Monday, 17 October 2016 09:57

Paraplanner Standard: More say no but readers divided

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Paraplanners at this year's national Powwow, through which the project to create a standard has taken off Paraplanners at this year's national Powwow, through which the project to create a standard has taken off

Readers of Financial Planning Today are divided over the Paraplanning standard, with slightly more against it than in favour, a poll has suggested.

Some 47.4% of the 133 votes cast (63) said ‘no’ when asked if they supported the creation of a Paraplanning standard.

Some 43.6% (58) said yes, while 9% (12) were undecided.

The debate intensified after Financial Planning Today reported that the CISI was holding further talks with counterparts at the CII.

Leading Paraplanners have been having their say in a series of articles they have penned for FP Today. See below for more.

In one of the latest developments, Michelle Hoskin, managing director of Standards International, the authorised standards body for ISO 22222 and BS 8577 certification, has pledged to make the Paraplanning Standard a reality through her firm.

She said: “No-one appears to be stepping forward to make the Standard a reality.

“In my view, the chances of the professional bodies coming together and creating a working Standard, with all the necessary processes, procedures and ongoing administrative overview in place are slim. This is not because they couldn’t do it, but because it will require cooperation between two awarding institutions both of which have huge amounts on their plates already.”

Standards International hosted a web conference on Friday to discuss her proposal.

A form of Paraplanner ‘kitemark’ has been discussed for some time and Paraplanners involved with the Powwow movement have begun developing the idea. Read more here.

Mike Malkiewicz DipFA, owner of Peterborough firm Clear Paraplanning, wrote to FP Today to speak against the initiative. Read his article here.

But Alan Gow DipPFS APP ACSI, co-owner of Argonaut Paraplanning in Reading, and co-organiser of the London Paraplanner Powwows, told FP Today the new standard is important not only for current Paraplanners, but to help attract new blood. Read his article here.

Christina Georgiou, a senior Paraplanner at Fleet Street Financial, also backed the idea. Read her article here.

Chartered Financial Planner John Redmond, a financial adviser at BPH Wealth Management, who has worked as a Paraplanner, said it risked excluding some professionals for the wrong reasons. Read his article here.

To react to the piece and comment on Twitter use the hashtag #Paraplanningdebate. 

Read 3988 times Last modified on Tuesday, 18 October 2016 12:16

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