We continue our series of interviews with a paraplanner to gain an insight into his or her career, working day and top tips for the rest of us. This week features Len Quinlan, a Financial Planning Manager in Lincoln. If you would like to feature in this section in the coming weeks and provide useful information to your peers (as well as raising your own profile) please contact us.
Name – Len Quinlan
Current Role – Financial Planning Manager
Employer- JCH Investment Management Limited
Qualifications – Dip PFS
How long have you worked in Financial Services?- Apart from a spell of three years in Local Government Finance, I have been in Financial Services in one guise or another for 30 years. I started my career with Barclays in the days when you were proud to say that you worked for a bank. After 5 years I then went into Local Government but the lure of Financial Services was too strong and I went to Royal London as Sales Consultant, where I spent 2 years. Thereafter, I joined the Financial Services arm of a medium sized Accountancy firm, where I stayed for 16 years before being made redundant in 2004. I then had a 2 year spell with another firm of Accountants before joining JCH 3 years ago.
Have you always been a paraplanner?- For the past 21 years I have combined the roles of IFA and Paraplanner. When I joined my first firm of Accountants it was in an administrative/ Paraplanning role. However, I progressed to IFA, undertaking the old AFPC examinations. I have been working as a paraplanner only at JCH.
How would you describe a typical day as a paraplanner for you? – I am not sure that I have a typical day. There are only 3 of us in JCH on a full time basis and one part timer. We have a Chartered Financial Planner, an Administrator and myself. Our part timer deals with invoices and commission tracking. Because of the size of the firm and the fact that our IFA spends probably 50% of his time away from the office on meetings, my work tends to be dictated by his activities. However, most days do usually involve some research and report writing.
How do you fit into the overall paraplanning support within your company?- Because we are such a small firm I provide all of the paraplanning support at present.
What aspect of paraplanning do you enjoy most? – Most definitely research and report construction. It is very satisfying finding and analysing information which is crucial to producing a high quality report. In addition, despite the numerous frustrations that most product providers seem to cause, I do actually enjoy developing contacts with them.
In what ways can you add value as a paraplanner? – I believe that I can add value in a number of ways. The most obvious way is in saving the IFA time. As a Chartered Financial Planner, it is crucial that his time is spent meeting clients and professional connections rather than on research and reports. As I have been an IFA myself, I can also look at things with an Adviser’s hat on. Sometimes this can prove useful if we are considering various options for a client as I may have a slightly different point of view. I also find that some of the material I can access through product provider websites or via research tools can be very useful to our IFA for making presentations to clients.
What tips would you offer any other paraplanners? – To develop strong connections with product providers. Building a really good working relationship with a consultant or office based assistant can help to cut through an enormous amount of the provider’s red tape. These people will usually be eager to help you as the more that they know about your business; the easier it is for them to do their job.
What websites do you regularly use?- Trustnet, Citywire, Morningstar, Synaptic, Exchange.
What’s the best piece of advice you’ve ever been given?- Although not strictly speaking relevant to paraplanning, the advice I remember most was given to me by my manager when I worked for Royal London. As a raw new Sales Consultant, I was very upset when I lost out on a case to another company. I was convinced that I had done everything necessary to win the business but wanted to know from my hugely experienced manager what tactic or strategy I had overlooked so as not to make the same mistake again. His advice was simply not to dwell on it, but move on to new appointments, the majority of which would prove to be worthwhile. There was always enough good quality business to be found for those who seek it. This was indeed the case. I have adhered to his philosophy ever since.
What exam are you taking next? – I am taking a breather at present. I owe some time to my wife who was incredibly supportive when I was studying for AFPC. I am looking at the implications of RDR and trying to decide whether I want to embark on another round of study.
What one thing could make your job easier?- I am tempted to say less snow, having battled through so much of it to get to work during the past 2 weeks. On a more serious note, it would have to be better understanding on the part of product providers of how IFAs operate. I still find it causes a great deal of frustration and delay simply because providers don’t really take the time or trouble to understand the basics affecting firms that many of them rely on to promote their products.
Thanks Len
