Typically, the value of paraplanning is through reports for planners and advisers, but Wakefield said she wanted to do more and create a more collaborative relationship between planner and paraplanner - where both can bounce ideas off each other in the best interest of clients.
Reflecting on the Paraplan Project so far, Wakefield said it has been challenging but a great learning curve.
“Although it wasn’t paraplanning related that next challenge for me really was about employing people and making sure that I can deliver the values that I wanted as an employee and be able to reflect that in their employment as well," she said.
When Wakefield thinks about what experience she wants her staff at the Paraplan Project to have, the first thing she says is “open and honest”.
“For a lot of people in the profession that are moving roles, a lot of it drills down to communication. It’s so simple but it's really just understanding what you want from staff and what that employee wants from a firm.
Wakefield explained that as part of the recruitment process she included some technical tests around maths and writing ability.
For one of the questions, she asked candidates to describe their dream day-to-day in a paraplanning role.
"That really allowed me as an employer to think am I going to be able to fulfil this person's needs and wants from the role," Wakefield said.
“So if that individual was to come on board we would both understand what we want from each other in the long-term.
"I appreciate people's circumstances change and they might want different challenges as they go through their career, but I think having that honesty straight away allows me to really adapt the role so they feel fulfilled and I can get the best out of them. It is a win-win really.”
Financial education
Wakefield believes it is important that more young people know a route into a successful career exists outside of doing A-levels and going to university.
“I have previously run a few education sessions as part of a Chartered Insurance Institute initiative and when I went into the schools and delivered some of the sessions, I was talking to the students after and they were all very much focused on getting degrees and still weren’t very sure what they wanted to do. They asked me ‘what qualifications do you have’ and I think they were quite surprised when I said GCSEs.
“So I think it’s trying to educate the younger generation but also as well, for those that are in other industries and looking to move into the profession to say to them actually you don’t need to have a certain education level, you don’t need to come from a certain background.
