How to become a paraplanner + salary guide

Australians are facing major financial decisions at a time when getting quality advice matters more than ever. The financial planning industry hit $5.8 billion in 2024, growing nearly 5% as more people recognise they need professional help planning for retirement and building wealth.

Over five million Australians are at or approaching retirement age, yet only around 16,000 professional financial advisers are available to help them. That massive advice gap creates real opportunities for skilled paraplanners who can support advisers in delivering quality financial guidance.

Paraplanning is the technical and administrative backbone of financial planning practices. If you’ve never heard of paraplanners, they’re the professionals who handle the research and documentation side of financial advice whilst advisers focus on client relationships.

The difference between financial planners and paraplanners is that paraplanners work under supervision with minimal client interaction, need qualifications and experience, but don’t need their own licenses. The role suits people who want to help Australians build financial security without the pressure of client sales.

Junior paraplanners start at around $51,000 per year, whilst senior paraplanners earn $86,000 or more. There are thousands of paraplanners working across Australia, including in remote roles. That’s because this job offers plenty of flexibility. Many paraplanners work remotely either part-time or full-time, with hours that can bend around life rather than a strict nine to five.

This guide covers what it takes to become a paraplanner in Australia, including the qualifications you need, realistic salary expectations and what the job looks like day to day. 

What does a paraplanner do?

Paraplanners handle the technical work that lets financial advisers spend more time with clients. They prepare Statements of Advice, analyse client financial data, research investment options and verify that everything complies with Australian financial services regulations. The role combines technical financial knowledge with meticulous documentation, turning adviser recommendations into compliant advice documents.

The work carries real weight as Australians have to manage increasingly complex financial situations. The Australian superannuation system held $4.1 trillion in total assets in 2025, making it one of the world’s largest pension pools. Yet, high inflation in 2024 placed added pressure on household budgets across Australia, making financial planning and informed decision-making more important than ever. Quality financial advice helps people make smart decisions that improve their financial situation, and you could make that advice possible if you decide to become a paraplanner.

The difference between financial planners and paraplanners is that the former spends their days meeting clients and building relationships, whilst the latter handles the research and documentation that makes those conversations productive. Paraplanners spend their days digging into superannuation rules, researching investment products, modelling retirement scenarios and preparing compliant recommendations. 

Around 2.5 million Australians are retiring over the next decade, creating massive opportunities for paraplanners who can handle this technical work. This is a great job for detail-oriented people because getting the details right helps clients build better financial futures. Paraplanners who understand both technical details and compliance requirements become the backbone of practices that can deliver advice that helps people build brighter financial futures.

Key responsibilities of a paraplanner

These are the main areas that paraplanners handle across Australian financial practices:

How to become a paraplanner

You need formal qualifications and hands-on experience in financial planning to become a paraplanner in Australia. The pathway usually takes one to three years, depending on whether you’re starting fresh or transitioning from related roles like client services or financial administration. Australian financial adviser numbers dropped from 28,000 in 2019 to fewer than 16,000 in 2025, creating massive demand for paraplanners who can support the advisers still operating.

1. Understand the paraplanner role and expectations

Paraplanners need strong technical knowledge in superannuation, investments, insurance and tax whilst also understanding the compliance requirements that govern financial advice. The role suits detail-oriented people who enjoy research, analysis and documentation more than client-facing sales work.

Financial planning practices rely on paraplanners who can work independently on technical tasks and coordinate with advisers and product providers. Accuracy and attention to detail here matter more than charisma and social skills because errors in advice documents can cost clients money in fines and penalties due to non-compliance.

2. Gain a recognised paraplanning qualification

Formal qualifications give you the technical knowledge and industry credibility that employers look for when hiring paraplanners. Monarch’s Advanced Diploma of Paraplanning delivers everything you need to break into the industry:

• Industry-build curriculum: Financial services professionals designed the course content around what happens in practices, covering managed investments, superannuation advice, life insurance, compliance and financial planning research.

• Work-ready practical experience: The course focuses on workplace scenarios, case studies and projects that mirror real paraplanning work rather than pure theory that doesn’t really tell you what the day-to-day job is like. 

• Flexible online study: Complete the 12-unit programme at your own pace over 12 to 24 months, studying wherever suits you with trainer support available via phone, email or Zoom.

• Free IPA membership: Membership to the Institute of Public Accountants comes included, giving you professional networking and resources from day one.

• No prerequisites: Starting fresh in financial services works fine. The course builds your knowledge from foundational concepts through to advanced technical skills without requiring prior qualifications.

Explore the Advanced Diploma of Paraplanning

3. Gain practical industry experience and knowledge

Classroom knowledge only takes you so far in paraplanning. Real industry experience teaches you how financial planning practices really work and what advisers need from their technical support.

