Paraplanners

Headline stats

45% male, 55% female
93% full time, 7% part-time
97% employed and 3% self-employed
12% in process of Level 4
53% qualified to Level 4
18% Chartered
12% in process of becoming chartered
Average age 42.6

Size of organisation

The Census has Paraplanner representation from across the organisational landscape.

Organisation Size	Paraplanner
1 - 4	7%
5 - 10	18%
11 - 20	23%
21 - 50	8%
51 - 100	5%
101 - 250	9%
251 - 500	5%
501 - 1000	10%
More than 1000	15%

Salaries

Average Salary	Paraplanner
Current Salary	£44,204
Previous Salary	£41,298
% Increase	7.04%

Distribution of Salaries

Salary Range	Paraplanner
£20,000 - £40,000	29%
£40,000 - £60,000	62%
£60,000 - £80,000	7%
£80,000 - £100,000	2%

Bonuses

Average Bonus	Paraplanner
Recent Bonus	£3,242
Previous Bonus	£3,346
% Increase	-3.1%

Distribution of Bonuses

Bonus Split by Role	Paraplanner
<£10,000	87.5%
£10,000 - £20,000	12.5%

Calculation of Bonus

Discretionary remains the clear winner for Paraplanners bonus assessment at 68%.

Bonus Calculation	Paraplanner
Formulaic	0%
Discretionary	68%
KPI	20%
Profit Share	35%
Other	13%

Earnings

Paraplanners have seen a commendable increase in earnings over the year, at 6.3%. However, with the average earnings of employed advisers now surpassing £100,000, the substantial gap between adviser and paraplanner earnings merits scrutiny. While market forces typically dictate earnings, it's important to acknowledge the historical context: Paraplanners have transitioned from customer support roles to become integral to the business, especially as the industry continues to address the 'advice gap'. This evolution prompts a revaluation of the value Paraplanners add to the financial sector.

Earnings

Employed Earnings	Paraplanner
Current	£47,446
Previous	£44,644
% Increase	6.3%

Distribution of Earnings

Employed Earnings	Paraplanner
£20,000 - £40,000	28%
£40,000 - £60,000	60%
£60,000 - £80,000	10%
£80,000 - £100,000	2%

Professional qualifications

Debate exists regarding whether Paraplanners should obtain qualifications comparable to advisers and attain formal professional status. Given that many practices view Paraplanners as technical leaders, often entrusting them with regulatory responses, it appears justifiable for them to evolve into a distinct profession. Their ongoing dedication to acquiring qualifications supports this trajectory.

Professional Qualifications	Paraplanner
In process of achieving Level 4	12%
QCF Level 4	53%
Chartered (or equivalent)	18%
Expect to attain Chartered (or equivalent) in 2024	12%
N/A	5%

Impact of qualifications on earnings

This shows a nice straight line correlating qualifications progress with earnings.

Earnings - Quals	Paraplanner
In process of achieving Level 4	£39,872
QCF Level 4	£47,032
Chartered (or equivalent)	£55,327
Expect to attain Chartered (or equivalent) in 2024	£47,818
N/A	£37,413

Age range

It’s good to see a reasonable number – 17% - in the under 30 category. The Paraplanner role has become fundamental to many advisory firms – in many cases carrying out functions well beyond the original remit of the role. Moreover, as the sector searches for a solution to the advice gap the answer may well lie in a more expansive role for Paraplanners.

Age	Paraplanner
20 - 30	17%
30 - 40	27%
40 - 50	23%
50 - 60	28%
60 - 70	5%

Impact of gender on earnings

This shows a very small gender gap at just 5.5%.

Gender	Paraplanner Earnings
Male	£48,791
Female	£46,249