WA winner: Stephen Henshall
Stephen Henshall’s route into paraplanning came through working in superannuation administration at William Mercer.
The change, however, showed him the difference between handling fund members’ immediate needs and providing long-term strategies for meeting clients’ financial goals.
“I worked as a corporate superannuation fund administrator for seven-and-a-half years before being offered the opportunity to switch to paraplanning at Mercer Wealth Solutions in Perth,” he says.
“It was almost a natural progression as I had worked with all the people in the financial planning division over the years.”
Henshall says he was also aware that financial planning was a growth industry whereas corporate superannuation was in decline as funds switched to master trusts.
“In my time running superannuation funds, I wound up 20 different funds into master trusts, so it was not going to be a long-term career,” he says.
“But it was a good background, although it is a big jump from superannuation to financial planning. It really opened my eyes as to how much I had to learn.”
Henshall is working towards becoming a planner and is currently completing the estate planning module of the Diploma of Financial Planning (DFP) with Tribeca, while attending Mercer’s quarterly professional developments days and fund manager presentations.
“As my skills and experience have improved over the past year and a half I have gradually assumed more responsibility within the team,” he says.
“My roles include working with advisers to prepare detailed SOAs [statements of advice], having responsibility for the client review process and dealing with client enquiries.”
Henshall has also played a role in enhancing the professionalism of paraplanning at Mercer.
“I am part of a national paraplanner committee whose aim is to enhance professionalism at a paraplanner level and provide a clear and detailed career progression model,” he says.
“It also provides a forum for paraplanners to voice their opinions, concerns, experiences and ideas, which are then formally reported to management.”
And after-hours, Henshall tries to get outdoors as much as he can.
“I play a bit of cricket, go fishing and play golf,” he says.
“Being outdoors is a good plan after a day at work.”
Recommended for you
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
Lower fees and trustworthiness are the top factors enticing unadvised Australians to seek a financial adviser, according to Fidelity International, common across all generations.
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