These pathways help you build the practical experience you need to become a paraplanner:

• Entry-level administration roles: Client services and administrative positions in financial planning practices teach you how advice businesses work as you’re building industry contacts.

• Junior paraplanning work: Helping experienced paraplanners with research, checking calculations and formatting documents shows you what quality advice preparation looks like.

• Product and strategy knowledge: Australian financial products are complicated and changing all the time. Working in practices exposes you to superannuation platforms and the insurance products that clients use.

• Document preparation skills: Writing your first Statement of Advice feels impossible until you’ve seen dozens of examples and received feedback from advisers who know what works.

4. Undertake ongoing professional development

Superannuation rules change almost every year, new products launch all the time and ASIC updates compliance requirements regularly. Paraplanners who stop learning won’t keep up with an industry that’s constantly evolving.

Continuing professional development keeps your knowledge current through structured training and industry updates. Many practices require paraplanners to complete annual CPD hours because outdated technical knowledge creates unnecessary compliance risks for clients. 

Ongoing learning also opens doors to specialisation in self-managed super funds, aged care advice or complex estate planning. These niches pay better because fewer paraplanners develop the deep technical expertise needed to perform well in these areas that solve real client problems.

5. Progress career pathways

Paraplanning opens multiple career doors once you’ve built solid technical chops:

Skills you need to succeed as a paraplanner

Wondering how to become a paraplanner or if it’s hard to break into? The general answer most paraplanners give is that it's challenging but absolutely worth it, and you probably already have some of what it takes to succeed in this role. 

Paraplanners provide crucial support within the financial planning industry. They require a unique set of skills, experiences, and technological proficiencies to succeed. Here are some of the most important ones:

Attention to detail

This is paramount in paraplanning. You’ll have to scrutinise financial data, double-check calculations and verify that every component of a financial plan or statement of advice is spot-on. This precision helps prevent errors that could potentially lead to financial loss or legal issues for clients and planners.

Time management

You’ll often have to juggle multiple cases at the same time with strict deadlines. Effective time management skills are essential to prioritise tasks, manage workflows and meet deadlines consistently. This means scheduling time for research, report drafting, client follow-ups and administrative tasks without letting any single project completely take over.

Communication

Strong verbal and written communication skills are non-negotiable for paraplanners. You’ll need to clearly articulate financial concepts and strategies for financial advisers and sometimes directly for clients. You'll also write detailed, understandable financial reports and SOAs that comply with legal standards whilst remaining easily interpretable by clients with varying levels of financial literacy.

SOA preparation

Preparing statements of advice (SOA) is a core paraplanning task. You’ll draft documents that outline the financial advice provided to clients, including the basics of the advice, recommended financial products and the rationale behind each recommendation. Getting good at preparing SOAs takes deep knowledge of financial planning combined with the ability to write clearly and professionally under tight deadlines.

Technology proficiency

You’ll work with financial planning software and tools every single day. These might include:

• Financial modelling software: Tools like Xplan let you create detailed financial models and projections that show clients different scenarios in their future.

• CRM systems: Cloud-based services like Xplan keep client interactions organised and all the data accessible whenever you need it.

• Document management systems: You must know how to keep client information secure and organised so you’re not frantically searching through files when deadlines hit.

• Compliance software: Checking that all advice meets legal and regulatory requirements before it goes out the door is one of the most important traits of a paraplanner.

The combination of these skills and tools lets paraplanners provide high-quality support to financial planners, helping to tailor financial planning services that meet clients' needs whilst adhering to regulatory requirements. 

Paraplanner salary and earning potential in Australia

According to a small sample of data on Payscale AU, paraplanners in Australia earn a median salary of $67,000 per year, with entry-level positions starting at around $51,000. According to job ads listed on Seek, experienced paraplanner jobs get advertised for over $100,000 per year as of 2026. Your actual earnings will vary based on experience, location and whether you’ve developed specialised technical knowledge that makes you indispensable.

These are some paraplanner salary estimations across experience levels:

*Source: Payscale AU & Paraplanner jobs at seek.com.au

Factors that influence how much a paraplanner earns

Your paraplanner salary depends on choices you make about where and how you work:

• Technical specialisation pays off: Paraplanners with deep SMSF knowledge or aged care expertise can charge more because they know how to solve problems that entry-level paraplanners haven’t gotten to yet. Developing a technical niche beats staying a generalist.

• Practice size matters: Boutique practices might pay less base salary but offer better work-life balance and direct adviser membership. Large licensees pay higher salaries but expect you to churn through more clients.

• Metro versus regional: Sydney and Melbourne practices pay more than regional areas, but the regional cost of living sometimes makes the lower salary go further.

• Software proficiency: Paraplanners who master Xplan, AdviserLogic or other industry platforms become more valuable because they work faster and can train others.

