Paraplanning Reimagined: Embracing AI for Greater Efficiency and Value

I was recently asked an interesting question by a financial adviser: “Our practice uses AI automation and other technology, and our offshore paraplanners have very little to do now. What do you do?”

Here’s my answer:

As AI becomes an integral part of advice practices, the paraplanner’s role is becoming more strategic and valuable to advice practices.

AI is shifting paraplanners towards advanced modelling, SoA customisation and advice strategy

Today, our work is more focused on higher-value tasks than templated SoA documentation: interrogating information, testing assumptions, modelling strategies, creating projections, identifying gaps and risks, and developing highly tailored advice alongside advisers.

We first establish a financial baseline showing how the client’s position may develop if nothing changes. From there, we compare alternative strategies with the adviser and model how different decisions may affect the client’s goals.

For example:

• What’s the impact on a member’s retirement income if they make additional voluntary contributions for the next five years versus redirecting that money elsewhere?
• If a client is considering moving from accumulation to transition-to-retirement, what does the tax and cash flow picture actually look like under each approach?
• If a member’s health deteriorates and they need to access their super early, how does that reshape the long-term strategy for their spouse?
• If a member wants to retire at 60, but their projected balance suggests 63 is more sustainable, what adjustments now could close that gap?

In short, paraplanning in the age of AI sees us move away from templated documentation and towards connecting technical analysis to the client’s goals — turning complex circumstances into clear, personalised advice that improves client outcomes and sets advisers apart from competitors.

Paraplanners also act as a compliance safeguard

Today’s paraplanners help embed compliance throughout the advice-creation process, rather than leaving it until the final check.

Because, yes, efficiency is valuable, and AI absolutely facilitates that. But speed without quality control presents a significant risk, particularly in a compliance-sensitive environment.

Experienced paraplanners work within the practice’s licensee requirements to capture research, identify missing information, and document the assumptions, alternatives and reasoning supporting each recommendation.

Of course, responsibility for the advice remains with the adviser and relevant licensee. However, paraplanners provide another informed layer of quality control, helping ensure the work is accurate, complete, defensible and ready for scrutiny.

Why demand for deeper paraplanning support is likely to grow

The Australian Government has confirmed its intention to proceed with a new class of adviser within APRA-regulated super funds and life insurers, intended to give more Australians access to simpler advice.

At the same time, the situations advisers are helping clients navigate are becoming more nuanced. Retirement timing, tax structures, changing family circumstances and intergenerational wealth planning can all require more detailed modelling and scenario testing than a templated SoA can capture.

Together, these shifts could increase demand for deeper paraplanning support, helping practices differentiate and serve more clients without compromising personalisation, accuracy or compliance.

AI is here to stay, but paraplanners will still be required as demand for advice grows and client complexity increases.

Where AI adds value to the paraplanning process

AI can accelerate meeting notes, data organisation and the mechanics of SoA creation—helping paraplanners work more efficiently.

For example, at my paraplanning firm, Mutual Plans, an adviser may send us 50 supporting documents for one piece of advice. Locating, comparing and checking that information manually takes time.

Instead, our platform scans those documents and creates an initial report that can:

• Locate and organise relevant information.
• Highlight possible gaps or inconsistencies.
• Flag selected areas requiring compliance attention.
• Help our paraplanners reach the right questions sooner.

This reduces manual handling and frees our paraplanners to review, research, validate, create and strengthen the advice.

AI can also draft documentation, which our paraplanners then refine. But its output is only as reliable as the inputs it receives. Paraplanners using AI must provide quality inputs, check compliance, refine the results and work with the technology to produce high-quality outputs.

In my view, the future of paraplanning is not AI versus human expertise. It is human expertise enhanced by AI. Whether our role is always called “paraplanner” or eventually evolves into something like “technical consultant”, our capability to research, strategise and model compliant financial strategies will remain invaluable.