that we have seen anywhere in the industry this year.”
According to Heat Recruitment, the growing shortage of paraplanners at all levels will continue to push salaries upwards, with even part-qualified paraplanners now able to command significant uplifts on their current basic earnings. And this isn’t restricted to the capital.
Holdaway added, “Since the turn of the year, we have seen paraplanners salaries rise across all regions, especially in Bristol where the financial services sector is at its strongest outside London. Here, Paraplanners can often expect salaries traditionally associated for roles based in the capital.”
It is well-documented that paraplanners are in high demand and short supply, and the lack of applicants coming forward to take advantage of the package on offer is reflective of a larger issue for the sector, as Holdaway explained, “There seems to be a lack of understanding of what a Paraplanner is, with some still seeing it as little more than a varied administrative role and a route into advice. However, the role, which is still in its infancy when compared to other roles within the financial services sector, has evolved into something more technical.
“Its position as a career of choice isn’t quite there yet and the challenge facing the sector is how to ‘sell’ the role of a Paraplanner to those graduates entering the industry.”