A Paraplanner leading moves in Scotland towards a new kitemark for Paraplanning says it will bolster professionalism.
Keith Boyes DipPFS, a Paraplanner at Brewin Dolphin, pictured below, who has co-organised an event to help establish a new professional standard, said it will help create a clearer picture of the great value a “true Paraplanner” offers.
A series of events is set to take place involving Paraplanners from across the country as they gather to craft their own benchmark, which it is hoped will then gain recognition.
Mr Boyes has teamed up with fellow Paraplanners Claire Scott and James Macaulay, pictured below, to run the interactive workshop – called a Howwow - at Brewin Dolphin's Edinburgh offices. Paraplanners will brainstorm how best to go about creating the standard and what form it should take.
Mr Boyes told Financial Planning Today that Paraplanners, who are doing vital background work for advisers, want a greater say in the future of their sector.
He said: “The challenge is the large degree of variety in the role of Paraplanning, something we have all experienced in our Paraplanning roles with different firms.
“With this in mind, by setting a clear established standard across Paraplanners we facilitate a clear sense of professionalism. In turn this allows us to have a clearer idea of what a true Paraplanner is capable of and how valuable they can become to an organisation.
“By establishing a standard definition of a Paraplanner this would also help create a clearer career path for people wanting to enter the industry. A standard definition of the role provides something that up and coming Paraplanners can work towards, which in the end boosts professionalism.”
The plans have been trigged by the long standing problem, much lamented by Paraplanners, that anyone could in theory label themselves a Paraplanner.
Mr Boyes said: “This is a challenge for all of us as many think of themselves as Paraplanners, but actually perform more of an administrative function.
“This in itself is fine, but creates confusion when looking to employ Paraplanners who may not have the necessary skill set expected. By setting a clearly defined standard we establish clear boundaries and a clear career path for individuals to aspire to which can be respected in the industry.”
Asked what he hoped the wider Powwow movement would achieve, he said: “A stronger voice for Paraplanners - we are the ones of the ground doing the behind the scenes work for advisers and should have a bigger voice in the industry in how it moves forward and develops.”
Better tools and support for Paraplanners to develop their skills are also desirable to further aid advisers, he said.
The trio hope for a good attendance and said they felt it was essential to offer the Paraplanners in Scotland a voice.
The Howwow in Edinburgh will take place from 5-7pm on 10 March.
For more on the Howwows and professional standard project click here.