For paraplanners looking to move up the pay scale, changing firms is one option…but not the only one. Lewis Byford, offers some advice:
When it comes to Paraplanner salaries, a few questions we hear include, I want to earn more money? I feel I’m not getting the financial reward I deserve?
Within the recruiting space, many recruiters will think fantastic, this is going to be a candidates motivation to move, but when we hear this, changing career is a big move and is sometimes not necessary.
I’m going to walk you through some simple tips you can use TODAY when speaking to your boss about increasing your salary.
Tip one: What is in it for your boss? Why is it in your bosses interest to give you a raise?
Find a problem that you can solve; some suggestions could be:
- Improved efficiency; you have found a way to turn reports around quicker, meaning you can complete more cases resulting in the advice business increasing its revenue.
- Improving the quality of the reports for the team by creating a process that frees up time to focus more on the personalisation of the report for the client.
One paraplanner we spoke to wrote his very own cashflow modelling program in his spare time. He implemented that into the business, saving his boss a Voyant licence. Yes, he did get a pay increase, so there wasn’t a direct saving to the company, but it was the value he brought to the business that impressed his boss.
Tip two: Do some market research and appeal to fairness.
“I have done some research, and paraplanners with my experience and years of service are being paid XYZ.” (If you are unsure what salary you should be on, you can always give us a call.)
“I feel with the added value I bring to your business, I’m here today to ask for a pay rise in line with where the market is?”
If treated unfairly compared to the market, you may need to consider your options and let your boss know that.
Don’t worry about your bosses attitude; it doesn’t matter if they’re in a good mood or bad mood. There will never be a right time in some cases.
You may feel nervous or intimidated by your boss; that’s okay everyone gets nervous.
Ask yourself this question: What will it mean to you if you don’t secure a pay rise?
How will it make you feel? If you don’t get what you’re looking for do you start to explore your options?
Just remember to appeal to what is in it for your boss!
If you have any thoughts around this or have any questions, I would love to hear from you.