Twice as many paraplanners see their future career being in paraplanning than in advice, analysis from The Lang Cat has shown.

Findings from its State of the Advice Nation report revealed that paraplanners increasingly see the profession as a career path in its own right.

More than half (51 per cent) of paraplanners saw their future within paraplanning compared to 24 per cent planning to transition into an advisory role.

The Lang Cat said this indicated paraplanners’ strong desire for recognition and career development within their current roles.

However, three-quarters (75 per cent) of paraplanners felt they were often remunerated unfairly and did not share in the wider success of their firm.

When asked that the biggest inhibitor to doing their job was on a day-to-day basis, 49 per cent of paraplanners felt their role was hampered by provider administration, followed by clarity on work and their relationship with advisers (42 per cent).

Meanwhile, Paraplanners were found to be relatively positive about the prospects of AI, with the majority seeing it as an opportunity rather than a threat.

Nearly four in 10 (39 per cent) believed the biggest impact on their profession will be of tech as an enabler that delivers benefits, such as more efficient processes.

Paraplanners and business owners were found to largely agree on the essential skills that paraplanners bring to their jobs, including technical competency, report writing, and research skills.

However, 44 per cent of paraplanners emphasised their communication skills, which were only cited by 17 per cent of business owners, and around 50 per cent believed they could harness these skills to be more client facing.

In terms of daily tasks, The Lang Cat noted that paraplanners played a critical role in suitability report construction, cashflow modelling, and the wider client review process, but their involvement in centralised investment propositions and centralised retirement propositions varied from firm to firm.

“Paraplanners are often the unsung heroes of the advice sector and for that reason, The Lang Cat wants to give them a voice,” commented The Lang Cat insights director, Steven Nelson.

“Continuing our work from last year, we actively targeted the paraplanning profession to make sure we fairly represented their views among the wider group of 501 professionals who took part.

“What’s clear is the passion for paraplanning as a career runs deep. Our research showed that around 70 per cent of respondents believe there should be a dedicated chartered pathway.

“Alongside the fact that half feel they could take their communication skills even further and play a more client-facing role. All signs of a confident, ambitious profession that knows it’s worth and is ready to grow.

“The issue of renumeration and the dissatisfaction surrounding it was a real mic drop moment for us and hopefully provides some real food for thought for the wider industry that is so dependent on paraplanners’ skills and expertise.”

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