In the often fast-paced and high-pressure world of financial services, in many cases, paraplanners are working behind the scenes, translating complex financial solutions into actionable plans that clients can trust, and advisors can rely on. But as Sam Patterson, Head of Delivery at Equilibrium Financial Planning as well as Head of Mentoring at The Paraplanner Club, explains, their influence goes far beyond just producing suitability reports.
Speaking on a recent podcast with IFA Magazine, Sam delved into the evolving role of paraplanners, the transformative power of mentorship, and the tools reshaping the profession. His insights highlight that paraplanners are no longer just technical support staff—they are key drivers of innovation and client success in financial services. Here’s how they’re making an impact and what other professionals can learn from their journey.
Mentorship is a game changer
Mentorship is often viewed as a luxury, but for paraplanners, it’s becoming a necessity. Sam’s personal story underscores this point. Early in his career, he faced the challenges of imposter syndrome, doubting his place in the financial planning profession. The impact of his manager and mentor, Lucy, changed this perspective completely by not only believing in him when he had his doubts but also fast-tracked his career by sharing her expertise and offering real-world guidance.
This experience mirrors what The Paraplanner Club aims to achieve. Founded in 2021 by Sian Davies Cole and Chloe Phillips, the club connects paraplanners with mentors who provide personalised support, share career-defining insights, and foster professional growth. What makes The Paraplanner Club truly unique is that it is run by paraplanners, for paraplanners, and it has now grown to 27 mentors. The program offers free, invaluable mentorship that’s as much about personal confidence as it is about technical skills.
For Sam, mentorship is more than career advice—it’s about learning from the mistakes and successes of others, building resilience, and creating a sense of community in a profession that can often feel isolating.
The evolving role of paraplanners
Traditionally, paraplanners were known for their technical skills—writing detailed reports, crunching numbers, and ensuring compliance. However, their role has expanded significantly in recent years.
Sam’s career trajectory reflects this evolution. Starting in a traditional paraplanning role, he later became a “client manager at Equilibrium Financial Planning,” a role that blended technical responsibilities with direct client interaction. This dual role allowed him to tailor financial plans more effectively by understanding clients’ objectives and emotions firsthand.
This shift isn’t just happening in isolated cases; it’s a broader trend in the industry. Paraplanners are increasingly seen as strategic partners who can enhance client relationships and improve outcomes. The introduction of regulations like Consumer Duty has further emphasised the need for paraplanners to take ownership of client communications, making technical reports clearer and more accessible.
As Sam suggests, small changes like using a traffic light system to indicate financial health in reports can make a big difference. By simplifying complex information, paraplanners ensure that clients fully understand their financial plans—a crucial step in building trust and achieving better outcomes.
AI: Just a helping hand
Artificial intelligence (AI) is reshaping industries worldwide, and financial services are no exception. However, Sam is clear-eyed about its potential and limitations.
AI, he explains, won’t replace paraplanners but will enhance their efficiency. Tools like Saturn AI and 4Admin and others can streamline repetitive tasks such as report generation, data analysis, and even recognising patterns in client vulnerabilities. For instance, AI can flag when one spouse dominates financial discussions, signalling a potential area for deeper client engagement.
Despite these advancements, AI is not a magic bullet. Sam advises paraplanners to focus on mapping their processes—identifying which tasks can be automated and which require a human touch. This approach ensures that technology complements their work rather than overshadowing it.
Ultimately, the goal is to use AI to improve client outcomes and make paraplanners’ jobs more rewarding by freeing them from mundane tasks. It’s a win-win for both professionals and clients.
Building a reputation in the industry
Reputation is everything in financial services, and paraplanners are no exception. For those looking to elevate their careers, Sam emphasises the importance of networking and continuing professional development (CPD).
Attending CPD events, he notes, is a great way to stay updated on industry trends and build connections. But the real value lies in the informal knowledge-sharing that happens over coffee breaks and lunch tables. Whether it’s discussing the nuances of tax structures or learning about provider quirks, these conversations often yield insights that no textbook can offer.
Sam also highlights the importance of self-awareness in career planning. For paraplanners who prefer staying behind the scenes, it’s essential to communicate this preference clearly in one-to-one meetings. On the flip side, those who aspire to more client-facing roles should proactively seek opportunities to engage with clients, such as co-signing reports or handling follow-up queries.
The art and science of career development
One of the most striking points Sam makes is about the balance between the “art” and “science” of financial planning. Advisors often focus on the art—building relationships, understanding client needs, and creating a vision. Paraplanners, meanwhile, excel at the science—testing hypotheses, analysing data, and ensuring accuracy.
For paraplanners considering their next career move, understanding this distinction can be a game changer. Not every paraplanner wants to become a financial advisor, and that’s okay. Sam himself has chosen to focus on paraplanning and people management, proving that there’s a fulfilling career path outside the traditional advisor route.
Studying smarter, not harder
Professional qualifications are a cornerstone of career progression in financial services, but balancing exams with a busy life can be daunting. Sam’s advice? Find a study method that works for you.
He shares his own unconventional approach—skipping textbooks in favour of past papers and kinaesthetic learning. By repeatedly solving practice questions, he internalised the material in a way that felt natural to him.
For auditory learners, audio revision materials can turn commutes or gym sessions into productive study time. For those juggling packed schedules, breaking revision into smaller, manageable chunks—such as 30 minutes at lunch—can make a significant difference.
Sam also stresses the importance of working for an employer that supports your professional development. Companies that offer study leave, cover exam fees, and foster a culture of mentorship create an environment where employees can thrive.
The power of community
One of the recurring themes in Sam’s insights is the importance of community. Whether it’s through mentorship, networking at CPD events, or simply sharing ideas with colleagues, paraplanners thrive when they feel connected to others in their profession.
The Paraplanner Club embodies this spirit of collaboration. By bringing together paraplanners from different backgrounds and levels of experience, it creates a space for learning, sharing, and mutual support.
For Sam, this sense of community is invaluable. It not only boosts confidence but also opens doors to new opportunities and ideas.
To the future
Paraplanners are stepping out of the shadows and proving their worth as indispensable players in the financial services industry. Through mentorship, professional development, and the strategic use of technology, they are transforming their roles and driving better outcomes for clients and businesses alike.
As Sam’s journey illustrates, paraplanners have the power to shape the future of financial services. By investing in their skills, embracing innovation, and building strong networks, they can carve out fulfilling careers while elevating the profession as a whole.
The message is clear: paraplanners are not just support staff—they are the engine driving the industry forward. It’s time to recognise and celebrate their contributions.
Keep your eyes peeled for Sam’s podcast, which is coming to the IFA Magazine website soon: https://ifamagazine.com/podcasts/.
