An award winning paraplanner, Richard Allum CFP
TM Chartered MCSI, has forecast that 2016 will be the most significant to date for paraplanners, with numerous initiatives set to spur further growth in the profession.
With a new Government-backed paraplanning apprenticeship, paraplanners about to begin developing their own professional standards, and ever rising demand for their services, it is not hard to see why paraplanners might be excited about the future of their profession. Indeed, Allum believes the UK has now overtaken Australia to take the mantle as world number one for paraplanning.
The CISI’s exclusive paraplanner LinkedIn group has well over 600 members, with numbers growing strongly. Last year’s IFP Paraplanner Conference was a sell out, with this year’s
Paraplanner Conference on 25 and 26 May near Warwick attracting strong interest already, which shows the growth in the sector.
Dan Atkinson, the 2014 IFP Paraplanner of the Year, said: “I think that this year will be the most significant to date. If the apprentice scheme has provided a potential entry point, the next step is to provide greater definition about progression. My view is that this definition needs to be a combination of skills and knowledge.
"Initially I see a ‘core paraplanner’ standard being constructed with degrees of advancement/seniority and specialism.”
Scores of paraplanners will soon gather at a special paraplanners Powwow event to work on developing a new professional standard. Atkinson said: “The most exciting thing about this is that the definitions/standards will be driven from within the community. The key trade bodies are making an effort to serve paraplanners better, but my opinion is that paraplanning standards need to be set collaboratively.”
"Every time paraplanners share ideas and best practice they are helping to set standards for our profession"Claire Goodwin APP, a paraplanner, said: “A minimum standard, as outlined in the apprenticeship, is ideal and something that the IFP spearheaded when they introduced the Accredited Paraplanner
TM title. However, I am not sure yet what a ‘new’ professional standard would look like. I don’t see the merit in introducing more specific paraplanner exams; the multitude of qualifications we could take is boggling enough as it is. But, every time paraplanners share ideas and best practice they are helping to set standards for our profession. By encouraging debate, interaction and learning, we will eventually get the standards we need. I think it is a natural progression.
“Our profession has come along at quite a pace in the last few years; I just think we need to keep doing what we have been doing. The IFP were great at supporting what we did, and now we have the CISI and PFS paraplanning forums too. It’s all positive.”
Allum said: “Whereas Australia was leading things 15 years ago, it’s come full circle now. The UK is taking the lead. I get a lot of people getting in touch with me from New Zealand, Australia, North America and South Africa. They’ve shown interest in the professional standard, exams, events, the Paraplanner Conference and the Powwows.”
Paul Welsh CFP
TM Chartered MCSI, a paraplanner at Liverpool based Financial Planning Corporation, said: “I think a paraplanning standard would certainly be of benefit as the term has too wide a definition at present. I think it would definitely need to be driven by paraplanners themselves and a peer-to-peer system is a really good idea. Obtaining any support or time commitment from planning firms themselves could possibly be an issue as the benefit to them might not be immediately obvious, but we are a determined bunch so I am sure such obstacles can be overcome.”
"To get more people into the sector there has to be jobs in the market, and not only more jobs but an awareness campaign about how lucrative a career in financial planning can be"There is more work to do, however, with Allum explaining that paraplanning needs to attract more new blood. Among the newest entrants to the profession is Rohey Sillah, a paraplanner at Perspective Financial Management in Milton Keynes. She started last year after graduating with a BSc in Banking and Financial Planning from The University of Northampton. Sillah said: “I, for one, never heard of paraplanning until my tutor told me about it at the open day. To get more people into the sector there has to be jobs in the market, and not only more jobs but an awareness campaign about how lucrative a career in financial planning can be. Most of the so-called ‘fresh blood’ want a stable job that pays the bills so let’s show them that financial planning can do that for them.”
Another recent recruit to the profession, Kate Hall, of Parasols agreed, saying: “I think most people have heard of financial planning, but very few know what a paraplanner is. I’ve had to explain what I do to friends and family. So making people aware of paraplanning as a career choice is a good place to start.”
Her fellow trainee paraplanner at Parasols, Simon Warne, said: “I think the best way is to market the industry more towards people in schools, colleges and universities by putting more, young financial planners in the spotlight. I think this would actively engage and encourage paraplanning as a genuine career with development opportunities.”