• How fast you work matters: Practices value paraplanners who produce accurate work quickly because time equals money in financial advice. Speed without accuracy means nothing, but efficient paraplanners earn more.

Paraplanner courses and qualifications

Wondering what you need to study to break into the paraplanning game? Although some paraplanners have degrees that are relevant to the job, it's not essential to go to uni. There are faster and more practical ways to get there.

You’ll want the Advanced Diploma of Paraplanning, which is the main nationally recognised paraplanner qualification in Australia. Monarch Institute offers a 100% online version with full support and no exams (ever!).

With Monarch, you’ll learn through custom-built, mobile-friendly multimedia lessons. You’ll get heaps of practice opportunities and activities to build your skills and confidence. Then when you're ready for assessment, you'll work through simulated case work, made to feel like the real thing, but with a lot less pressure. You'll cover 12 nationally-recognised units across eight core themes:

• The Paraplanner: You’ll learn the actual tasks, processes, responsibilities and professional development requirements that define the role.

• The Client: The course covers client needs, wants, results, accountability and how to communicate effectively with different types of clients.

• The Practice: You’ll understand how planners, advisers and paraplanners work together to serve clients within the financial planning business.

• Managed Funds Advice: This section teaches risk versus return concepts, risk management strategies and the essential paperwork that goes with managed fund recommendations.

• Research Activities: You’ll develop skills for conducting thorough, efficient product research that delivers insights stakeholders can use.

• Superannuation Advice: The course explains what super is for and how to make it work for different client situations.

• Insurance Advice: You’ll learn how to use insurance to protect wealth whilst clients are building it.

• Prepare, Present & Implement Advice: This brings everything together, taking you from initial client contact and product research through to ready-to-present solutions and post-advice service.

When you graduate, you’ll have multiple career options open to you. You can step up in your current role, or start applying for paraplanning roles, right away. Your Advanced Diploma can also be a pathway to university study.

Still not sure whether paraplanning is the right course for you? Chat to one of our Course Consultants today. They'll answer all your questions and help you make the right move.

Explore the Advanced Diploma of Paraplanning

Career progression beyond paraplanner

Paraplanning isn’t the ceiling for your career in financial services. The technical knowledge you build prepares you for multiple pathways including financial advice, practice management, product specialist or specialised technical roles that command serious money. Over 3.8 million Australians now work in knowledge-based occupations, so there’s really no limit to where you decide to take your paraplanner career.

These are the main career options beyond paraplanning:

• Financial adviser: Transitioning into advice means building your own client base and taking full responsibility for recommendations. Additional qualifications and supervision requirements apply, but advisers earn significantly more than paraplanners whilst controlling their own practices.

• Senior technical specialist: Deep expertise in self-managed super funds, aged care or estate planning lets you consult for multiple practices instead of working for just one. Technical specialists can charge premium rates because they solve problems general paraplanners aren’t prepared to handle.

• Practice principal: Running your own financial planning practice combines business ownership with financial advice. You’ll manage staff, handle compliance and build a business that could eventually sell for substantial money when you’re ready to exit.

• BDM or product specialist: Product providers and platform operators hire experienced paraplanners who understand advice from the inside. These roles pay well and involve less direct client pressure than advice work.

• Compliance and risk management: Financial services compliance needs people who understand how financial advice is prepared. Compliance officers at licensees or larger practices earn great salaries by keeping everyone out of trouble with ASIC.

FAQs

How long does it take to become a paraplanner?

You can become a paraplanner with Monarch’s Advanced Diploma of Paraplanning in 12 to 24 months whilst studying online. Most people can land junior paraplanning roles whilst still studying, building practical experience alongside their qualification.

How much does a paraplanner earn in Australia?

Paraplanners make an average yearly salary of $67,000 in Australia. Junior paraplanners start around $51,000, whilst senior paraplanners with specialist knowledge push past $100,000 depending on technical expertise and practice size.

Is it hard to be a paraplanner?

You need to have excellent attention to detail to be a paraplanner to nail every detail across superannuation, investments and compliance, but it’s not hard if you’re qualified with an Advanced Diploma of Paraplanning. The work is ideal for people who enjoy research and documentation. 

Are paraplanners in demand?

Yes, paraplanners are in demand. Financial adviser numbers dropped by 38% between 2019 and 2022, losing nearly 10,000 professionals. Fewer advisers means higher demand for paraplanners who handle the technical work supporting client advice.

Turn your passion for details into a high salary

Paraplanners can earn great salaries whilst working behind the scenes to keep client financials in order. Financial planning practices need skilled technical support as clients face more complex challenges with their superannuation and investment strategies.

Monarch’s Advanced Diploma of Paraplanning can get you qualified in as few as 12 months with flexible online study. Speak with a course adviser today about breaking into financial services.

Reviewed by Adrian Shaw.