Financial Planner and wealth manager Kingswood Group, which confirmed it was potentially up for sale earlier this year, has reported a 10% rise in group operating profit to £5m for the first half of 2023.

Adviser platform Parmenion has revamped its ISA to enable its better use as a Financial Planning tool allowing flexible withdrawals and top ups without losing tax benefits.

Financial advisory firm Dow Schofield Watts, which has a wealth planning division run by a Chartered Financial Planner, has expanded with the acquisition of a Lancashire-based HNW client tax specialist STS Europe.

I meet and talk to online many Financial Planners during the course of a typical month. I’m always impressed by their enthusiasm and enjoyment for what they do and also their long-term confidence that they are in the right profession at the right time.

The FCA has warned firms to ensure that they comply with new rules that strengthen the responsibilities and expectations of principals in relation to their appointed representatives (ARs).

The latest issue of Financial Planning Today Magazine is now available and includes our exclusive annual Financial Planning Profession Reader Survey revealing how Financial Planners and Paraplanners are coping with economic turbulence. 

Just over a month after its shareholders rejected a takeover bid from British fund manager Liontrust, the newly-elected board at Swiss-based asset manager GAM has appointed global chief risk officer Elmar Zumbuehlas as chief executive.

Experienced Paraplanner Christina Georgiou explains why outsourced Paraplanning is not the cut-price budget option some see it as.

Being an in-house Paraplanner is such a privileged role – there’s a high demand for your skills and you can command a high salary and other benefits as a result.

I was an in-house Paraplanner for many years, even before Paraplanning was a word. I had some great roles, where I learned a tremendous amount and built up my experience. Even the not so good roles taught me a lot too.

I joined Argonaut Paraplanning, which provides outsourced Paraplanning, in July 2021. It’s been an adjustment and I had to question my preconceived biases about the quality of the work outsourced Paraplanners provide.

I found that Argonaut’s commitment to raising the standard of advice matched my own, and so, in two short years, I now find myself as co-director with Alan Gow.

What I have noticed is a perception that outsourced Paraplanning is much cheaper than in-house and this is a reason for outsourcing. However, there are significant differences.

Although Lockdown has made us all more flexible, it remains easier for in-house Paraplanners to attend client meetings and be integral to the advice process from the start.

They may also sit on Investment Committees and have compliance duties.

By contrast, many outsourced Paraplanners join the advice process part way through and there’s a wide variation in what they do. Some are report writers, some gather information, and some will do research, analysis, gap filling and help construct advice before writing the report.

I don’t believe that an advice firm should use an outsourced Paraplanner because it’s cheaper.

I believe in the right type of Paraplanner for each firm. If that’s an outsourcer, they can provide additional capacity, experience, a second pair of eyes and will complement a firm’s advice process, potentially saving time and some money too.

Christina Georgiou is a director of outsourced Paraplanning support firm Argonaut Paraplanning. She is a career Paraplanner with over 20 years’ experience.

https://argonautpp.com/

New private pension figures published by HMRC have revealed that the number of self-employed people contributing to a personal pension climbed to 340,000 in 2021-22, up from 330,000 the previous year.

City of London futures broker ADM Investor Services International has been fined £6,470,600 by the FCA for inadequate anti-money laundering systems and controls.