PFS Paraplanning Conferences: Evolution of Paraplanning
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Richard's visuals - updated for the Personal Finance Society's regional paraplanning conferences in Wakefield and London in June and July 2013 - to support the issues raised in his presentation on professional development and paraplanning.
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PFS Paraplanning Conferences: Evolution of Paraplanning
- 1. Paraplanning: Evolution of a profession Richard Allum
- 2. Last ten years - Pre RDR momentum - Formal professional standards - Approach to advice process - Flight to quality - Rising popularity of paraplanners - Significant factor in quality of service
- 3. What is a paraplanner?
- 6. The role - Establish client needs - Collate and interpret client information - Research and prepare recommendations - Present solutions - Review and relationship management
- 7. The role - Prepare and maintain client file - Prepare recommendations - Implement recommendations - Review
- 8. Key attributes - Technical knowledge - Research and analysis skills - IT literate - Lateral thinker and common sense - Good communicator - Attention to detail
- 9. Increased responsibility - Guiding advisers - Due diligence - Provider meetings - Justification and suitability - Increased influence - Client relationship
- 13. Team approach Adviser Paraplanner Administrator Relationship Reviews data Data processing Presents plan Analysis & insight Support process Provides advice Prepares plan Implementation
- 14. Benefits - Co-ordinated team approach - Deliver the process consistently - Insight & ideas - Sounding board - Challenge - Focus on delivering best advice to client
- 15. Career aspirations 4% 4% 5% 24% 64% 0% 10% 20% 30% 40% 50% 60% 70% Other Leave industry Freelance Become IFA Remain in role
- 16. Paraplanning opportunities - In-house - Centralised teams - Freelance - Outsourced business - Supply & demand - What will you add?
- 17. Formal standards
- 18. Formal standards
- 23. βIt's about fulfilling our profession's potential to contribute to the financial wellbeing of anyone in the UK.β
- 24. Next ten years - Essential component of advice process - Key career option in the profession - Own professional body? - Regulated? - Universally accepted standard - Keep raising standards
- 25. How!
- 26. Yorkshire Best Practice - Meeting in Leeds - Discussions & sharing - Master classes - Joanna.hague@investmentforlife.co.uk - @theactualclaire
Editor's Notes
- In house working close with on
- Same standards as advisers
- 'How do we measure our progress along that professional pathway, and do so in a way which is readily understood by the advice community and reassuring to the consumers they serve?'
- Paraplanners are in a unique position to determine their own professional futures - something that was not afforded IFAs - and now's the moment to seize on it. By seeking to establish consensus across a wide range of participants in the advice profession in order to establish clear principles and practices.
- In order to establish paraplanning as a profession, you cannot only rely on testing as the measure professional standards.The principles and values that shape the professional standards of paraplanning in the future are at least as important as the tests we set to determine.
- So, in the emerging debate about professional standards for paraplanning, we need to be at least as concerned with establishing the things that we canβt easily test for - the principles which underpin the paraplanning profession β as the things that we can.As President Obama would say: What is 'the North Star which guides our effortsβ?
- For instance, the principle underpinning our role in the financial advice process could be βabout fulfilling our profession's potential to contribute to the financial wellbeing of anyone in the UK.'