Historically, the paraplanner role was often seen as a stepping stone to becoming a financial planner. Rightly it is now highly regarded in its own right with the role now seen as essential in leading financial planning firms. It is no accident that having a paraplanning function is a fundamental requirement to become an Accredited Financial Planning Firm
TM.
Different skillsAt its most basic, paraplanning requires a different skill set to that of a financial planner. The activities in which paraplanners tend to be more dominant could be said to be more left brain oriented, that is a mind set which is more logical, detail orientated and analytical. These are skills well suited to due diligence, building financial plans, generating client reports, carrying out reviews; all of which are associated with the paraplanner role.
The fact that more and more firms are seeing real, tangible business benefits from introducing a paraplanning function means that demand for experienced, well-qualified paraplanners is on the rise. As the demand for their services increases, it puts pressure on the availability of paraplanners.
Looking to the futureLonger term we are expecting to see more highly skilled new entrants seeking a rewarding career as a paraplanner, and at the CISI, we are determined to do our utmost to provide the professional development support that is required. We are starting from a position of strength. Paraplanners are often qualified not just to level four, but to level six and beyond. They are also demonstrating their professionalism by using titles such as Accredited Paraplanner
TM, showing peers and clients alike that they have the skills and knowledge that matter. Although there is currently no requirement to do so, many paraplanners, albeit still the minority, are registered individuals with the Financial Conduct Authority (FCA) and regulated as such. Whether regulated or not, and who knows what the future may hold by way of changes in regulation, it is clear that paraplanners take their professionalism extremely seriously. Ongoing CPD is positively welcomed and seen as an essential part of their development. This is an area where the CISI can add weight to the range of opportunities already available.
Qualification evolutionThe development of a new level four exam will help as will our significant range of CPD opportunities all designed to help support ongoing learning. We are already growing the CPD opportunities we have available with the release of our first paraplanning Professional Refresher online learning module in December.
First award up for grabsIn the summer the competition gets underway to find the very first winner of the CISI Paraplanner of the Year award. We are also looking forward to the CISI Paraplanner Conference 2016 on Wednesday 25 and Thursday 26 May.
New group for paraplanners
The IFP Professional Forum retains its focus on driving forward the paraplanning profession with renewed vigour, with Richard Allum CFP
TM Chartered MCSI playing an important role. We are forming a paraplanner interest group, specifically to meet paraplanner needs. There is also the CISI’s exclusive Paraplanner LinkedIn group which currently has well over 600 members.
We are sure that 2016 is all set to be a great one for the financial planning profession and for paraplanners in particular. We are committed to doing our best to make it even better.
Register your interest in attending the CISI Paraplanner Conference